Coastal Weihai, Shandong province, signed 21 contracts with an estimated investment of $2.97 billion with Hong Kong as it held a trade and investment promotion campaign there from July 9 to 14.

Coastal Weihai, Shandong province, received 21 contracts with an estimated investment of $2.97 billion from Hong Kong as it held a trade and investment promotion campaign in Hong Kong from July 9 to 14.

The deals cover sectors of urban construction, advanced manufacturing, medical treatment, tourism, and modern logistics.

"Weihai and Hong Kong are good economic and trade partners with highly complementary industries. We expect more cooperation in more fields," said Zhang Hui, mayor of Weihai.

According to Zhang, the city's delegation went to Hong Kong to promote its new high-end industrial district, the Nanhai New Zone, to the business community in Hong Kong, so as to deepen economic and cultural exchanges.

Located on the easternmost tip of the Shandong Peninsula, Weihai is one of the most dynamic domestic cities with a fast growing economy.

In 2011, Weihai's GDP reached 211.10 billion yuan ($33.2 billion) and its GDP per capita ranks first in the province. Its import and export totaled $16.92 billion, up 21.6 percent year on year.

It has formed leading industries of electronic information, shipbuilding, and pharmaceutical and become China's biggest production base for fishing gear, tires, medical polymer products and special printers.

Hong Kong is one of the most important economic and trading partners of Weihai. By the end of 2011, Weihai's actual utilization of foreign capital was $3.8 billion, of which 31 percent came from Hong Kong. Hong Kong-invested enterprises totaled 230.

In the last year, 24 Hong Kong-invested enterprises were approved to be set up in the city, with $480 million actualizing, accounting for 66 percent of the city’s total for the year.

Investment from Hong Kong has been mainly concentrated in medical equipment, wind power generation, tourism and real estate sectors. Many Hong Kong-based companies, such as China Resources Group and BSW Holdings, have invested in a great number of big projects in Weihai.

By Wang Qian (China Daily Shandong Bureau)

Edited by Chen Zhilin and Emily Cheng