The island of Hengqin in Guangdong Province has launched a new customs operation, enabling most goods to move tax-free from the Macao Special Administrative Region (SAR) to Hengqin. Effective from midnight on Friday, this initiative is set to boost economic ties and support Macao's economic diversification.
Under the new mechanism, goods entering Hengqin from Macao will generally be exempt from tariffs, while those moving from Hengqin to the Chinese mainland may incur import duties unless they qualify for an added-value tax exemption. Additionally, similar tax exemptions apply to luggage and parcels entering Hengqin from Macao, making the movement of goods and people smoother and more efficient.
This policy is seen as a significant step in enriching the practice of \"one country, two systems\" in Macao. Li Weinong, director of the zone's executive committee, stated, \"The new policy will effectively facilitate the flow of goods, personnel, capital and information between Hengqin and Macao, and create valuable new space for Macao's new industries and business forms.\"
Since the establishment of the Guangdong-Macao In-depth Cooperation Zone in Hengqin in 2021, over 11,500 Macao residents have moved to Hengqin, marking an annual increase of over 70%. This growth highlights the positive impact of the new customs operation on the region's economic landscape. 🚀🌏
