By Jos Lus de Sales Marques
Macau Business | November 2021
A symbiotic relationship is one that is characterized as a close physical association between two or more dissimilar organisms; it could also mean a close, cooperative, or interdependent relationship (Merriam- Webster). Macau and Hengqin couldnt be more dissimilar, for Macaus five centuries of urban history does leave a strong and distinctive mark on its landscape, way of life, and so many other plural features. They also belong to different systems, Hengqin is under the first system of socialism with Chinese characteristics in the modern era and Macau is the old liberal capitalist system of free enterprise.
The Plan of the Guangdong-Macau In-depth Cooperation Zone in Hengqin (HICZ) issued on September 5th by the Communist Party of China Central Committee and the State Council, is designed to build that strong interdependent relationship between these two territorial units. It has a tight schedule, giving some sense of urgency, with goals to be reached by 2024, 2029 and 2035. The last one, 2035, is also the dateline for the completion of the Guangdong-Hong Kong and Macau Greater Bay Area (GBA) to realize its goals of becoming a vibrant world-class city cluster, a global influential innovation and technology hub, a high-quality sphere for living, working and travelling and an important element of the network of the Belt and Road Initiative (BRI). By then, GBA will be a unique economic ecosystem, that will enhance the value of diversity and the principle of one country, two systems. Under the GBA, the plan of which was announced in 2019, several participating cities have been putting together policies to attract residents and investment from Hong Kong and Macau. For instance, last April, Shenzhen announced eighteen such measures and they cover four dimensions: studying, living, entrepreneurship and equal treatment for residents of Macau and Hong Kong in regard to access to social and medical services.
But, the HICZ is deeper than those measures, it is a step forward in terms of functional integration, moving closer to the creation of a new experiment at the political, legal administrative and economic dimension. Its most innovative aspect is in the administrative system, with Guangdong and Macau SAR jointly forming an administrative committee to govern the new zone, which will, however, remain under Guangdong jurisdiction. The administrative committee is under the dual leadership of the Governor of Guangdong and the Chief Executive of Macau SAR and is complemented by an executive body, whose main official in charge is appointed by the Macau SAR government, a position that was given to Mr Lei Vai Leong, in accumulation with his current position as Secretary for Economy and Finance of Macau SAR government. Recently, at the first meeting of the Management Committee that took place on the 22nd of September, Mr Ho Iat Seng presented four proposals that are illustrative of Macaus priorities at this stage.
Mr Ho stressed the need to speed up the construction of the legal system of the zone, establishing the regulatory framework for the management of civic affairs and business development, in accordance with the Chinese Constitution and the Macau Basic Law. Mr Ho also made three other proposals to kick start developing the real economy of the island. Industry and business should develop around big health, focusing on research, development and production of traditional Chinese medicine, modern finance, convention and exhibition, and, cultural and sports industry. He also emphasized the need to attract talents from within and outside China to work there. However, so far, no measures of facilitation have been announced in regard to policies towards foreigners, whether they are Macau residents or not. This is one area where more clarity would be very welcome.
On the one hand, for those non-Chinese residing in Macau who do not need or wish to move their residence to Hengqin, but still seeking proper investment opportunities and a chance to work in the island; on the other hand, for all those talents returning home or foreigners looking to work at Hengqin but residing in Macau, eventually with their families, it would be important to cater for their needs not only in regard to their mobility between Macau and HICZ, but the whole GBA. Macau also needs to prepare itself for that scenario, improving and extending social and educational services for them and their families as well as creating new non-resident permits covering special cases, of people working in Hengqin but living in Macau.
Those measures will complement those already in place providing better living conditions for Macau residents, namely the construction of the Macau New Neighbourhood housing complex with 3800 units, developed with Macau public investment, for residents wishing to resettle in the island.Tax incentive and social support measures, targeted particularly for Chinese young professionals and entrepreneurs seeking opportunities in the new zone are already in place and more will be welcomed in the future. HICZ also offers competitive rental fees and access to the Mainland labour market that are advantageous conditions, vis--vis what is available in Macau. It is expected that big gaming companies will be among the first batch of investors as they aim at expanding their portfolio into non-gaming businesses. Financial companies will also be attracted to move into the zone, expected to be the location for the future Macau/Hengqin stock exchange.
There are questions about the measurement of the contribution of non-gaming public and private investments in HICZ in regard to the diversification of Macaus industrial structure, since the zone is not under this regions jurisdiction. From the viewpoint of statistical reports on Macaus Gross Domestic Product (GDP), that question has no immediate answer. However, in the short span of fourteen years, the whole region will be integrated into the economic system of the Greater Bay Area. What will be its implications in statistical terms? Moreover, it is possible to build a dedicated GDP account just for HICZ, a useful management tool to keep track of the development of its main economic variables.
