Hengqin economy has grown 64% over a decade

The economy of Hengqin has grown by about 64% over the past decade, according to a senior Hengqin official.

Niu Jing, Chinese Communist Party Secretary for Hengqin New District, also said that there are 2,070 Macau businesses currently registered in the region, with 39 enterprises running traditional Chinese medicine businesses on the island.

He also stated that there are 2.57 square kilometers of unused land in the Guangdong-Macau Cooperation Industrial Park. The usage of these lands is now under a joint evaluation led by the Macau Special Administrative Region Government. They are expected to be used for emerging high technological industries and modern service industries.

According to Niu, Hengqin has become the most popular entrepreneurship incubator for Macau entrepreneurs and start-ups. There is a youth entrepreneur incubation valley on the island, which has been officially recognized as the National Entrepreneur Incubator.

There is another policy supporting Macau youth entrepreneurs in Hengqin. The mainland city will offer a maximum interest subsidy of 3 million yuan to support the daily life, residence and office rental costs of young entrepreneurs.

The annual average increase in fixed assets on the island is 45%. As per end of November this year, a total of 280 billion Chinese yuan has been invested in fixed assets on the island.

As for joint legal services, Niu introduced that the first trilateral law firm is now in operation in Hengqin. It is capable of providing one-stop legal services covering the legal systems in three different jurisdictions, namely mainland China, Macau and Hong Kong.

Meanwhile, Guo Yonghang, Party Secretary for Zhuhai City verified that construction work at the new Hengqin border checkpoint has finished. It will be operative once the necessary procedures and laws are in place. Construction at the Qingmao border checkpoint, located near Ilha Verde, is also complete. AL