The Guangdong-Macao In-Depth Cooperation Zone in Hengqin plays a role in promoting and diversifying Macao's economic development. [Photo provided to chinadaily.com.cn]

The Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Guangdong province, is experiencing accelerated growth as an increasing number of enterprises and merchants from Macao have chosen to establish their businesses there over the past three years.

The zone has been instrumental in creating a new platform for the balanced and diversified development of Macao's economy. It offers a fresh environment for convenient living and employment for Macao residents and enhances the implementation of the "one country, two systems" principle.

According to a statement released by the zone on Friday, 6,365 companies from the Macao Special Administrative Region had settled in the area as of the end of July, an increase of 37.27 percent compared to when the zone was established in 2021.

In the first half of 2024, the preliminary calculation shows that the added value of Macao-funded industries in the zone reached 1.88 billion yuan ($269 million), with an actual growth rate of 125.9 percent, said the statement.

Located at the mouth of the Pearl River, the zone has evolved into a hub for young entrepreneurs and talented individuals from Macao, significantly contributing to the integrated development of Guangdong and Macao, according to the statement.

Furthermore, as a new demonstration area for Guangdong-Macao cooperation, it promotes the development of the Guangdong-Hong Kong-Macao Greater Bay Area and helps Macao further integrate into the development strategy of the motherland, the statement said.

The zone's rapid development helps celebrate the 25th anniversary of Macao's return to the motherland this year, it added.