China pushes forward master plans to boost Hong Kong and Macau’s economy


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GUANGZHOU, China, September 18, 2021 / CNW / – The administrative organizations of the Guangdong-Macao Deep Cooperation Zone were inaugurated on September 17. It is an unprecedented move to involve a special administrative region (SAR) in the governance of an area on the Chinese mainland, according to a report by the Nanfang Media Group.

This is in accordance with from China plans to develop a GuangdongMacau cooperation area in Hengqin and further develop a ShenzhenHong Kong cooperation zone in Qianhai which was issued on September 5 and 6, aimed at providing more space to drive Hong Kong and Macau development.

The Guangdong-Macao Deep Cooperation Zone in Hengqin and the Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone (Photo: Nanfang Metropolis Daily)

New system to go further GuangdongMacau integrated development

Hengqin is located in Zhuhai City in Guangdong, just in front of Macau, and covers an area of ​​106 km², three times the size of Macau.

Created in 2009, the district is expected to offer Macau new area of ​​economic development. However, the development of Hengqin has so far been primarily led by Zhuhai, despite his mission to serve Macau.

As part of the plan, the management committee co-led by Macau CEO and Governor of Guangdong will jointly make decisions on planning, policies, projects and personnel arrangements, while the executive committee will manage the economy of the area and the welfare of the population.being.

Starting on Friday, Macau vehicle owners who wish to drive in Hengqin can complete the license application process by Macau. Some companies have obtained the first batch of business licenses and a group of Hong Kong and Macau doctors have obtained certificates to work in the area.

“The new model will mobilize Macau participate in the development of Hengqin, “said Wang Fuqiang of the China Center for International Economic Exchange,” This will also create an integrated environment more suitable for Macau companies and more favorable to Macau residents.”

In addition, the Hengqin plan indicates that priority will be given to health, modern finance, high technology, exhibitions and commerce, and cultural and sports industries. Eligible industries and businesses in the zone are subject to a reduced corporate income tax rate of 15 percent.

“The cooperation area will retain the distinction of Macau by developing its flagship industries such as traditional Chinese medicine (TCM), tourism and conventions, ”said Guo Wanda, executive vice president of the China Development Institute, “It aims to diversify the Macau economy which, until recently, was too dependent on the gaming industry and vulnerable to external risks. “

Guo Wanda Underline Macau universities and its main state laboratories conduct research in areas such as integrated circuits, new materials and biomedicine.

“Although these are not necessarily competitive industries of Macau, it will be a boost for scientific and technological research and high-end manufacturing through cooperation with other Guangdong– Cities in the Greater Hong Kong-Macau Bay area, ”Guo said.

Qianhai expanded to tackle Hong Kong economic problems

According to the Qianhai plan, the ShenzhenHong Kong the cooperation area will be extended eight times to 120.56 km² against 14.92 km² currently. It is considered a chance for Hong Kong to tackle some economic problems attributed to limited space.

Statistics show a total of 11,500 Hong Kong– invested companies registered in Qianhai, an area located in Shenzhen neighbor Hong Kong, and $ 22.6 billion Hong Kong investment employed in Qianhai to date.

“A large number of Hong Kong Modern service providers have entered the Chinese market through Qianhai, but their needs are far from being met, “said Cong Liang, vice chairman of the National Development and Reform Commission,” Qianhai’s expansion offers not only more space, but involves more industrial categories to bring that of Hong Kong superiority in full play. “

Qin Weizhong, Shenzhen The mayor, added that the city would guarantee a third of its newly transferred industrial land to meet the demand of Hong Kong-financed businesses.

“We can say that the central government cares about the development of Hong Kong and Macau thanks to these plans ”, declared Allan Zeman, Chairman of the LanKwai Fong Group, a Hong Kongcompany based in various sectors.

“These plans will stimulate the economy of Guangdong, Hong Kong and Macau and offer young people more employment opportunities. It’s time to improve the connection between Hong Kong, Macau and other towns in the Grande Baie region, ”he said.

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SOURCE Nanfang Media Group

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