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New policy issued to broaden Hengqin's market access for further coordination with Macao

China issued a new policy to support the Guangdong-Macao In-Depth Cooperation Zone in Hengqin on December 26, with the aim of broadening its market access and creating a better market access system to help diversify Macao's economy.

(Photo / Nanfang Daily)

Payment with patacas will become more convenient in Hengqin

According to the policy, Macao residents are encouraged to pay with patacas in Hengqin. Smart terminals for Macao government services will be enabled in designated areas in this region. Therefore, in the near future, it will be more convenient for Macao residents to pay with patacas in Hengqin.

Meanwhile, the policy also aims to fully serve the financing needs of Macao's innovative resources. It supports the cooperation zone in establishing cooperation and exchange mechanisms with major securities exchange institutions both in China and abroad. This will promote the development of emerging industries such as bio-medicine, new energy, electronic information, and new materials. The ultimate goal is to create a new highland to support Macao's business.

Cross-border tourism in GBA will be more accessible

According to the policy, Hong Kong and Macao-based joint ventures or wholly-owned travel agencies registered in the cooperation zone are allowed to operate outbound tourism (except to Taiwan Province) for residents from mainland China. Qualified tour guides from Hong Kong and Macao are permitted to conduct cross-border practice in the nine mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) after registering in the zone.

Additionally, the policy emphasizes the need for Hengqin and Macao to jointly host a series of international large-scale events such as music festivals, film festivals, and e-sports events. It also supports the establishment of cooperative international art academies between China and other countries in Hengqin.

More Macao residents and sci-tech achievements will come to work in Hengqin

Furthermore, Hengqin's market access in the field of sci-tech innovation will also be broadened. Specifically, more Macao residents will live in Macao and work in Hengqin, while more sci-tech achievements created in Macao will also be put to use in this region.

Regarding the broadening of market access in the field of medicine and health, the policy will relax market access for traditional Chinese medicine, drugs, and medical devices, as well as Hong Kong and Macao-based medical institutions.

In terms of the broadening of market access in the field of professional services, relying on Guangdong Intellectual Property Protection Center and Zhuhai Intellectual Property Protection Center, the policy supports the cooperation zone to provide comprehensive intellectual property services for Hengqin market players.

Reporter | Nancy Ye

Editors | Nan, Will, James

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