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Hainan, Hong Kong sign memorandum on humanitarian and economic cooperation

The parties agreed to strengthen cooperation in five areas

© Luo Yunfei / Chinanews

BOAO /China/, March 27. /TASS/. Authorities of China's southern province of Hainan and the Hong Kong Special Administrative Region (SAR) have signed a memorandum on boosting economic and humanitarian cooperation. The ceremony took place in the town of Boao, on the eastern part of the island, which is hosting the Boao Forum for Asia.

Hong Kong Chief Executive John Lee and Secretary of the Hainan Provincial Committee of the Communist Party of China Feng Fei, attended the signing ceremony. The two sides agreed to strengthen cooperation in five key areas - trade and investment, finance, secure data flow, tourism and talent exchange. Joint efforts are expected to effectively utilize the advantages of the Hainan Free Trade Port.

John Lee noted that Hong Kong and China's southernmost province have maintained close contacts. "Hong Kong has consistently served as Hainan's main source of outward investment. Many companies with Hong Kong capital do business with you," he said.

The Chief Executive pointed out that Hainan has continuously invested in the SAR's economy and has been the most active in financial cooperation with the region. According to John Lee, the province has been continuously issuing offshore bonds in Chinese local currency in Hong Kong for the past three years. The issuance totaled 13 billion yuan ($1.8 billion), he clarified.

"I would like to thank Hainan for its confidence in Hong Kong as the preferred platform for RMB-denominated offshore debt products and Asia's green financial center, and for its support for Hong Kong's professional services," John Lee said.

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