Hengqin's Financial Future: A Focus on Chinese Medicine and Technology

Hengqin, an island near Macau, is poised for expansion in finance and emerging sectors. Senior officials emphasize attracting investments in traditional Chinese medicine, technology, and various business opportunities. Located a short drive from Macau and Hong Kong, the region is strategically situated to foster new startups and technology companies with enticing tax benefits.

Development Plans in Hengqin

Over the past three years, the Guangdong-Macau In-Depth Cooperation Zone has introduced low taxes to support its growth. The 15% salary tax rate significantly contrasts with the usual rates of 35% or higher.

Investment in Chinese Medicine

• A new research lab will accommodate 300 researchers and 700 students.
• The Zhuhai municipal government allocates substantial funding for the lab.
• Utilization of artificial intelligence will be key in developing innovative Chinese medicine products.

Advancements in Autonomous Driving

Furthermore, Hengqin has initiated services such as the Onetime Robotaxi, which operates on a fee equivalent to regular taxi services. There’s also a self-driving minibus providing affordable trips.

Financial Services and Economic Diversification

Key financial institutions, including the Bank of China and the Industrial and Commercial Bank of China, are active in Hengqin. These banks offer services to local residents and support the growth of small businesses.

Regions like Hengqin are critical as they offer a new platform for Macau to pivot away from gaming towards health care, technology, and finance. The joint governance model with Guangdong allows for integrated development, showcasing the region's role as a test case for new economic paradigms.