Weifang, Shandong province, is enjoying increasingly close business ties with Hong Kong, one of its most important economic and trading partners.

According to the Weifang Bureau of Commerce, the city approved 21 Hong Kong-funded projects last year, accounting for 45.7 percent of the city's total projects funded by overseas entities. They brought in $680 million in capital, accounting for 35.8 percent of the city's total investments from overseas.

The total number of Hong Kong-backed projects in the city had reached 786 by the end of March, with accumulated investment amounting to $2.67 billion, accounting for 44 percent of the city's total investment from overseas in the past decades.

In the first quarter of this year, another five projects funded by Hong Kong investors were approved, with a total investment of $110 million.

The volume of trade with Hong Kong soared to $880 million last year, nearly six times the amount in the year previous.

The trade volume amounted to $320 million in the first quarter of this year, which is nearly nine times the total for the same period last year.

Local government statistics show that by March, a total of 45 Weifang companies had established branches and expanded business in Hong Kong, and their combined investment totaled $608 million.

They are mainly engaged in the fields of textiles and garments, light industry, chemical engineering, papermaking, and machinery manufacturing.

Hong Kong also provides overseas financing services to enterprises in Weifang. To date, eight companies in the city have listed on the Hong Kong stock market and raised capital totaling $970 million.