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Seven keywords to interpret the new development of Hengqin in 2024

On the afternoon of January 30, the 7th meeting of the Management Committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin was held. Attendees of the meeting received reports on the progress of key objectives and tasks for the first phase of 2024 and reviewed the work report for 2024 presented by the Executive Committee of the Cooperation Zone.

The year 2024 marks the 75th anniversary of the founding of the People’s Republic of China, the 25th anniversary of Macao’s return to the motherland, and the 3rd anniversary of the establishment of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin. It is also a crucial year to evaluate what the Cooperation Zone has achieved at the first phase.

Now, let’s interpret the new development of Hengqin in 2024 with seven keywords.

Keyword 1: Independent customs operations

In 2024, the Cooperation Zone will complete the construction of the "first-tier" and "second-tier" customs surveillance zones and boost the integrated development between Hengqin and Macao. First, goods entering Hengqin via the "first-line" will be granted tax-free access except those identified as non-qualifying by the law. Goods entering the Chinese mainland via the "second-line" will be regulated according to the relevant tax policies. Second, the Cooperation Zone will facilitate the efficient and convenient cross-border flow of factors and accelerate the construction of the new high-quality integrated development system with Macao.

Keyword 2: Four new industries

In 2024, the Cooperation Zone will vigorously develop the four major industries:sci-tech research and high-end manufacturing; traditional Chinese medicine (TCM); cultural tourism, convention and exhibition, and modern finance, which aligns seamlessly with Macao’s development of a diversified economy. It will strive to increase the gross domestic product (GDP) contribution of these industries to 55 percent.

Keyword 3: People’s well-being

This year, the Cooperation Zone will focus on the livelihood issues of greatest concern to Macao’s residents, further improve the supporting facilities of the Macau New Neighborhood, actively create a livable and business-friendly living environment similar to that of Macao, and enhance the sense of achievement and happiness of those from Macao who are living and working in Hengqin.

Keyword 4: New productive forces 

In 2024, the Cooperation Zone will work faster to gather innovative factors and provide strong support for nurturing new productive forces. Hengqin will adhere to the high-quality development driven by technological innovation and create new dynamics and advantages to promote the moderately diversified economic development of Macao.

Keyword 5: Smart, low-carbon, and symbiotic city

In 2024, the Cooperation Zone will optimize urban development management, actively advance the construction of the Hengqin extension line of the Macao Light Rapid Transit and other projects, such as the Tianmu River Shuangshuang Bridge and Phase II of the Hengqin Island West Road. Additionally, it will implement the dynamic public transport project and expedite the expansion project for the Hengqin Port.

Keyword 6: Integration of Macao and Hengqin

In 2024, the Cooperation Zone will establish a well-developed market access system that aligns with the standards of Macao and the world. Hengqin will create an open, inclusive, efficient, and convenient investment environment. It will build a market-oriented, world-class business environment governed by a sound legal framework, so as to provide strong support for the diversified industrial development of Macao.

Keyword 7:  The mechanism of mutual discussion, joint construction, joint administration and shared benefits

In 2024, the Cooperation Zone will continue to improve the new system of mutual discussion, joint construction, joint administration, and shared benefits between Guangdong and Macao, enhance the operational efficiency of the executive committees, and unleash the advantages and vitality of the new system. Furthermore, relevant sides in Guangdong and Macao will make joint efforts to launch publicity campaigns about the Cooperation Zone and expand its influence both at home and abroad.

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