The documents were signed in Beijing on April 15 in the presence of Party General Secretary and State President To Lam, and his Chinese counterpart Xi Jinping.
The pilot is expected to make it easier for managing vehicle flows, simplifying document checks, thus reducing transport costs, and enhancing customs clearance capacity.
Once fully operational in both directions, the system will establish a comprehensive cross-border QR payment ecosystem, boosting tourism, trade, and consumer spending between the two countries.
The group plans to implement several major science and technology and innovation projects with revenue from new investments expected to exceed $10 billion.