SCIO press conference on the development of Hengqin and Qianhai

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The Macao government has made great efforts to promote the diversified development of Macao's economy since the current chief executive of Macao, Ho Iat Seng, took office in 2019. What has the Macao government done and what achievements have been made? Going forward, what are the key tasks of the Macao government relying on Hengqin in order to facilitate the diversified development of Macao's economy? Thank you.

Cheong Weng Chon:

Thank you. Since the beginning of the fifth term of the Macao SAR government, the most important priority for us has been promoting the moderately diversified development of Macao's economy. The main work includes the following aspects:

In terms of the Traditional Chinese Medicine (TCM) industry, we have drafted a new law on TCM production registration, which will be implemented from next year. The Guangdong-Macao Traditional Chinese Medicine Science and Technology Industrial Park in Hengqin has formed an industry cluster.

In terms of the modern financial industry, we will continue to improve relevant laws and regulations. Some draft laws including the Trust Act will be deliberated by China's legislature

In terms of cutting-edge technologies, we have restructured the Economic Bureau into the Economic and Technological Development Bureau, and formulated preferential tax policies for hi-tech and innovative enterprises. A number of funded research projects have yielded results.

As for conferences, exhibitions, culture, tourism and sports, the development of the conference and exhibition industry gradually tends to be specialized and market-oriented. The market model of tourism plus exhibitions is also being gradually enhanced. Large-scale sports events continue to be held, giving full play to their brand effect.

The Guangdong-Macao in-depth cooperation zone in Hengqin is creating a new platform and bringing new opportunities for Macao's moderately diversified economic development. This is mainly reflected in the following four areas:

First, it will boost Macao's branded industries such as TCM. We will promote applying "Supervised in Macao," "Manufactured in Macao," or "Designed in Macao" signs to TCM products manufactured in the cooperation zone after they are approved and registered in Macao. We will work to simplify the approval procedures for sales of Macao's external-use Chinese patent medicine in the Greater Bay Area.

Second, it will enhance technological research and development as well as high-end manufacturing industries, with the focus on integrated circuits, new materials, new energy, big data, and biomedicine, and boosting the microelectronics industry chain including custom chip designs. We will promote Macao University and other universities to set up demonstration bases of industry-university-research collaboration in the cooperation zone.

Third, it will promote culture, tourism, conferences, exhibitions and trade industries, with the focus being on tourism, conferences, exhibitions, and sports events. We will support Macao's industries in holding more branded and international trade fairs in Hengqin, and facilitate cross-border exchanges for exhibition organizers. We will build a trade market for high-end consumer goods, and help Macao's enterprises develop China-Portugal cross-border e-commerce businesses based on the cooperation zone.

Fourth, it will boost the modern financial industry, with the focus on bond market, wealth management and finance lease. We will encourage cross-border yuan settlement businesses, further reduce the application requirements for Macao's financial institutions to set up bank and insurance branches in Hengqin, and build a financial service platform for China and Portuguese-speaking countries. Thank you.

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