New policies to subsidize Hengqin’s commerce and trade industry

Photo: Administrative Affairs Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin

Guangdong-Macao In-Depth Cooperation Zone in Hengqin announced policies to support the development of the commerce and trade industry on December 27. The initiatives mainly focus on introducing Macao specialty stores and enhancing the cargo handling capabilities of Macao International Airport.

These new policies, taking effect from January 1, 2024, to December 31, 2026, aim to strengthen the industrial synergy between Macao and Hengqin, fostering new industries that promote the moderate diversification of Macao's economy and establishing an internationally influential commerce and trade hub.

Policies include business development, economic and trade cooperation between China and Portuguese-speaking countries (PSC), and circulation networks. Through multiple measures, such as promoting market entities' growth and quality improvement, diversifying consumption patterns, encouraging PSC merchants and talent to settle in the zone, and upgrading the circulation system, the policies aim to innovate and consolidate the elements of commerce and trade development.

Specifically, the zone will reward operating entities that successfully introduce "Macao Traditional Specialty Shops," "Macao Specialty Shops," and "Business Association Pavilions" brand stores, with a cumulative annual reward of up to RMB 8 million. The maximum reward for specialty restaurants, banquet halls, and hotels is RMB 2 million. Commerce and trade enterprises established by foreign investors from PSC will receive a one-time reward of RMB 300,000, with additional rewards if their operating revenue increases in subsequent years. Commerce and trade enterprises in the zone that hire talents specializing in trade between China and PSC will receive a reward of RMB 20,000 per person, with further rewards based on performance in the following year, capped at a maximum of RMB 300,000.

International freight forwarding enterprises that transport import and export goods through Macao International Airport or both Macao International Airport and Hengqin Port will receive a maximum subsidy of RMB 12 million. Shipping enterprises transporting goods by air through Macao International Airport that meet specified cargo value criteria will be eligible for a maximum subsidy of RMB 2 million.

Newly constructed or renovated cold chain logistics projects related to daily necessities, food, and pharmaceuticals will be eligible for a maximum reward of RMB 3 million. Also, logistics enterprises recognized as 3A, 4A, or 5A by the China Federation of Logistics and Purchasing will receive rewards. Eligible cross-border e-commerce enterprises can receive a subsidy of up to 50% of their bonded warehouse rent.

Commercial complexes, branded warehouse supermarkets, and supermarkets that open for business will receive financial support of up to RMB 12 million. Furthermore, enterprises and social organizations hosting night economy events, consumption promotion activities, and other themed activities within commercial complexes will be eligible for a maximum reward of RMB 1 million per event.