Last but not least, the regulatory environment for foreign direct investment is expected to be the most open in the whole of the Chinese mainland. By combining the openness already achieved in the Guangdong province with the free investment environment of Macau, one can only expect the best of the two worlds. This combination of strengths, while keeping differences, will be the formula to build a sound symbiotic relationship between Macau and Hengqin.
Originally posted here:
OPINION - Macau and Hengqin: Building a symbiotic relationship - Macau Business
- Air Macau: Everything You Need To Know - Simple Flying - September 7th, 2023 [September 7th, 2023]
- Oktoberfest returns to MGM Cotai from 12 to 23 October - Inside Asian Gaming - September 7th, 2023 [September 7th, 2023]
- ONE CENTRAL MACAU Celebrates the Year of Picasso with "Pablo ... - ZAWYA - September 7th, 2023 [September 7th, 2023]
- GGRAsia Criminalising illicit money swap biz an option: Macau govt - GGRAsia - September 7th, 2023 [September 7th, 2023]
- Macau shows elevated baseline demand levels as GGR reaches ... - Yogonet International - May 18th, 2023 [May 18th, 2023]
- International business rises for Macau's banking sector in Q1 - Macau Business - May 18th, 2023 [May 18th, 2023]
- Macau woman who 'fell in love' with Nottingham starts takeaway - Nottinghamshire Live - May 18th, 2023 [May 18th, 2023]
- Global leaders in infrastructure to gather for investment forum in ... - Macau Business - May 18th, 2023 [May 18th, 2023]
- Car rental businesses upbeat as driving licence recognition takes ... - Macau Business - May 18th, 2023 [May 18th, 2023]
- Macau pupils show resilience in reading performance amid Covid ... - Macau Business - May 18th, 2023 [May 18th, 2023]
- Chinese electric car brands set sights on Europe - Macau Business - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES PJ warns on ticket fraud ... - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- Nine migrants found from group abducted in Mexico - Macau Business - May 18th, 2023 [May 18th, 2023]
- Blinken condemns attack on US convoy in Nigeria - Macau Business - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES Association head calls for ... - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES Meghan, Duchess of Sussex ... - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- Tanzanian traders strike over high taxes in rare protest - Macau Business - May 18th, 2023 [May 18th, 2023]
- Italy floods kill at least two - Macau Business - May 18th, 2023 [May 18th, 2023]
- Indiana Jones: six things to know - Macau Business - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES Inter beats city rival to reach first ... - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- Titanic shipwreck captured in first full digital scan - Macau Business - May 18th, 2023 [May 18th, 2023]
- Chinese fishing vessel capsizes in Indian Ocean with 39 missing - Macau Business - May 18th, 2023 [May 18th, 2023]
- Canada's Trudeau wants to be 'best of friends' with South Korea - Macau Business - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES Smart ball technology to be ... - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- Taipa-Barra LRT connection operational by year-end - Secretary - Macau Business - May 18th, 2023 [May 18th, 2023]
- 'Pushing back': G7 seeks influence with expanded guestlist - Macau Business - May 18th, 2023 [May 18th, 2023]
- Markets mixed as sluggish debt talks worry investors - Macau Business - May 18th, 2023 [May 18th, 2023]
- SolarWinds Adds Transformative AI Features to IT Service ... - Macau Business - May 18th, 2023 [May 18th, 2023]
- Asian football probes 'acts of violence' after red cards mar final - Macau Business - May 18th, 2023 [May 18th, 2023]
- The second life of Hiroshima's origami cranes - Macau Business - May 18th, 2023 [May 18th, 2023]
- Commerzbank profits soar on higher interest rates - Macau Business - May 18th, 2023 [May 18th, 2023]
- MACAU DAILY TIMES 20% of population using 5G - Macau Daily Times - May 18th, 2023 [May 18th, 2023]
- 8 Best Things to Do in Macau - China Discovery - March 31st, 2023 [March 31st, 2023]
- Sassy's Quick Guide To Macau - March 31st, 2023 [March 31st, 2023]
- Macau overtakes London as the worlds new five-star hotel capital - Style - February 18th, 2023 [February 18th, 2023]
- Macau - United States Department of State - December 28th, 2022 [December 28th, 2022]
- Macau Casinos Head for Worst Year on Record Due to Covid Squeeze - Bloomberg - December 2nd, 2022 [December 2nd, 2022]
- Macau advances digital currency acceptance, but will casinos accept? - CoinGeek - October 21st, 2022 [October 21st, 2022]
- Could China be planning two more years of COVID-zero? Experts outline impact on Macau - Inside Asian Gaming - October 15th, 2022 [October 15th, 2022]
- New CPC leadership to be unveiled on Oct 23 - Macau Business - October 15th, 2022 [October 15th, 2022]
- Asia round-up: Steve Wynns, the unknown of Macau, blacklist confusion & Crown - Gambling Insider - October 15th, 2022 [October 15th, 2022]
