Hengqin is expecting growth of 11.2 per cent year-on-year in its economy for the first quarter of 2017, as announced on Friday during the second anniversary celebrations of the city’s inauguration as a special economic zone.
According to official data, the investment of fixed assets in Hengqin amounted to RMB8.26 billion (MOP9.61 billion/US$1.20 billion) for the first three months, up 19.2 per cent.
The Chinese city attracted foreign investment amounting to US$176 million and foreign trade reaching US$127 million, posting an increase of 43.3 per cent and 43.23 per cent, respectively.
In terms of the general public budget revenue, Hengqin is expected to receive RMB1.31 billion, up 15 per cent.
Currently, there are a total of 1,360 Hong Kong and Macau-based enterprises that are registered in Hengqin, of which 793 are enterprises from Macau and 567 are from Hong Kong.
The MSAR Government has endorsed 83 local projects to be involved in the Guangdong-Macau Co-operation Industrial Park, 13 of which have commenced construction with total investment for the projects amounting to RMB61.05 billion.
In addition, some 10 local investment projects have already inked land-leasing contracts for the Guangdong-Macau Traditional Chinese Medicine Technology Industrial Park.
Meanwhile, the Macao-Hengqin Youth Entrepreneurship Valley is expected to have 191 young entrepreneurs from Macau invest in the area, with the amount of financing exceeding RMB100 million.
24 new policies
The Hengqin authorities rolled out 24 new policies to further improve the business environment in Hengqin. Some important new policies include setting up an Intellectual Property Customs Protection Centre in Hengqin, supporting ‘high quality food products’ to be exhibited in Macau, introducing mobile and e-payment of taxes, and carrying out research on establishing joint mechanisms to oversee infringement of consumer rights.
In order to attract, support, and prioritize more investments from Macau, the Hengqin authorities have established a policy that only serves Macau investors, as well as the Hengqin Guangdong-Macao Development Foundation to support Macau companies to set up in Hengqin.
In order to attract more professionals to work in Hengqin, Hong Kong and Macau residents working in the Chinese city can enjoy Individual Income Tax Differential Subsidies.
The tax rebate was implemented in 2014 on a trial basis for three years.
