HONG KONG: More than $5 billion worth of contracts was signed between Tianjin and Hong Kong during the mainland city's investment promotion fair held at the Hong Kong Convention and Exhibition Centre, Tianjin Mayor Huang Xingguo announced yesterday.

At least 44 cooperation projects were signed, spanning finance, commercial properties, manufacturing and port development, as collaboration between the two cities gathered momentum.

"The economies of Tianjin and Hong Kong are highly complementary. We are expecting to deepen our cooperation in many fields, in particular in the financial industry," said Huang during the "Night of Tianjin" theme banquet last night.

Supporting the event, Hong Kong Chief Secretary Henry Tang said the SAR, as an international financial, trade and logistics center, will spare no efforts to provide funding, financial talents and management experience to help Tianjin transform itself into a new financial center in northern China, and create win-win economic cooperation between the two cities.

Situated in close proximity to Shenzhen and Shanghai's Pudong district, Tianjin - a city with an expected GDP growth rate of 16.5 percent in 2009, was selected as a pilot city for financial system reform by the State Council in 2006.

221 private equity funds and 114 venture capital companies have already been established in Tianjin.

As Tianjin's largest source of overseas investment, Hong Kong is the mainland city's number one partner in terms of both investment value and numbers of corporations there. By the end of 2008, Tianjin's government had given approval to a total of 6,421 Hong Kong companies to do business in the city, involving $33.4 billion of contracted capital, with $15.4 billion actually utilized.

"We are also seeking cooperation in the tourism and logistic industry," Huang said in a press conference.

Tianjin is also the next host of the East Asian Games, which just finished, with the national teams topping the medals table and Hong Kong coming fourth, an achievement that Huang Xingguo lauded, especially the performance of the Hong Kong athletes.