Continuing growth

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A total of 1,488 enterprises from both the SARs were registered in Hengqin as at the end of June this year, of which 860 were firms from Macau and 628 from Hong Kong.
The most recent official data reported that, as at the end of June, there were a total of 5,189 financial firms in Hengqin, indicating an increase of 39.6 per cent year-on-year. The total registered capital reached RMB639 billion, up 18 per cent. Official data also revealed that 10 enterprises are listed companies.
The financial sector of the neighbouring Chinese city saw its value increase to RMB926 million, making up 12.5 per cent of the total national GDP. Regarding Chinese Yuan settlements, the amount for the first half of this year recorded a total of RMB64.3 billion, up 35.32 per cent.
There were a total of 3,809 investment firms and 89 financial entities registered in Hengqin at the end June, with Banco Nacional Ultramarino (BNU) being the first Macau-based bank to have a branch there.
Since the establishment of the city as a free trade zone in 2015, some 20 projects have been introduced by the MSAR Government to the Guangdong-Macau Co-operation Industrial Park and have signed cooperation agreements. A total of 18 projects have obtained land for development and 14 of these have started construction. The total amount of investment reached some RMB61.1 billion (MOP73.1 billion/US$9.1 billion).
The developing projects involve business services, leisure travel, cultural creation, e-commerce and e-logistics, medical and healthcare services, and science and educational research and development.
Meanwhile, another major project in Hengqin is the Guangdong-Macau Traditional Chinese Medicine Science and Technology Industrial Park (TCM), which has attracted 10 investments from Macau and has signed a land leasing agreement.
The first phase of TCM is already operational, while the part including a GMP (Goods Manufacturing Practice) pilot production base building is expected to be operational in the second half of 2017.
Innovalley of Hengqin, a platform in Hengqin which invites young entrepreneurs from both SARs to startup businesses in mainland China, has attracted some 205 startups in its two years of operations, with the amount of financing reaching over RMB100 million.
With close cooperation between the SARs and Hengqin, the Chinese authorities rolled out a tax rebate policy to benefit individuals from Hong Kong and Macau working in Hengqin. The policy has so far benefitted 176 cases, amounting to RMB40.4 million of tax rebates.