Page 86 - 2022 Special Report on the State of Business in South China
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be expanded by eight times, from 14.9 square and the number of Macao residents living and
kilometers to 120.6 square kilometers; 2) it will working in Hengqin will increase to 30,000-50,000.
further liberalize services trade and open the
financial sector, including through supporting links 3. By 2035, the zone will be able to fully
to Hong Kong’s financial market, allowing for cross- demonstrate the strong vitality and strength of
border renminbi use, allowing for more convenient "One Country, Two Systems”, and the goal of
management of foreign exchange and supporting Macao's appropriate economic diversification will
cross-border security investments further; 3) and be basically realized.
it will also empower Shenzhen's pioneer role of
leading a bigger integration of GBA economies from Shenzhen Socialist Pioneering Dem-
financial service, technology innovation, culture onstration Zone
business, health care, legal service perspectives.
Shenzhen has seen a rapid development
Hengqin New Area of Zhuhai since the reform and opening up in 1979 and
is now seeking to reinvent itself as the home of
The GDP of Hengqin Free Trade Zone increased Chinese innovation. By the end of 2020, the city's
from RMB12.7 billion (2015) to RMB 40.7 billion GDP reached RMB2,787 billion, with 3.1% YoY
(2020), with an average annual growth of 4.1%. growth. By industry, the value- added of primary
Fixed asset investments increased from RMB28.9 industries was RMB2.6 billion, down by 3.1%. That
billion to RMB36.7 billion. FDI inflows rose from of secondary industries was RMB1,045.4billion,
US$426 million to US$1.8 billion, with an average up to 1.9%; The value-added of tertiary industries
annual growth of 15.7%24. was RMB1,719 billion, up to 3.9%. Fixed asset
investments increased by 8.2%, among which
In September, Central government issued a investment in the secondary industries increased
master plan for building a Guangdong-Macao by 0.9% and that in tertiary industries by 9.4%27.
in-depth cooperation zone in Hengqin. The plan
defines the strategic position of the zone as In the second half of 2020, the General Office of
a new platform to boost Macao's appropriate the CPC Central Committee and General Office of the
economic diversification, a new space that State Council issued the “Implementing Plan for the
provides convenience to Macao residents' life and Comprehensive Pilot Reform of Building Shenzhen
employment, a new model to enrich the practice of into a Pilot Demonstration Area of Socialism with
"One Country, Two Systems", as well as a new high Chinese Characteristics (2020-2025)”.
ground for building the GBA25.
Main goals of the plan include:
Development Targets26:
- By 2022, the government will make
1. By 2021, the zone’s GDP will grow by 9%, important progress in the building of systems in
with fixed assets investment will grow by 10%; all aspects, form a number of major institutional
the FDI will grow by 20%; the retail sales of social achievements that can be replicated and
consumption will grow by 5%; and the public popularized, and achieve phased results in the
budget revenue will grow by 12.5%. pilot reform.
2. By 2025, the zone’s GDP will reach RMB150- - By 2025, the government will accomplish
180 billion, the population will exceed to 200,000, landmark achievements in the reform of
important fields and critical links, complete the
24 Guangdong-Macao in Depth Cooperation tasks of the pilot reform, and provide an important
Zone in Hengqin, http://www.hengqin.gov.cn/zhshqx- demonstration for institutional building for the
qzfmhwz/news/zwgk/ghjh/content/post_2750611.html whole country.
