Business ties between Macao and Hengqin are continuing to strengthen, with data published by the Hengqin government revealing that, at the end of the third quarter, the number of Macao-funded businesses on the mainland island totalled 6,552, representing an increase of 11.8 percent year-on-year.
The growth means that Macao-backed enterprises now account for 11.6 percent of the roughly 55,700 businesses stationed in Hengqin.
In terms of economic indicators, Hengqin continues to perform robustly. Its gross domestic product (GDP) during the first three quarters of 2024 grew by 7.1 percent in comparison to the same period last year, with a total value of 37.349 billion yuan.
The island’s industrial sector also grew substantially, with the greatest growth shown by electrical machinery and equipment manufacturing, which experienced a 91.4 percent jump in value. Computer, communication and other electronic equipment, meanwhile, registered an increase of around 35.1 percent.
[See more: Some 20 million people have used the Hengqin checkpoint so far this year]
Hengqin’s service sector also performed strongly between January and September, with its value growing by 6.7 percent against the same period last year. Areas that saw substantial development included information transmission, software and IT services (46.9 percent), transportation, warehousing and postal services (44.7 percent), real estate (22.8 percent), as well as science research and technical services (20.7 percent).
Formerly an undeveloped island known for its oyster farming, Hengqin has undergone a remarkable transformation into an emerging economic hub in recent years.
The island suburb – which is administratively part of Zhuhai – is seen by both Macao and mainland authorities as a place where the SAR can expand economically, continuing its diversification away from gambling.
There are over 20,000 people from Macao now living on Hengqin, many of them at the Macau New Neighbourhood housing project. The two jurisdictions have also been co-hosting MICE events.
