Shanghai, Hong Kong Step up Synergy to Serve High-Quality Development

Hong Kong and Shanghai officials highlighted growing and broadening collaboration between the two cities during a reception marking Hong Kong's 29th anniversary of returning to the motherland.

Years of cross-border contacts and economic integration have yielded mutual benefits, according to Hong Kong Special Administrative Region Secretary for Commerce and Economic Development, Algernon Yau, and Shanghai Government Deputy Secretary-General Zhu Min.

Hong Kong has unveiled its first city-level five-year development strategy to upgrade traditional industries, boost innovation and technology, cultivate skilled workforces, and improve people's livelihoods as the central government drafts its 15th Five-Year Plan (2026-2030).

Yau said Hong Kong's total merchandise exports rose 36.2 percent in the first five months of 2026, and GDP grew 5.9 percent year-on-year in the first quarter, the fastest quarterly rise in five years.

Last year, the HKSAR government set up a cross-bureau Task Force on Supporting Mainland Enterprises in Going Global (GoGlobal Task Force), led by Yau, to help Shanghai-based and other mainland firms expand overseas, cementing Hong Kong's role as a "super connector" between the Chinese mainland and international markets.

Zhu praised Hong Kong's remarkable development over nearly three decades since its return, highlighting the "one country, two systems" principle's longevity and success.

A two-decade-plus collaboration mechanism has kept Shanghai and Hong Kong, two national anchor cities for international banking, trade, and shipping, in close touch.

In 2026, the cities collaborated more on cross-border financial connectivity, technology commercialization, talent training, youth internships, and cultural development. They want to construct an onshore-offshore dual capital hub to strengthen China's finances and boost Stock Connect and Bond Connect. Shanghai-Hong Kong trade climbed 6.3 percent from January to May, and Shanghai investment into Hong Kong rose 1.73 percent.

Both leaders expressed optimism that Shanghai-Hong Kong relationship will grow, strengthen Hong Kong's long-term prosperity and stability, and boost national high-quality development.