South China's Hainan Province and the Hong Kong Special Administrative Region will carry out pragmatic cooperation in 10 sectors including finance, tourism and healthcare, in a bid to further expand opening-up and give full play to the comparative advantages of the two areas, Hainan Daily reported on Monday.
Hainan enterprises will be encouraged to issue bonds and bank loans, as well as to get listed in Hong Kong, to better implement the "going-out" strategy via the special administrative region. [Special coverage]
Local companies in the two places will also establish sales networks and expand investment in each other's markets.
The two are also planning to join hands in scientific and technological innovation. To take advantage of universities and research institutes in Hainan, discussions on research cooperation and joint construction of laboratories are already underway, the report said.
In terms of the medical industry, supported by the Hainan local government, Hong Kong will set up medical institutions in the Boao Lecheng International Medical Tourism Pilot Zone, which has special status regarding certain policies such as streamlined registration and approval processes for imported medicine.
"It is necessary [for Hainan] to actively develop medical and healthcare cooperation with Hong Kong, Macao and Taiwan," Chi Fulin, head of the China Institute for Reform and Development, said in a recent interview with China Media Group. Hainan's education, medical care and healthcare industries are comparatively lagging behind.
Therefore, further opening the market in related areas and encouraging private capital to become the main force for the development of the medical and healthcare industries are fundamental for Hainan, Chi noted.
Hong Kong and Hainan are also going to cooperate in tourism, culture, security management and meteorology, the Hainan Daily said.