Zhuhai has attracted 25 Macau-owned financial enterprises to invest in Hengqin, with a registered capital of RMB11.95 billion, since signing a new cooperation agreement with Macau last year.
Zhuhai launched the Qualified Foreign Limited Partner (QFLP) pilot program last December, becoming the second pilot city in the province after Shenzhen. The program lowered the entry barriers for foreign Hong Kong and Macau investors. The first Macau-owend QFLP pilot enterprise was approved this May.
Moreover, the Guangdong-Macau Cooperation Development Fund was launched in Hengqin, with an initial RMB20 billion investment. It has already provided RMB2 billion to support the Hengqin Science Town. Another RMB50-million fund was set up for the Macau Youth Entrepreneurship Valley, which has 196 Macau-invested projects and 23 enterprises investing RMB 433 million.
Other services launched recently through cooperation with Macau include cross-border vehicle insurance, and the cross-border transfer of non-performing assets. The Zhuhai Financial Working Bureau has drafted nine special programs covering the construction of a cross-border financial cooperation demonstration zone, a trading platform for Chinese herbal medicines, and a “single pass” system for the insurance industry.
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