China has issued a general plan for building a Guangdong-Macao in-depth cooperation zone in Hengqin in China’s southern city Zhuhai. The plan proposes to turn Hengqin into an international leisure travel island, and grow Macao into a global tourism hub.
According to the plan issued by the Central Committee of the Chinese Communist Party and the State Council, there will be greater emphasis on developing Hengqin’s tourism industries, covering leisure vacations, MICE and sports events, as well as wellness offerings for health and rehabilitation.
The plan proposes to further tap into tourism resources across the islands in the zone and promote cross-border yachting in the Greater Bay Area.
Guangdong and Macao will look to hold quality and globally influential consumption expos and global bay area forums. Expos/forums staff, exhibitors and visitors will be entitled to multiple entries and be able to travel freely between Zhuhai and Macao via the Hengqin port.
The plan gives Guangdong and Macao the go-ahead to cooperate and build a quality imported consumer goods trading center, and outlines a Sino-Portuguese international trade center as well as an international hub for digital trade to promote trade digitalization.
The plan also envisages that qualified industrial enterprises in the zone will enjoy a preferential profits tax rate of 15 percent, covering all industries that facilitate Macao's economic diversification. For certain capital expenditures, enterprises will be eligible for immediate one-off tax deduction or faster depreciation and amortization. Enterprises established in the zone will be exempted from tax for income generated from future direct overseas investments in tourism, modern services and high-tech sectors.
