The central government’s Liaison Office has sponsored a 50-man delegation to visit Shenzhen and look into its technology industry, with a view to adopting some of its experience in economic development in Hong Kong.
Shenzhen is developing at a much faster pace than Hong Kong, whose sluggish growth is being blamed on the prolonged political conflicts in the territory, the Hong Kong Economic Journal reported Tuesday, citing delegation chair Chan Wing-kee.
The delegation has visited the headquarters of electric vehicle maker BYD Co. Ltd. (01211.HK) and telecommunications giant Huawei Technologies Co. Ltd.
BYD chairman Wang Chuanfu (王傳福) said the company has exported its electric buses to over 20 countries around the world, including Japan, Britain and the United States.
The company is also set to deliver 3,600 units to the Shenzhen government this year. The southern Chinese city aims to replace the 15,000 public buses running in the city with electric units in three years.
BYD holds a 30 percent share of the country’s alternative-fuel car market.
At Huawei, spokesperson Joe Kelly said the company has no plans to raise funds or go public as it holds US$12.2 billion worth of cash.
Kelly also said the country’s lackluster consumption outlook will have no material impact on the company as two-thirds of its revenue comes from overseas markets.
– Contact us at [email protected]