This Dec 10, 2019 photo shows the east square of the new Hengqin port in Zhuhai, south China's Guangdong province. (PHOTO / XINHUA)
The Guangdong-Macao In-Depth Cooperation Zone in the Hengqin New Area of Zhuhai released on Tuesday its first comprehensive policy on supporting financial development.
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The policy, which covers a range of supporting measures for financial enterprises, including settling in the island zone and operating there, aims to attract more industry players to the area, deepen financial cooperation between Hengqin and Macao, and promote diversified economic development of Macao. The policy will take effect on Nov 7.
To encourage more Macao-funded financial enterprises to set up in Hengqin, the special economic zone will grant those qualified up to 60 million yuan ($8.2 million) in financial incentives, according to the policy
Licensed financial institutions, local financial organizations, private investment funds and other types of recognized financial institutions will benefit from the policy. Hengqin authorities will not only help them settle in the zone, but also provide support with their operations, plus funding and the use of offices.
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The overall development plan for Hengqin, released last year, aims to promote diversified development of Macao’s economy.
To encourage more Macao-funded financial enterprises to set up in Hengqin, the special economic zone will grant those qualified up to 60 million yuan ($8.2 million) in financial incentives, according to the policy.
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In a move to increase industry’s and professionals’ communication between the two places, financial players in Hengqin who organize talent exchange activities jointly with Macao counterparts will receive up to 100,000 yuan for each event.
