PR91779

GUANGZHOU, China, Sept. 20, 2021 /PRNewswire=KYODO JBN/ --

The administrative organizations of the Guangdong-Macao In-depth Cooperation

Zone were inaugurated on September 17. It's an unprecedented move to involve a

Special Administrative Region (SAR) in governing an area on the Chinese

mainland, according to a Nanfang Media Group report.

This is in line with China's plans to develop a Guangdong-Macao cooperation

zone in Hengqin and to further develop a Shenzhen-Hong Kong cooperation zone in

Qianhai which was issued on September 5 and 6, aiming to provide more space to

drive Hong Kong and Macao's development.

New system to further Guangdong-Macao integrated development

Hengqin is located in Zhuhai City in Guangdong, just across from Macao, and

covers an area of 106 sq km, three times the size of Macao.

Created in 2009, the area is planned to offer Macao new space for economic

development. However, the Hengqin development has, until now been mainly

directed by Zhuhai, despite its mission to serve Macao.

Under the plan, the management committee co-led by Macao's Chief Executive and

Governor of Guangdong will jointly make decisions on major planning, policies,

projects and personnel arrangements while the executive committee will manage

the zone's economy and people's well-being.

Starting from Friday, Macao vehicle owners who want to drive into Hengqin can

complete the license application process in Macao. Some enterprises got the

first batch of business licenses, and a group of Hong Kong and Macao physicians

were granted certificates to work in the zone.

"The new model will mobilize Macao to participate in Hengqin's development,"

said Wang Fuqiang of the China Center for International Economic Exchange, "It

will also create an integrated environment that is more suitable to Macao

businesses and more favorable to Macao residents."

In addition, the Hengqin plan indicates that priority will be given to health,

modern finance, hi-tech, exhibitions and trade, and culture and sports

industries. Eligible industries and enterprises in the zone are subject to a

reduced tax rate of 15 percent on business income tax.

"The cooperation zone will maintain the distinction of Macao through developing

its signature industries such as traditional Chinese medicine (TCM), tourism

and convention," said Guo Wanda, Executive Vice President of China Development

Institute, "It aims to diversify the Macao economy that until recently has been

over-reliant on the gambling industry and vulnerable to external risks."

Guo Wanda highlighted Macao's universities and its state key laboratories have

been doing research on such fields as integrated circuits, new materials and

bio-medicine.

"Although they are not necessarily competitive industries of Macao, it will be

a boost for sci-tech research and high-end manufacturing through cooperation

with other Guangdong-Hong Kong-Macao Greater Bay Area cities," said Guo.

Qianhai expanded to tackle Hong Kong economic problems

According to the Qianhai plan, the Shenzhen-Hong Kong cooperation zone will be

expanded eight times to 120.56 sq km from the current 14.92 sq km. It's

considered as a chance for Hong Kong to tackle some economic problems

attributed to the limited space.

Statistics show a total of 11,500 Hong Kong-invested companies registered in

Qianhai, an area located in Shenzhen neighboring Hong Kong, and 22.6 billion

USD Hong Kong investment employed in Qianhai to date.

"A large number of Hong Kong modern service providers entered the Chinese

market through Qianhai but their need is far from fulfilled," said Cong Liang,

Vice Chairman of the National Development and Reform Commission, "Qianhai's

expansion not only offers more space but involves more industry categories to

bring Hong Kong's superiority into full play."

Qin Weizhong, Shenzhen Mayor, added the city would guarantee one third of its

newly transferred industrial land to serve the demand from Hong Kong-funded

enterprises.

"We can tell the central government cares about the development of Hong Kong

and Macao through these plans," said Allan Zeman, Chairman of LanKwai Fong

Group, a Hong Kong-based company involved in diverse sectors.

"These plans will drive the economy of Guangdong, Hong Kong and Macao and

provide young people with more job opportunities. It's time to enhance the

connection between Hong Kong, Macao and other Greater Bay Area cities," he

said.

SOURCE: Nanfang Media Group

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=401277

   Caption: The Guangdong-Macao In-depth Cooperation Zone in Hengqin and the Qianhai

Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Photo: Nanfang

Metropolis Daily)