LAND AHOY: A ship with 20,000 tons in deadweight enters the waters in Qinhuangdao, north China's Hebei Province (WANG HANZHI)

Beijing-HK Ties

The 17th Beijing-Hong Kong Economic Cooperation Symposium was held in Beijing on October 23-24, with the aim of enhancing further cooperation between the two cities.

A total of 370 investment projects in Beijing covering finance, trade, cultural and creative industries, innovative technology, logistics and tourism, were promoted during the symposium.

Investment from Hong Kong reached $3.1 billion in the first nine months of 2013, accounting for 40.7 percent of Beijing's paid-in foreign direct investment, according to the Beijing Investment Promotion Bureau.

By September, Hong Kong had established a total of 12,468 companies in Beijing, with an actual investment of $27.83 billion.

Hong Kong is also the top investment destination outside the mainland for Beijing-based companies. In the first nine months of this year, Beijing's direct investment in Hong Kong reached $742 million, up by 572.24 percent year on year.

Auto Joint Venture

Chinese automaker Dongfeng Motor Group and Germany's Getrag Group launched a joint venture on October 23 to produce advanced dual-clutch transmissions.

The new company, Dongfeng Getrag Transmission Co. Ltd., is based in Wuhan, capital of central China's Hubei Province. Each partner holds a 50-percent stake.

The first phase of the plant, with investments of 120 million euros ($165 million), is expected to be operational in the first quarter of 2016 with an annual production capacity of 250,000 units.

Its production capacity is to gradually grow to 1 million units, according to an agreement signed between the two companies back in October 2012.

The first product of the joint venture will be an all-new six-speed dual-clutch transmission.

The transmissions produced by the joint venture will cater to both the domestic and international markets. They also set up a research and development center.

Getrag is one of the world's largest transmission manufacturers, while Dongfeng Motor is one of China's top automakers by sales volume.