Mountain island, mounting business


Some 120 top Mainland Chinese companies are to set up branches in the Hengqin New Area of Zhuhai, according to Li Weihui, Deputy Secretary of Hengqin New Area Committee, reported on Wednesday.
Speaking during the World Free Trade Zone (Hengqin) Summit 2017, which took place on June 19 and 20, the official further claimed that some 97 of the ‘world’s top 500 corporations’ have also been attracted to the area.
Mr. Li said that there are currently 89 on-hand projects in Hengqin amounting to a total investment of RMB340 billion (US$49.76 billion/MOP399.83 billion).
Hengqin has been developed as a hub to foster co-operation between Macau, Hong Kong, and the Mainland by harnessing institutional advantages, digital information technology, and infrastructure connection, with the same news media outlet referring to the lift of control on Macau-registered vehicles entering Guangdong from Macau as an important development for the site.
It was also reported that there are attempts to explore ways to build a market regulatory system for the area with credit management the key.
There are 35 enterprises in Hengqin with cross-border RMB loans, and Hengqin is said to have processed more than RMB230 billion-worth of cross-border RMB settlements.
Currently, more than 32,800 enterprises are registered on the island, with a total registration capital of RMB1.75 trillion.