BEIJING: Before graduating from the University of International Business and Economics in Beijing in 2015, Leong Ka-seng, a Macao entrepreneur, visited Hengqin Island in Guangdong Province to look for career development prospects. He finally secured a job at a company there.
“My father, who later moved to Macao, participated in government-led land reclamation projects in Hengqin more than 40 years ago, along with other family members,” Leong told Beijing Review. “This is why I chose the place as the starting point of my new life after graduation, following in the footsteps of my predecessors.”
Hengqin is nestled in the southern part of Zhuhai, right across the water from Macao Special Administrative Region (SAR). Development of the 106-square-km island, three times the SAR’s size, is expected to create great opportunities for Macao’s prosperity. These expectations have been further reinforced following the central authorities’ most recent plan for the establishment of a Guangdong-Macao in-depth cooperation zone.
“Hengqin is a good platform for Macao’s young adults to engage in the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the broader mainland,” Leong said. Development of the bay area, consisting of nine cities in Guangdong and Hong Kong and Macao SARs is a national strategy of China.“Macao is embracing new and major development opportunities,” Tong Kai Chung, President of the Macao Institute of Management, told Beijing Review.
Macao’s industrial structure is relatively straightforward with tourism and gaming-related industries serving as its principal parts, according to Tong.
In 2003, the central authorities launched an Individual Visit Scheme, relaxing previous restrictions on mainlanders’ travel to Macao. Complemented by additional measures, Macao’s economy has since received a strong boost.
However, a reliance on single industries comes with risks and the COVID-19 pandemic since 2020 has highlighted its vulnerabilities. Moreover, Macao’s shortage of land resources and small market further confine the SAR’s development, Tong added.
– The Daily Mail-Beijing Review News exchange item
