Macao-funded enterprises in Hengqin New Area numbered 3,003 as of Aug 25 with registered capital of 85 billion yuan ($12 billion), accounting for 58.79 percent of local foreign-funded enterprises and demonstrating the success of measures to build closer ties.

There are 819 newly settled Macao-funded enterprises, up 130.7 percent year-on-year over the past eight months, while newly added registered capital increased by 240.9 percent to 9.98 billion yuan ($1.45 billion).

The Hengqin New Area Bureau of Industry & Commerce has set up a service system with Macao banks to guide cross-border business registrations for hundreds of Macao investors. A Guangdong-Macao Industry & Commerce Service Center, jointly built by the bureau and Guangdong & Macao Federation of Industry & Commerce in Macao to collect business registration materials locally, has assisted 155 Macao investors since its establishment in January. The entire business registration process has gone online during the COVID-19 outbreak.

Hengqin [Photo provided by Hengqin New Area Administrative Committee to Guanhai App]

In the meantime, Macao permanent residents with Chinese nationality can enjoy the same treatment as other Chinese citizens when setting up enterprises in Hengqin. Their travel permit to the Chinese mainland is accepted as qualification.

Eligible Macao and other overseas investors who cannot provide a certificate of creditworthiness issued by overseas banks due to the COVID-19 pandemic are allowed to offer certificates of deposit by mainland banks and personal credit reports from the People's Bank of China. China Legal Service (Macao) has a service outlet in Hengqin to handle qualification documents for Macao investors.

To date, 95 Hong Kong and Macao enterprises have established cross-border offices in Hengqin. Four have obtained business licenses to operate in Hengqin with Macao qualifications, while Macao social workers, tour guides, and construction professionals are also allowed to practice in Hengqin.

To facilitate daily life, Hengqin has cross-border express lines and provides more than 500 Macao residents with medical insurance coverage. In addition, the quota for exit-entry of Macao vehicles with single license plates doubled to 5,000 in July.  

A new passenger inspection area at Hengqin Checkpoint was put into use Aug 18, and Hengqin Frontier Inspection Station has recorded more than 60,000 border crossings since. Daily traffic at the checkpoint averages 9,000 individuals and 1,500 vehicles. 

Moreover, construction of the 190,000-sq-m (47-acre) Macao New Neighborhood will commence soon to give Macao people livelihood facilities and public services they are accustomed to.