Hong Kong's status as an international financial, trade, logistics, information and service hub can help promote central China's growth, Chief Executive of Hong Kong Special Administrative Region (HKSAR) Donald Tsang said on Thursday.

Tsang attended the Central China Business Summit 2007 held in Zhengzhou, the capital of Henan Province. According to news from the Information Services Department of HKSAR, Tsang said in the summit that Hong Kong has invested about US$300 billion in the Chinese mainland's economic development so far, and set up more than 130,000 enterprises.

He said Hong Kong, as a highly open and international city, can play a role in investment promotion. The city's expertise in financial services can also help the Chinese mainland enterprises boost their corporate governance and raise funds.

"As we speak the same language, this can facilitate business exchanges. As we are within the same time zone, the risk caused by time differences is also lowered," Tsang added.

More than 370 mainland companies have listed in Hong Kong with US$193 billion raised, accounting for more than 30 percent of the listed companies,

Noting Hong Kong is a multi-functional international service center with the service industry as the economy's main pillar, Tsang said expanding Hong Kong-Mainland co-operation in professional services can effectively bring central China into global trade and tourism markets.

"We should first fully implement the Chinese mainland and Hong Kong Closer Economic Partnership Arrangement in the Pan-Pearl River Delta Region. This will be conducive to aiding Hong Kong service providers to enter central China," he added.

Tsang encouraged enterprises in central China to make full use of Hong Kong's strengths and facilities to expand their businesses and investments. They can also use Hong Kong as a platform to develop international businesses.

(Xinhua News Agency April 27, 2007)