New Macao port zone to boost industries, exchanges with Zhuhai

By Xie Jun Source:Global Times Published: 2019/10/27 21:33:40

 

An aerial view of Hengqin, South China's Guangdong Province, in April Photo: IC



China has authorized the jurisdiction of Macao's port zone at the Hengqin port and extended areas off Macao's western border in Zhuhai, South China's Guangdong Province, a move that an expert said will facilitate personnel exchanges between Macao and Zhuhai and boost industries like tourism and exhibition events in the two regions.

The Standing Committee of the National People's Congress, China's top legislature, passed the bill during a meeting on Saturday, the Xinhua News Agency reported.

According to the report, the meeting decided that it's necessary to set up the Macao port to achieve infrastructure connections between Zhuhai and Macao, as well as to facilitate transportation, personnel exchanges and economic activity between the two regions. 

The Macao port zone will take advantage of one-stop immigration and customs clearance with people only required to undergo one border check while traversing checkpoints in Macao and Zhuhai.

Liang Haiming, an economist at Hainan University, said that an immediate effect would be a boost for personnel movements between the two cities.

"It can save people at least half an hour to travel between Zhuhai and Macao via the Hengqin port," Liang told the Global Times on Sunday, adding that there are many people who live in Macao and work in Zhuhai.

"It will further boost the tourism and exhibition industries in the two cities," Liang said.

In 2018, Macao set up 1,286 new enterprises in the Chinese mainland, up 52.55 percent on a yearly basis, data from the Ministry of Commerce showed. The mainland used Macao's capital of $1.28 billion, up by 100.8 percent year-on-year.

The government of Macao is also mulling efforts to strengthen economic ties with the mainland. The Monetary Authority of Macao said on October 13 that it had authorized global consultancies to conduct a feasibility study on setting up a yuan-denominated securities market in Macao and relevant work was being conducted in an orderly manner.

This is in comparison with Hong Kong, which has been stuck in social unrest for months, with some Hong Kong-based rioters demanding "independence" using violent protest methods.

But Liang said despite societal differences between Hong Kong and Macao, the Chinese government will roll out policies to support both cities. Hong Kong's role in the Guangdong-Hong Kong-Macao Greater Bay Area won't dwindle in importance because of the unrest, he noted.



Posted in: ECONOMY

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