The eighth Beijing-Hong Kong Economic Co-operation Symposium, which will be held between Sept. 2 and 3 in Hong Kong, will not only attract investors from the special administrative region with Olympic-specific projects, but also specialists to the capital city lured by high-salary posts, said senior officials.

The two-day event, held against the backdrop of Beijing's preparations for the 2008 Olympic Games, invites bids for more than 110 projects with a total planned investment of US$12 billion, said Zhang Mao, vice-mayor of Beijing.

More than half of the projects are infrastructural, such as the construction of sports venues and related facilities, the urban railway network and the chartered operation of natural gas, said Zhang.

Other projects mainly cover tourism, culture, education, manufacturing and agriculture, he added.

Besides attracting investment, the capital city will carry out headhunting for more than 300 high-paid posts at the symposium, said Zhang Zude, vice-director of the Beijing Personnel Bureau.

The most eye-catching posts come from the Beijing Development and Reform Commission, because it is the first time the capital city invites overseas professionals into its local government.

The commission will try to hire three senior economic specialists with an annual salary of 500,000 yuan (US$60,500), said Zhang Zude.

He said the "government employees" are different from civil servants who usually work for the government for their entire working life.

"They sign contracts with the government to fulfil certain projects, providing consultation and technical support when carrying out administrative function," said Zhang Zude.

He said the annual payments of most of the 300 posts are over HK$150,000 (US$19,230), and a Beijing-based company is even inviting a chief technology officer (CTO) with an annual salary of US$180,000.

At the two-day event, a score of seminars will also be held for high-level government officials and business people from both cities to explore business co-operation opportunities arising from the Closer Economic Partnership Arrangement (CEPA), said Zhang Mao.

Some major seminars cover logistics, international industrial funds, lawyer exchanges and overseas funds entering Chinese commercial banks, said the vice-mayor.

Zhang Mao said that by June this year, Hong Kong investors has set up 7,065 enterprises in Beijing, involving a total contractual investment of US$18 billion, making the special administrative region the largest overseas investor in Beijing.

Source: China Daily