Aerial photo taken on August 18, 2020 shows the Hengqin Port. Photo: Xinhua

China's General Administration of Customs (GAC) announced on Tuesday that a tax-free policy will apply for certain goods imported via ports in the Hengqin Guangdong-Macao In-Depth Cooperation Zone in South China's Guangdong Province and the Macao Special Administrative Region, in a move to boost development of the cooperation zone.

Imported machinery, equipment and infrastructure material to be used by import entities within the zone and Macao will be exempted from tariffs, value-added tax and consumption tax, according to the GAC.

China's State Council, the cabinet, on December 14, 2023, approved the development plan for the Hengqin cooperation zone to advance the integrative development of Hengqin and Macao.

The plan called on the cooperation zone to focus on fostering emerging industries that can diversify Macao's economic structure, build a new home for Macao residents to work and live, and promote Macao's general development in accordance with the country's master development plan to further practice One Country, Two Systems.

China's central authorities on September 5, 2021 issued the general plan for building a Guangdong-Macao In-Depth Cooperation Zone in Hengqin, which was a major arrangement to enrich the practice of One Country, Two Systems. It will be an important driving force for Macao's long-term development, said the State Council.

Global Times