Guangdong-Macau trade reaches RMB15.88b in first 10 months

Guangdong Province plans to strengthen trade and industrial integration with the SAR, as trade between Guangdong and Macau reached 15.88 billion yuan in the first 10 months of this year, surpassing the total for all of last year.

Economic ties between Guangdong and Macau have deepened significantly, with trade experiencing a remarkable 25.7% year-on-year increase during this period. Zhang Ke, deputy director of Guangdong Customs, noted in a press conference earlier this week that this growth reflects the positive momentum in Guangdong-Macau economic integration.

According to customs data, total trade between Guangdong and Macau from 1999 to 2023 has reached 307.29 billion yuan, with an average annual growth rate of 5.9%, as reported by Zhang.

“This rapid growth stems from the accelerated integration of Macau with the Greater Bay Area,” said Liang Haiming, chairman of the Hong Kong-based China Silk Road iValley Research Institute, in an interview with the Global Times.

Zhang outlined several initiatives to strengthen trade and cooperation between Guangdong and Macau, highlighting the implementation of a “five-dimensional integration” regulatory model designed to streamline customs processes. This includes innovations such as the “Cross-Border One Lock” project, which allows for seamless customs clearance across Guangdong, Hong Kong, and Macau.

The new “one order, two reports” system simplifies documentation for businesses, reducing costs and improving efficiency. The customs authority has also focused on enhancing food safety and security for Macau residents, who rely heavily on mainland imports. About 80% of fresh produce in Macau comes from Guangdong, with customs facilitating the safe delivery of over 4.7 million tons of fresh goods since 1999.

Meanwhile, since the new customs management system was implemented in March, trade between Hengqin and Macau has reached 750 million yuan, marking a 32.8% increase. Zhang emphasized that this accelerated industrial integration establishes a solid foundation for a unified development framework between Hengqin and Macau.

According to Liang, these developments strengthen Macau’s role as a hub, providing key support for its economic diversification while attracting more tourists, talent, and investment, and promoting growth in industries such as tourism, exhibitions, and finance. Nadia Shaw