The Hengqin Guangdong-Macao In-Depth Cooperation Zone is ushering in a new era of economic growth and innovation for Macao. Nestled next to Macao, Hengqin Island is transforming into a hub that strengthens ties between Macao and mainland China under the “One Country, Two Systems” policy.
This unique policy grants Macao a high degree of autonomy, allowing it to maintain its own financial systems while benefiting from the vast resources of the mainland. The establishment of the Hengqin Cooperation Zone amplifies these advantages, creating a dynamic environment for economic integration and development.
Special policies in the zone act like powerful magnets for investment, technology, and talent. Businesses enjoy tax exemptions and reduced operating costs, especially when importing goods and materials. Products that undergo significant processing in the zone can enter the mainland market tariff-free, making the area highly attractive to manufacturers and entrepreneurs.
The cooperation zone focuses on four key industries:
- Technology R&D and High-End Manufacturing: The zone hosts advanced scientific infrastructure and national key laboratories from Macao universities. This promotes rapid transformation of research into market-ready products, fostering a vibrant tech ecosystem.
- Traditional Chinese Medicine (TCM): With dedicated support and specialized parks, Macao’s TCM enterprises can expand their reach, enhancing brand recognition and competitiveness in a broader market.
- Cultural Tourism, Exhibitions, and Commerce: Leveraging Hengqin’s ample space and Macao’s rich cultural heritage, the zone is becoming a hotspot for global tourists and business events, stimulating growth in related industries.
- Finance: Innovative financial services in the zone support the other industries, offering new opportunities for investment and economic activities.
Modern infrastructure developments like the Hengqin Bridge, Lianhua Bridge, and the Hengqin Tunnel have drastically improved connectivity between Hengqin and Macao. The efficient transportation network reduces travel time and enhances the flow of people and goods. Enhanced information infrastructure also boosts regional collaboration and creates a technology-friendly environment.
An innovative governance model ensures smooth operations within the zone. A joint management system with shared responsibilities fosters a stable and transparent business environment. This collaborative approach respects Macao’s autonomy while deepening economic synergy with Guangdong province.
The Hengqin Cooperation Zone stands as a testament to regional collaboration and forward-thinking policies. By embracing innovation and integration, it paves the way for Macao’s economic diversification and sustainable growth, setting an inspiring example for similar initiatives worldwide.
Reference(s):
Hengqin Guangdong-Macao cooperation zone: New economic horizons
cgtn.com
