Hengqin pilot projects to encourage HK, Macau trade

Pilot projects intended to protect and facilitate trade and investment will be carried out in Hengqin under China (Guangdong) Free Trade Zone measures announced this week by the provincial government, the Hengqin government has said in a statement.

For instance, Guangdong will support Hengqin in creating a national demonstration zone that promotes imports and innovation. 

This will involve “two-step declaration” and “two-stage access” customs clearance, classified supervision of warehouse stock by status, inspection and quarantine of Macau food in temporary storage and transit, separate inspection and collective declarations, and “one certificate for multiple batches.”

In addition, Hong Kong and Macau service providers will be encouraged to invest in Guangdong travel agencies with streamlined approval procedures.

“The province will use the national tourism supervision service platform to facilitate Hong Kong and Macau investors when handling relevant businesses,” the government said. 

Furthermore, legitimate overseas ship inspection institutions will be allowed to inspect internationally registered ships in Guangdong pilot free trade zones (FTZs), including Hengqin. 

In terms of improving judicial review, a one-stop public legal service platform for arbitrating foreign-related issues or those involving Hong Kong and Macau will be established in Hengqin. Training bases for foreign-related experts will cultivate talent in the sector.

Hengqin will also initiate an integrated bank account system unifying domestic and foreign currencies, practices for financial leasing companies to bring in foreign debt more efficiently and securitization of intellectual property assets.

In all, there are 27 measures in 15 categories to enable Guangdong pilot FTZs to lead in reform and innovation. Locally, they will be coordinated and implemented by the Hengqin Office of the People’s Government of Guangdong. LV