Steps to augment diversified industrial development between Hengqin New Area and Macao were put forward at the 3rd Hengqin Finance Forum held Sept 19 at the Hyatt Regency Hotel.

Ding Xueliang, a distinguished professor of Shenzhen University, contended that institutions and innovation drive development in Hengqin. He suggested that the national new area offer distinctive attractiveness to international talents as well as marine history, culture, ecological protection, sports, and industries.

Zhang Erzhen, president of the Open Economy Research Institute of Nantong University, emphasized the strategic significance of developing Hengqin. Notably, he said, it is at the junction of the "One Country, Two Systems" model and midway between international and domestic markets.

Hengqin-Macao cooperation should focus on modern services, especially finance, while taking high-end manufacturing into account. A high-level opening-up and aggregation of advanced innovation elements is the only way for Hengqin to support the diversified development of Macao, added Zhang.

Yang Chuan, director of the Hengqin New Area Administrative Committee [Photo provided to Guanhai App]

Cross-border finance constitutes the core of the Guangdong-Macao Cross-Border Financial Cooperation (Zhuhai) Demonstration Zone, with wings of financial science and technology, and sci-tech finance, said Fan Conglai. Fan is director of the Yangtze River Delta Economics & Social Development Research Center of Nanjing University.

Xiao Geng, professor at Peking University HSBC Business School, proposed Hengqin as a pilot zone for institutional innovation in China's offshore finance. He said the area has great potential in developing digital currency and as a fintech (financial-technical) electronic fence.

Li Xiao, president of forum organizer Hengqin Intelligent Finance Research Institute (Hengqin Finance Research Institute of Jilin University), discussed the history and status quo of the diversified industrial development. Based on the institute's research, Hengqin has broad prospects for cooperation with Macao in modern financial services, financial science and technology, and characterized culture and tourism, said Li.

Since establishment in 2019, the think tank has been urging financial reform, innovation, and talent cultivation in Hengqin by conducting policy research and hosting academic forums.

(cityofzhuhai)