China has adjusted tariff policies for the Guangdong-Macao in-depth cooperation zone in Hengqin to promote efficient goods flows and the diversified development of Macao’s economy.
More entities and products will enjoy tax exemption or bonded policies in the cooperation zone, and the processing and manufacturing industry will be encouraged with new duty-free rules for products made from materials from Macao, according to the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration.
The authorities also made clear tax policies for personal baggage and delivery items in the cooperation zone to facilitate people’s flows and strengthen supervision.
In 2021, the Chinese central authorities decided to build the Guangdong-Macao in-depth cooperation zone in Hengqin, Zhuhai City, in south China’s Guangdong Province, making the island an important new growth point for Macao’s economy.
A plan released last month said by 2035, the 106-square-kilometer area will become a strong growth engine for the Guangzhou-Zhuhai-Macao science and technology innovation corridor, which is expected to promote appropriate diversity in Macao’s economy.
