Hengqin 3-year progress supporting Macao s moderate economic diversification
2024 marks the third anniversary of the Guangdong-Macao In-depth Cooperation Zone in Hengqin, a milestone that underscores the progress of its initial phase. Over these years, the island has become a vital link between Guangdong and Macao, promoting the SAR's moderate economic diversification and driving innovation across various sectors.
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Government support fuels growth
ONE
(hengqin.gov.cn)
Over 30 key policies have been introduced in 3 years to provide tax incentives, facilitate cross-border travel, and streamline administrative procedures. Notably, Guangdong and Zhuhai have delegated substantial powers to the cooperation zone, which has allowed for more flexible governance and accelerated development. The collaboration across different levels of government has created a stable policy environment, which has been essential for attracting investment and supporting business growth.
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Focus on Innovation and Industry
TWO
Hengqin's economic development has been largely driven by its focus on the "Four New" industries—traditional Chinese medicine, scientific innovation and high-end equipment manufacturing, cultural tourism, and trade and modern finance. By the third quarter of 2024, these sectors accounted for nearly 58% of Hengqin's GDP. Hengqin's strategic focus on high-growth industries aligns with national goals to promote technological innovation and modern services.
Another key to the cooperation zone's success has been its focus on innovation. Hengqin has attracted cutting-edge tech projects and established key research platforms, such as those in smart technology and traditional Chinese medicine. The zone has also created favorable policies to attract top talent, positioning itself as a regional hub for research and development.
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Economic integration and livelihood improvement
THREE
Hengqin has strengthened economic ties with Macao through investment and trade, supported by new policies that facilitate cross-border activities. The cooperation zone has seen a surge in Macao-funded businesses, which have benefited from tax breaks and dedicated business parks. Transport links, including the extension of the Macao Light Rail to Hengqin, have improved cross-border mobility, boosting trade and tourism.
On the social side, the cooperation zone has focused on improving public services for both Hengqin and Macao residents. New schools, healthcare facilities, and cross-border commuting options have enhanced the quality of life for those living and working in the zone. Policies that integrate Macao's public service standards, such as healthcare and education, have helped attract Macao residents, particularly young people, who now account for a significant portion of the workforce in Hengqin.
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