Economic official says new Hengqin plan to help city diversify

Describing the new Hengqin plan as “a new page in the development of Macau,” Secretary for Economy and Finance Lei Wai Nong is confident in the city’s diversification.
Lei made the comment when in an interview by a mainland media. The senior official hopes that further collaborations with neighboring Zhuhai city will help the “appropriate economic diversification” of Macau. It will also help to make further progress in boosting tourism in the two jurisdictions.
On Sunday, Beijing announced the implementation of the Guangdong-Macao Intensive Cooperation Zone masterplan in Hengqin, which clarified the positions, responsibility and missions of Guangdong, Hengqin and Macau in the collaboration.
Lei stressed that the Covid-19 pandemic has highlighted the city’s weakness in having a concentrated economy. “[The Cooperation Zone] will give Macau sufficient space to develop new industries,” Lei said in the interview. “Especially in Big Health, modern finances, high and innovative technologies, as well as cultural base.”
The senior official said that these new economic perspectives will enable and promote synergies and interactions between Zhuhai and Macau. He especially stressed that Macau has the lowest tax rate of the 11 cities in the Greater Bay Area. “Our free port policy will have its impact,” Lei added. “We will also continue working on China-Lusophone countries interactions.”
In addition, he pointed out that Zhuhai, Hengqin and Macau each have their own tourism resources. The collaboration plan will help integrate these resources and lead to stronger synergies.
“Macau has ample resorts, Hengqin has quality theme parks and Zhuhai has rich island tourism resources,” Lei said. “These are all good for integration and interactions.”
He added that collaborations will be further enhanced. AL