Hengqin has developed from a barren island to a new city since the Hengqin New Area was founded on the island in December 2009. It entered a new development era in April 2015, when the new area was approved as part of the Guangdong province free trade zone. By the end of March, a total of 793 enterprises funded by Macao capital are registered in Hengqin, nearly 2.5 times more than before April 2015 when Hengqin became a part of Guangdong province free trade zone.
Achievements
The new campus of the University of Macao on Hengqin New Area
Residents of Macao Special Administrative Region can buy houses in Hengqin with a mortgage, and enjoy many other public services on par with locals.
Ninety-seven of the world's current top 500 enterprises have set up branches in Hengqin. The total investment of Hengqin's 85 key construction projects has topped 340 billion yuan ($51 billion), with its industrial system mainly focused on tourism, finance and business services.
The Hengqin campus of the University of Macau covers a square kilometer, is 20 times larger than the old mainland campus, and is connected with Macao through a 1.5-km undersea tunnel. Currently, about 10,000 students from around world are studying at the new campus.
Niu Jing, Party chief of the Hengqin New Area, said the island is paying special attention to attracting talents from Macao, Hong Kong and the rest of Guangdong province, to promote the efficient flow of personnel, materials, fund and information across the region and to cultivate a favorable policy and institutional environment for innovation.
By the end of March, a total of 793 enterprises funded by Macao capital are registered in Hengqin, nearly 2.5 times more than before April 2015 when Hengqin became a free trade zone.
Financial innovation
BNU Hengqin Branch Opening Ceremony
The new district government has introduced 230 policies to ensure the ease of new business registrations and customs clearance, and are making continuous efforts to improve the rule of law and the business environment.
Hengqin attaches great importance to facilitating cross-border financing and taxpayment. In 2014, Hengqin Finance Investment Group Co. Ltd. was set up to create new financing means and seek financial innovation, so as to boost the development of the real economy.
The corporation invested in 10 industry funds using about 500 million yuan to attract funds of more than 10 billion yuan to Hengqin.
To support small and medium-sized enterprise development, Hengqin implemented a credit risk compensation mechanism for innovative enterprises, whereby the government will partially compensate banks for any losses on their loans to small and medium-sized enterprises.
In the early 2014, Luso International Banking Ltd. set up its representative office in Hengqin, which now has 4,903 financial enterprises with total registered capital of 627.8 billion yuan. Last year, the added value of Hengqin's financial industry hit 1.4 billion yuan, up 90.58 percent year-on-year, and contributing 8.91 percent of its GDP.
Technological innovation
Macao-Hengqin Youth Entrepreneurship Valley (Inno Valley Hengqin)
Cheng Qiwei, 28, a graduate from the University of Macau, founded a research & development company on automatic navigation systems for use in coordination with the ship's electric propeller.
Chen said the incubator valley offers a free venue for one year, while the one-stop style of business registration and taxation services can save startups much trouble.
The Hengqin-Macao Youth Startup Valley Incubator has help the emergence of 203 enterprises over the past two years, among which 122 are from Macao;16 startups have obtained venture investment totaling 100 million yuan.
The incubator's industrial park is also home to nearly 30 national- and provincial-level high and new technology enterprises, among which nine are from Macao. The startups in the industrial park have obtained more than 300 patents.
The incubator has set up a 2-billion yuan supporting fund to help young people with startups.
Mo Zhiwei, director of the youth committee of the Commercial Association of Macau, said land and talent are the two most difficult problems that young people in Macao have to solve if they want to start new businesses. The startup incubator in Hengqin solves the two problems for them and thus becomes their first choice to establish new businesses.
