Macao residents enjoy car insurance reduction and cross-border insurance in Hengqin
"My car insurance in the Chinese mainland cost me nearly 1,900 RMB a year before, but now it's only 1,200 RMB a year, a drop of nearly 33 percent," said Mr Li, a Macao resident. He noted that price cutting of car insurance makes their self-driving travel to and from Hengqin more economical, and they are more willing to travel to Hengqin.
Recently, in order to further strengthen the economic and trade exchanges between Hengqin and Macao, the insurance for Macao's vehicles with a single license plate can be reduced by up to 30 percent. Since December 20, 2016, Macao residents are allowed to travel to and from Hengqin in single-plate cars freely.
In addition, Hengqin also sets up a transportation service platform, helping Macao drivers get more familiar with Hengqin's traffic conditions. Large commercial complexes and amusement parks such as Chimelong Ocean Kingdom can recognize and charge cars with single license plates from Macao automatically, making it more convenient for Macao residents to drive around Hengqin.
Hengqin also has plans to develop additional major disease medical insurances as well as cross-border medical insurances for Macao residents.
On February 23 this year, 30 specific measures on financial support for the construction of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin were jointly issued by the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange and People's Government of Guangdong Province.
Based on these measures, insurance institutions of the Chinese mainland and Macao are encouraged to work together to develop cross-border commercial medical and old-age insurance for Macao residents living in Hengqin.
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