Exclusive: Bank of China Spearheads Economic Diversification in Macau, Boosts Start-ups and SMEs in Hengqin

Exclusive News | Bank of China Backs Start-ups and SMEs in Hengqin to Broaden Macau-region Economy

The Bank of China (BOC) is providing financial assistance to start-ups and small to medium-sized enterprises (SMEs) in Hengqin. This move is a part of the country's strategy to broaden the economic base of the Macau region, according to a high-ranking official.

The government of China plans to transform Hengqin, an area on the mainland located to the south of Zhuhai and west of Macau, into a hub for growth and progress in fields such as finance, technology, traditional Chinese medicine, culture, and sports.

In 2021, in a bid to foster collaboration, Beijing set up the Guangdong-Macau In-Depth Cooperation Zone in Hengqin. This zone, managed in partnership by the heads of Guangdong province and Macau, entices businesses from Macau and Hong Kong by providing attractive tax benefits and other enticements to encourage them to establish their presence there.

BOC, a member of China's top four government-owned banks, established its presence in Hengqin in 2010. Now, it stands as the largest loan provider in the area, boasting five branches.

"BOC has been aiding Hengqin's growth by providing funds for numerous infrastructure projects, new businesses, healthcare firms and small to medium enterprises," stated Liu Xianghong, the head of BOC Hengqin's collaboration zone branch.