A bird's-eye view of Hangzhou's CBD. [Photo/tidenews.com]

Hangzhou aims to expand globally through Hong Kong, while Hong Kong seeks to connect more deeply with the Chinese mainland via Hangzhou. What benefits does this dual-city collaboration bring to businesses?

"Hangzhou's vibrant private sector previously relied on spontaneous efforts in overseas expansion. Now, with established Hangzhou-Hong Kong cooperation, we aim to provide richer resources and higher-level platforms for businesses to 'go global' and 'bring in' investments," said Jiang Jiang, chairman of Hangzhou-Hong Kong Sci-Tech Innovation Services (Hangzhou) Co. This includes a platform, two centers, and a fund, developed under the guidance of the Hangzhou municipal science and technology bureau and led by Hangzhou Industrial Investment Group.

This unprecedented model of cooperation between Hong Kong and a mainland city offers unparalleled convenience for businesses to utilize both international and domestic resources and markets.

Once businesses establish a presence in Hong Kong, the Hangzhou-Hong Kong Technology Collaborative Innovation Platform offers more than just space. Among the first 14 Hangzhou enterprises planning to enter the Hong Kong Science Park, many are in the biopharmaceutical industry. In the past, mainland companies have faced difficulties in applying for FDA registration in the United States. By setting up R&D headquarters in Hong Kong, the companies can leverage Hong Kong's alignment with Western standards to apply for registrations simultaneously in both Chinese mainland and Western markets, significantly reducing the time to market internationally.

Additionally, the Hangzhou-Hong Kong Technology Achievement Transformation Fund provides a tool for swift integration into Hong Kong's investment circle, securing priority investment rights.

From platforms to resources, fully leveraging domestic and international markets and capital, Hangzhou and Hong Kong have formed a robust partnership.