The 55km Hong Kong-Zhuhai-Macao Bridge (HZMB) – the longest bridge-cum-tunnel sea crossing in the world – connects Hong Kong, Macao and Zhuhai, creating a one-hour living circle between the three cities, and boosting economic and trade development within the Pearl River Delta Region.
To foster economic and cultural exchange as well as integrated development, the Chamber organized a mission to Macao, Hengqin and Zhuhai on 20-21 March to learn about the latest developments in these cities.
Briefing the visiting delegation about Macao’s first systematic industrial development plan for economic diversification, Lei Wai Nong, Macao Secretary for Economy and Finance, said the city would continue to make full use of its unique advantages to contribute to the development of the Greater Bay Area.
“As an international financial, trade and logistics centre, Hong Kong can complement Macao’s strengths in tourism, entertainment, and the convention and exhibition [C&E] industries to create synergy,” said China Committee Chairman Eric Fok. “This will foster cross-sectoral integration and synergistic development. It is hoped that both cities will continue to leverage their competitive edges and deepen cooperation.”
The 30-member delegation also called on Elaine Wong, Executive Director of Macao Trade and Investment Promotion Institute, to understand policies encouraging foreign trade, C&E, as well as economic and trade cooperation between China and Portuguese-speaking countries.
Site visits during the two-day mission included the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (HQCZ), where the authorities have introduced closed customs operations since 1 March to further facilitate free trade. Under the new system, trade conducted in the “first-tier” customs surveillance zone (the area between Hengqin and Macao) is generally tax free, while the “second-tier” zone (the area between Hengqin and the rest of the Mainland) is under strict customs control.
To learn about these new arrangements, members heard from Li Ziwei, HQCZ Director of the Economic Development Bureau, in a discussion that included local growth opportunities, the business environment and various preferential policies. They also exchanged ideas with Su Kun, HQCZ Deputy Director of the Executive Committee, and Zhang Ge, HQCZ Deputy Director of the Economic Development Bureau, on topics such as trade and economic cooperation.
The development of HQCZ is an important initiative to promote appropriate economic diversification in Macao. To improve sustainability as well as the living environment for its residents, Macao has joined hands with Guangdong to develop the “Macau New Neighbourhood” project, the first comprehensive development of its kind in HQCZ. Peter Lam, Chairperson of the Board of Directors of Macau Urban Renewal Limited, led delegates on a tour of the residential project, which integrates quality living spaces with education, health and social services.
On the second day, the delegation paid a visit to Xiangzhou Chuanggang Center – a testament to Zhuhai’s efforts to develop a high-end industry cluster and independent innovation pilot zone. They also toured Goldpac to learn about the fintech company’s milestones over the past 25 years, which include notable achievements in smart encryption and identity verification technology. Members also got the opportunity to create their own smart cards.
Giving an introduction to the overall economic and industrial development of Zhuhai, Peng Su, Deputy Secretary General of the Zhuhai Municipal Government, encouraged Hong Kong businesses to invest in the city. Zhuhai’s GDP hit a record high of over RMB 400 billion last year, with private enterprises contributing nearly half of it and to over 60% of the city’s tax income.
Petrina Tam, the Chamber’s GBA Working Group Convenor, pointed out that Zhuhai places great importance on the development of the private sector and is working to improve its business environment in order to attract foreign investment. She hoped that Hong Kong and Zhuhai enterprises would work to cooperate in various areas.
The mission also included with visits to SJM Holdings Limited’s Grand Lisboa Palace Resort, the Macau University of Science and Technology, as well as the Hengqin New Area Exhibition Hall.