Hengqin Competition

March 1, 2024, was an auspicious day to visit the Guangdong-Macao In-depth Cooperation Zone in Hengqin (橫琴粤澳合作區), as it marks the implementation of closed customs control in the Zone or so called 封關. This milestone aims to streamline the movement of people, goods, capital, and information between Macao and Hengqin, fostering greater cooperation and convenience.

As a member of the Technology Council of the Macau SAR Government, the Government’s Economic and Technological Development Bureau has organized a visit for the top government officials and our Tech Council members to three prominent technology clusters within the Cooperation Zone: Semiconductor, Chinese Medicine, and Modern Finance. These clusters have attracted substantial investments from both mainland China and Macao.

Notably, the Chinese Medicine region stands out for its expansive scope, covering all facets of the industry, from incubation and research to commercialization and manufacturing. It is truly impressive to witness such comprehensive development.

Renowned tech and financial services companies have established their research centers in the area, lured by attractive incentives and support schemes designed to attract top talent. Recently, I had the privilege of being invited as a judge for a recent innovation and technology competition held in Hengqin. The grand awardee, Wisewave 芯潮流, received a remarkable prize of 100 million RMB. This elite semiconductor company has already established its research center in Hengqin, showcasing the zone’s appeal and potential.

The Greater Bay Area (GBA) is experiencing rapid development across these three major tech clusters including Macau-Hengqin, Hong Kong-Qianhai, and Guangzhou-Nanshan. Each cluster possesses its own unique strengths and weaknesses. It is incredibly encouraging to witness these exciting advancements and contribute to the growth journey of the GBA—a market boasting a population over 86 million and the GDP is over RMB 13 trillion in 2022.