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October 15, 2021
Mainland China releases master plan for developing Guangdong-Macao In-depth Cooperation Zone
To promote the development and opening-up of the Guangdong-Macao In-Depth Cooperation Zone (the Cooperation Zone) in Hengqin and further deepen the implementation of the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, the Central Committee of the Chinese Communist Party and the State Council jointly issued a master plan (the Plan) on 5 September 2021.
Under the Plan, the development and management of the Cooperation Zone will be jointly led by the Governor of the Guangdong province and the Chief Executive of the Macao Special Administration Region. The Cooperation Zone will demonstrate a new integrated high-level opening-up system between Hengqin and Macau. Special measures to further improve market access in the Cooperation Zone are also anticipated.
This Alert summarizes key features outlined in the Plan.
With a focus on the development of new industries that will enable the diversification of Macao’s economy, the Cooperation Zone is intended to be a hub for new industries, including scientific and technological research and development, high-end manufacturing, traditional Chinese medicine, culture, tourism, conventions and exhibitions, trade and modern finance.
Preferential tax policies
Special customs policies
For additional information with respect to this Alert, please contact the following:
Ernst & Young Tax Services Limited, Hong Kong
Ernst & Young (China) Advisory Limited
Ernst & Young LLP (United States), China Tax Desk
Ernst & Young LLP (United Kingdom), China Tax Desk, London
Ernst & Young LLP (United States), Asia Pacific Business Group, New York
Ernst & Young LLP (United States), Asia Pacific Business Group, Chicago