Bonds between Macao, Hengqin strengthened

The integrated development of Hengqin in Zhuhai, Guangdong province, and the Macao Special Administrative Region is expected to see a boost with the approval of an overall development plan by the State Council.

According to an official reply released on Wednesday, the State Council, China's Cabinet, approved the overall development plan for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin.

Hengqin should innovate and optimize policies and measures that promote the integrated development of Hengqin and Macao, and enrich, expand and foster in-depth cooperation between Guangdong and Macao with more forceful liberalization measures, the State Council said.

The cooperation zone should actively develop emerging industries that can diversify Macao's economic structure, accelerate the building of a new home for Macao residents to work and live to help Macao better integrate into the nation's development and inject fresh impetus into the full and faithful implementation of "one country, two systems" in Macao, it said.

The State Council required the Guangdong provincial government to enhance communication and coordination with Macao and step up support to provide a solid guarantee for the construction of the cooperation zone.

The cooperation zone in Hengqin, covering 106.46 square kilometers, was officially established in September 2021. It has seen high-quality development and deeper integration with Macao over the past two years. According to official statistics, more than 5,760 Macao-funded enterprises had registered in Hengqin as of the end of September, an increase of 1,135 compared with two years ago. Over 7,400 Macao residents were working or living in the cooperation zone as of July.

"The convergence of rules is the lifeline of all the work in Hengqin. It is also an important means and approach to promote the integrated development of Hengqin and Macao," Wang Yan, deputy head of Hengqin's legal affairs department, told local media.

A list of 50 key points in rule convergence is made every year and cross-departmental task forces are formed to study the matters on a monthly basis to tackle difficulties in the process of integration.

A number of achievements have been made so far. For example, customs clearance procedures for individuals and goods have been streamlined to facilitate cross-border flow, and Macao professionals in such fields as medical care, architecture and tourism can practice across the boundary.

Su Kun, deputy director of the executive committee of the cooperation zone, said Hengqin has been working closely with Macao to strengthen investment promotion domestically and internationally.

The cooperation zone has been paying attention to the role of the government's guiding fund and State-owned enterprises with the aim of making new breakthroughs in attracting investment and industrial agglomeration, he said at the 2023 Hengqin Macao Venture Capital Summit on Tuesday.

Wang Lin, managing partner of asset management firm CDH, is upbeat about the prospects of Hengqin given its policy and industry advantages.

The nation has provided major policy support in terms of tax and customs clearance to promote Hengqin's development, he said.

Moreover, the cooperation zone has a clear target of focusing on emerging high-tech industries such as biomedicine, new materials and new energy, which is set to attract more outstanding companies, he added.

The overall development plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Shenzhen, Guangdong province was also approved recently.