Over 6,400 Macao enterprises settle in Hengqin

The economic vitality of the Guangdong-Hong Kong-Macao Greater Bay Area has shown sustained growth, highlighted by over 6,400 Macao-based enterprises that have established a presence in Hengqin, Zhuhai city, South China's Guangdong Province.

As of September, more than 6,400 Macao enterprises have established operations in Hengqin, marking a growth of nearly 40 percent in the past three years. Growth has been particularly prominent in high-tech industries and traditional Chinese medicine sectors, CMG Radio the Greater Bay reported on Tuesday.

Hengqin, located just across the river from Macao, is home to the Guangdong-Macao In-depth Cooperation Zone, which was established in 2021 by the Chinese central government to strengthen economic integration between the two regions.

A key development in the area is the "Macao registration plus Hengqin production" model. This approach has greatly benefited 75 traditional Chinese medicine companies, enabling their rapid expansion and success in the region, according to the report.

Macao will soon mark the 25th anniversary of its return to the motherland. Supported by central government, the city is gradually developing into a modern, international metropolis with improving infrastructure and people's livelihoods.

On October 1, 2024, the Macao Bridge, a new eight-lane bridge connecting the Macao Peninsula to Taipa, officially opened to traffic, largely improved the flow of people and goods, enhancing the region's economic vitality, Xinhua News Agency reported. 

Convenient traffic facilities have made Macao's economic structure more diversified, balanced and sustainable, and moved away from its dependence on the gaming industry. By 2023, Macao's GDP stood at nearly 379.5 billion Macao pataca, while the level was 51.9 billion Macao pataca in 1999, said the report. 

At the same time, Hong Kong's appeal as a business hub remains strong with a record number of companies and start-ups, affirming Hong Kong's increasing attractiveness to businesses, according to a report released by the Hong Kong Special Administrative Region (SAR) government on Tuesday.

According to the results of the 2024 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong and the 2024 Startup Survey released by the SAR government, the number of companies in Hong Kong with overseas or mainland parent companies rose to 9,960 in 2024, while the number of start-ups in Hong Kong increased to 4,694, both reaching record highs. 

The results demonstrate that Hong Kong is becoming increasingly attractive to businesses and remains an ideal place for mainland and overseas enterprises to set up or expand their operations, the Hong Kong SAR government said.