Guangdong-Hong Kong-Macao Greater Bay Area

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Macao SAR

Focus of Development:

To develop into a world-class tourism and leisure centre and a commerce and trade cooperation service platform between China and Portuguese-speaking countries, promote moderately diversified economic development, and develop into a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.

Overview:

Macao is located on the west bank of Pearl River in the southeast coast of China. It is connected with Zhuhai by land via the Portas do Cerco (Border Gate) and Lotus Bridge and faces Hong Kong across Lingdingyang in the east. Its historical background has resulted in a longstanding blending and co-existence of Chinese and western cultures.

The Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (the “Outline Plan”) proposes to leverage the leading role of the strong combination of Macao-Zhuhai, deepen cooperation between Macao and Zhuhai, enhance their overall strength and global influence, and lead the Greater Bay Area in participating in international cooperation in great intensity. The Outline Plan also proposes to pursue the development of the “Guangzhou-Shenzhen-Hong Kong-Macao” innovation and technology corridor and jointly develop a Greater Bay Area big data centre as well as platforms for international innovation.

Being a micro-economy, Macao is constrained by land, human resources, and market, among others. However, its overall development is vivid and featured with openness and flexibility. Tourism is Macao’s core industry and has been contributing significantly to the economic development of Macao by creating employment opportunities, propelling economic growth and supporting the development of the whole industry chain and other ancillary industries. Meanwhile, pursuing moderate economic diversification as a long-term development goal, Macao is stepping up its efforts to develop big health industry, with traditional Chinese medicine R&D and manufacturing being the entry point, modern finance, high and new technology, convention and exhibition commerce, as well as culture and sports and other industries with a view to nurturing new economic growth points and achieving faster growth of emerging key industries.

The promulgation of the Master Plan of the Development of the Guangdong-Macao In-depth Cooperation Zone in Hengqin has created favourable conditions for promoting Macao’s moderately diversified economic development. The Macao SAR Government is actively advancing the development of the Guangdong-Macao In-depth Cooperation Zone in Hengqin by combining “One Country, Two Systems”, separate customs territory, international trade free port, network of external ties and other unique advantages with the spatial and resource advantages of Hengqin, as well as by taking lead in making bold innovations in major areas and key segments and furthering assimilation of rules and mechanisms based on the special “tiered management” supervision system with a view to developing a high-level open economic zone that bears the Chinese characteristics and highlights the advantages of “Two Systems”.