Business
Hengqin Island: Macau’s Oyster Farming Neighbor Sets Sights on Chinese Medicine and Tech Sectors Amid Low Tax Incentives
Special Report | Hengqin, Macau's neighbor known for its oysters, is setting its sights on excelling in Chinese medicine and technology
'With affordable land, low taxation for businesses and individuals, along with a pleasant living environment, Hengqin offers several advantages,' states an official.
Throughout the article, the interviewee's name has been revised to Su Kun.
Hengqin, a renowned oyster farming island close to Macau, aims to broaden its involvement in sectors such as traditional Chinese medicine, technology, and finance, in order to draw in investors and inhabitants, as stated by a high-ranking official.
The Hengqin-based Guangdong-Macau In-Depth Cooperation Zone, which is set to celebrate its third anniversary on Tuesday, will persist in providing reduced taxes and other supportive measures to foster its growth, according to Su Kun, the deputy head of the executive committee for the Hengqin Corporate Zone.
"Being a short car ride from Macau and a 40-minute distance from Hong Kong, Hengqin serves as the perfect center for emerging startups, medical, financial, and various tech firms to expand their operations," stated Su in a private conversation on the island. "Hengqin offers affordable land, reduced tax rates for businesses and individuals alike, and a desirable living condition."
The area provides a personal income tax rate of 15 per cent, significantly less than the typical 35 to 45 per cent that those with high incomes usually pay. Similarly, the corporate tax rate is also reduced to 15 per cent, a decrease from the usual 25 per cent.
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