The Guangdong-Macao In-Depth Cooperation Zone in Hengqin maintained steady economic growth in the January-April period of 2022.

The financial industry was a major impetus for Hengqin's economic growth in this period,  generating tax revenue of 4.04 billion yuan ($599.48 million) with a year-on-year increase of 71.6 percent, accounting for 40.9 percent of the Cooperation Zone's total tax revenue.

Domestic and overseas financial institutions in Hengqin recorded total balance of 56.09 billion yuan ($23.16 billion) in local and foreign currency deposits by the end of April, increasing by 13.7 percent year-on-year, while the balance of local and foreign currency loans went up by 33.4 percent to 155.75 billion yuan ($23.1 billion).

Aerial view of Hengqin Cooperation Zone [Photo courtesy WeChat account: hengqinzaixian2021]

As stated in the General Plan for Building the Hengqin Cooperation Zone, the development of cross-border renminbi settlement business in Hengqin is highly supported, with investors from both home and abroad encouraged to use renminbi in cross-border entrepreneurship and investment.

From January to April, Hengqin's cross-border renminbi settlement volume reached 99.59 billion yuan ($14.78 billion). The rapid development of the modern finance industry is expected to boost cross-border trade, investment and financing facilitation, as well as financial market connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area.

In addition, the added value of industries above designated size in Hengqin climbed by 34.5 percent to 170 million yuan ($25 million) in the first four months of the year, while seven of its 11 major industry categories achieved positive growth.

Its electrical machinery and equipment manufacturing industry, as well as general equipment manufacturing industry enjoyed robust growth in this period, increasing by 1,937.7 percent and 49.3 percent respectively compared with their performances in the first quarter. In addition, its special equipment manufacturing industry logged a 16.8-percent growth. Foreign-invested enterprises and companies funded by Hong Kong, Macao, and Taiwan also experienced a growth of 7.3 percentage points year-on-year.

Hengqin's general public budget revenue decreased by 14.7 percent year-on-year to 3.82 billion yuan ($567.53 million) during the period, 1.8 percentage points lower than that of the first quarter of the year, among which its tax revenue increased by 4.4 percent to 3.33 billion yuan ($494.29 million). Meanwhile, its general public budget expenditure decreased by 34.5 percent to 2.87 billion yuan ($426.72 million).

As of April, the number of enterprises in Hengqin stood at 54,304, of which 7,526 of them are invested by Hong Kong, Macao, Taiwan, and other foreign investors. The number of Macao-funded enterprises saw a slight increase compared with that of the first quarter, reaching 4,823.

A 3.7-percent increase was recorded in the Cooperation Zone's employment registration by the end of April, with 3,330 newly registered this year.