25 The expansion plan for building Guangdong-
Macao in-depth cooperation zone, http://www. 27 Government site of Shenzhen, http://
chinadaily.com.cn/a/202109/05/WS6134a902a310e- www.sz.gov.cn/cn/xxgk/zfxxgj/tjsj/tjgb/content/
fa1bd66d691.html post_8718466.html
26 Guangdong-Macao in Depth Cooperation
Zone in Hengqin, http://www.hengqin.gov.cn/zhshqx-
qzfmhwz/news/zwgk/ghjh/content/post_2750611.html
86
kilometers to 120.6 square kilometers; 2) it will working in Hengqin will increase to 30,000-50,000.
further liberalize services trade and open the
financial sector, including through supporting links 3. By 2035, the zone will be able to fully
to Hong Kong’s financial market, allowing for cross- demonstrate the strong vitality and strength of
border renminbi use, allowing for more convenient "One Country, Two Systems”, and the goal of
management of foreign exchange and supporting Macao's appropriate economic diversification will
cross-border security investments further; 3) and be basically realized.
it will also empower Shenzhen's pioneer role of
leading a bigger integration of GBA economies from Shenzhen Socialist Pioneering Dem-
financial service, technology innovation, culture onstration Zone
business, health care, legal service perspectives.
Shenzhen has seen a rapid development
Hengqin New Area of Zhuhai since the reform and opening up in 1979 and
is now seeking to reinvent itself as the home of
The GDP of Hengqin Free Trade Zone increased Chinese innovation. By the end of 2020, the city's
from RMB12.7 billion (2015) to RMB 40.7 billion GDP reached RMB2,787 billion, with 3.1% YoY
(2020), with an average annual growth of 4.1%. growth. By industry, the value- added of primary
Fixed asset investments increased from RMB28.9 industries was RMB2.6 billion, down by 3.1%. That
billion to RMB36.7 billion. FDI inflows rose from of secondary industries was RMB1,045.4billion,
US$426 million to US$1.8 billion, with an average up to 1.9%; The value-added of tertiary industries
annual growth of 15.7%24. was RMB1,719 billion, up to 3.9%. Fixed asset
investments increased by 8.2%, among which
In September, Central government issued a investment in the secondary industries increased
master plan for building a Guangdong-Macao by 0.9% and that in tertiary industries by 9.4%27.
in-depth cooperation zone in Hengqin. The plan
defines the strategic position of the zone as In the second half of 2020, the General Office of
a new platform to boost Macao's appropriate the CPC Central Committee and General Office of the
economic diversification, a new space that State Council issued the “Implementing Plan for the
provides convenience to Macao residents' life and Comprehensive Pilot Reform of Building Shenzhen
employment, a new model to enrich the practice of into a Pilot Demonstration Area of Socialism with
"One Country, Two Systems", as well as a new high Chinese Characteristics (2020-2025)”.
ground for building the GBA25.
Main goals of the plan include:
Development Targets26:
- By 2022, the government will make
1. By 2021, the zone’s GDP will grow by 9%, important progress in the building of systems in
with fixed assets investment will grow by 10%; all aspects, form a number of major institutional
the FDI will grow by 20%; the retail sales of social achievements that can be replicated and
consumption will grow by 5%; and the public popularized, and achieve phased results in the
budget revenue will grow by 12.5%. pilot reform.
2. By 2025, the zone’s GDP will reach RMB150- - By 2025, the government will accomplish
180 billion, the population will exceed to 200,000, landmark achievements in the reform of
important fields and critical links, complete the
24 Guangdong-Macao in Depth Cooperation tasks of the pilot reform, and provide an important
Zone in Hengqin, http://www.hengqin.gov.cn/zhshqx- demonstration for institutional building for the
qzfmhwz/news/zwgk/ghjh/content/post_2750611.html whole country.
25 The expansion plan for building Guangdong-
Macao in-depth cooperation zone, http://www. 27 Government site of Shenzhen, http://
chinadaily.com.cn/a/202109/05/WS6134a902a310e- www.sz.gov.cn/cn/xxgk/zfxxgj/tjsj/tjgb/content/
fa1bd66d691.html post_8718466.html
26 Guangdong-Macao in Depth Cooperation
Zone in Hengqin, http://www.hengqin.gov.cn/zhshqx-
qzfmhwz/news/zwgk/ghjh/content/post_2750611.html
86
