Hengqin’s GDP surpasses 20 billion RMB in H1

In the first six months of 2022, Guangdong-Macao In-Depth Cooperation Zone in Hengqin recorded 22.393 billion RMB of regional GDP, with an increase of 2.5 percent year on year.

As the number of commercial entities in the cooperation zone grows steadily, the number of Macao-funded enterprises continued to rise. Now there are 54,350 enterprises in the cooperation zone, including 4,934 funded by Macao entities, accounting for about 10 percent of the cooperation zone's total.

(Photo provided to Newsgd.com)

Since the establishment of the cooperation zone, it has piloted a number of measures to innovate cross-border financial business and encourage financial industries in Hengqin and Macao to enhance cooperation, so as to develop modern financial industry, one of the four key industries in the cooperation zone.

In terms of industrial structure, the primary sector, the industrial sector and the service sector accounted for 0.02 percent, 10.8 percent, and 89.2 percent respectively, contributing to 89.17 percent of the cooperation zone's GDP in H1. As the pillar of the service sector, the financial sector secured a value-added industrial output of 8.217 billion RMB, up 11 percent year on year, accounting for 36.7 percent of the regional GDP.

In the first half of this year, taxes on the financial sector in the cooperation zone amounted to nearly 7.5 billion RMB, up 31.3percent year on year, accounting for 38.1percent of the region's tax revenue.

Meanwhile, deposit balances in renminbi and foreign currencies of Chinese and foreign financial institutions in the cooperation zone registered 166.850 billion RMB, up 3 percent year on year. The outstanding loans of Chinese and foreign financial institutions stood at 164.456 billion RMB, a record high, up 38.5 percent year on year.

(Photo provided to Newsgd.com)

After the establishment of the cooperation zone, the relevant departments of Hengqin and Macao worked together to establish a mechanism that allows investors on both sides to finish business registrations without crossing the boundary.

In the first half, 2,112 enterprises were newly registered in the cooperation zone, and 391 of which were funded by Macao, accounting for 19 percent of the zone's total newly registered enterprises.

With the further implementation of cross-boundary business facilitation measures, Macao-funded enterprises will be more deeply integrated into the development of the cooperation zone.

Author: Lynette (intern)

Editor: Wing, Keane, Will, Jerry