GUANGZHOU, China, Sept. 18, 2021 /PRNewswire/ -- 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.
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