China plans to develop Hengqin into an integrated circuit production hub when it reveals more details of the new stock exchange in the capital.
Central authorities are pushing the development of technology research and high-end manufacturing in Zhuhai’s Hengqin new district to help diversify Macau’s economy, says a general plan.
That includes developing integrated circuits, electronic components, new materials, new energy, big data, artificial intelligence and biomedical industries.
The plan, issued by the Communist Party of China’s central committee and the State Council, was made public yesterday.
Building the zone is a major drive to enrich the practice of one country, two systems, and will be an important driving force for Macau’s long-term development.
Hengqin is in the southern part of Zhuhai in Guangdong, just across the border from Macau.
China aims to promote the interconnection of infrastructure with Macau, allowing the SAR’s light railway to connect with the mainland’s transport network.
Meanwhile, preferential policies concerning corporate income tax will be improved. Measures will be rolled out to attract talent from home and abroad.
Macau residents are encouraged to find jobs there or create their own businesses.
Cooperation between the zone and Macau society will be strengthened in areas affecting people’s livelihood.
The Macau government responded that it will actively seize the opportunity to inject new impetus into the long-term development of the SAR, believing that the plan will provide Macau with new space and opportunities.
This came as a consultation paper of the Beijing stock exchange was launched with daily share price advances and retreats capped at 30 percent of closing prices from the day before.
Stocks, after listing on the New Third Board for 12 months, can float on the stock exchange.
Beijing’s new stock exchange will not threaten Hong Kong’s status as a financial hub as they have different positioning, said Anthony Francis Neoh, former chief adviser to the China Securities Regulatory Commission.