Hong Kong also is the top overseas investment destination for Beijing-based companies.

In the first nine months of the year, Beijing's direct investment in Hong Kong reached $742 million, up by 572.24 percent year-on-year.

Hong Kong Chief Executive Leung Chun-ying said cooperation between the two cities has gone beyond only economic aspects.

"We have already expanded the cooperation into other fields, such as social livelihood of the people," Leung said.

During the two-day symposium, 370 investment projects in Beijing, covering finance, trade, cultural and creative industries, innovative technology, logistics and tourism, were promoted, according to the Beijing Investment Promotion Bureau.

One major sector for closer cooperation is in the cultural and creative industries, where four projects worth 175 million yuan ($28.5 million) were promoted. Through these projects, Beijing and Hong Kong will cooperate on creative cultural zones as well as digital films.

Eric C. Yim, chairman of the Hong Kong Furniture and Decoration Trade Association Ltd, said a large number of designers and furniture manufacturers from Hong Kong have set up studios and boutique stores in the bustling Beijing area of Sanlitun, attracted by the purchasing power of the city's residents,

"In big international cities like Beijing, people have very good taste in choosing furniture, and they want unique design," Yim said.

"That is why we are here: to create a unique style of furniture for them."

HK urges co-op with Beijing on private capital