- Argentina records highest inflation in 30 years - Macau Business - October 15th, 2022 [October 15th, 2022]
- Memorandum on Presidential Determination with Respect to the Efforts of Foreign Governments Regarding Trafficking in Persons - The White House - October 15th, 2022 [October 15th, 2022]
- OPINION - Prelude to Chinas 20th Party Congress - Macau Business - October 15th, 2022 [October 15th, 2022]
- Rising prices lead to growing civil unrest in Haiti: UN - Macau Business - October 15th, 2022 [October 15th, 2022]
- The Macau Grand Prix Is Back On The Calendar, Bikes To Return? - RideApart - September 20th, 2022 [September 20th, 2022]
- Gregory May Takes Office as Consul General of the U.S in Hong Kong and Macau - The Epoch Times - September 20th, 2022 [September 20th, 2022]
- Retail and F&B with considerable drop in receipts in July - Macau Business - September 20th, 2022 [September 20th, 2022]
- Twilight of the Tigris: Iraq's mighty river drying up - Macau Business - September 20th, 2022 [September 20th, 2022]
- Too weak to cry: famine looms over Somalia's children - Macau Business - September 20th, 2022 [September 20th, 2022]
- MACAU DAILY TIMES ISAF working on a new regime for small-scale medical devices and cosmetics - Macau Daily Times - September 20th, 2022 [September 20th, 2022]
- Biden warns China and Russia, hedges on seeking reelection - Macau Business - September 20th, 2022 [September 20th, 2022]
- Britain and the world say farewell to Queen Elizabeth II - Macau Business - September 20th, 2022 [September 20th, 2022]
- Is Macau now the number one place in the world for gamblers to visit - Travel Daily News International - September 17th, 2022 [September 17th, 2022]
- After 18 years visiting Macau, 13 years living in Macau and 933 days trapped in Macau, it's time to go - Inside Asian Gaming - September 17th, 2022 [September 17th, 2022]
- Council monitoring situation in Macau after three officials apply to extend visas - - September 17th, 2022 [September 17th, 2022]
- Products of New Zealand, Vanuatu shipped to China for import fair - Macau Business - September 17th, 2022 [September 17th, 2022]
- UN summit returns in person to world of divisions - Macau Business - September 17th, 2022 [September 17th, 2022]
- Migrants flown to Martha's Vineyard moved to US military base - Macau Business - September 17th, 2022 [September 17th, 2022]
- Number of active U.S. drilling rigs up this week - Macau Business - September 17th, 2022 [September 17th, 2022]
- Millions told to seek shelter as Japan warns on Typhoon Nanmadol - Macau Business - September 17th, 2022 [September 17th, 2022]
- Owner of Vietnam bar arrested after blaze that killed 32 - Macau Business - September 17th, 2022 [September 17th, 2022]
- Biden meets relatives of Americans jailed in Russia - Macau Business - September 17th, 2022 [September 17th, 2022]
- The show must go on and attract tourists - Macau Business - August 29th, 2022 [August 29th, 2022]
- NASA shoots for the Moon, on its way to Mars - Macau Business - August 29th, 2022 [August 29th, 2022]
- Cuba works to keep sport of karting alive - Macau Business - August 29th, 2022 [August 29th, 2022]
- China's jobless youth left in the lurch - Macau Business - August 29th, 2022 [August 29th, 2022]
- OPINION - Challenges and opportunities in Chinas relations with South Korea - Macau Business - August 29th, 2022 [August 29th, 2022]
- MGM China to inject $594 million into Macau unit to re-tender for casino license - Reuters - August 23rd, 2022 [August 23rd, 2022]
- Macau's casino losses exceed $2B mark in H1 as they await bidding process; recovery not expected until 2023 - Yogonet International - August 23rd, 2022 [August 23rd, 2022]
- F3 Macau Grand Prix that made Ferrari to create $12 Million per year earning superstar Charles Leclerc - The Sportsrush - August 23rd, 2022 [August 23rd, 2022]
- Special Report - PTSD in the aftermath - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- Macau casinos to be allowed to take deposits from patrons as long as no monetary interest is offered - Yogonet International - August 23rd, 2022 [August 23rd, 2022]
- Adidas CEO Rorsted to stand down in 2023 - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- China begins shipment of high-speed trains to Indonesia - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- Portugal on alert over fears of fresh wildfire threat - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- Gov't pledges to boost rights protection efforts for people with disabilities - Macau Daily Times - August 23rd, 2022 [August 23rd, 2022]
- iZeno becomes the first APAC Partner to achieve Atlassian ITSM specialisation - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- Myanmar grandfather on mission to revive juggling art - Macau Business - August 23rd, 2022 [August 23rd, 2022]
- Covid-hit Macau reopens beaches but bans swimming - FRANCE 24 English - July 31st, 2022 [July 31st, 2022]