Business

Bank of China supports start-ups, SMEs in Hengqin to diversify Macau-area economy

BOC has supported start-ups and SMEs in Hengqin as part of the country’s effort to diversify Macau’s economy, a senior executive said.

The Chinese government intends to turn Hengqin, a mainland zone south of Zhuhai and west of Macau, into a development area focused on finance, technology, traditional Chinese medicine, culture and sports. As part of the effort, Beijing established the Guangdong-Macau In-Depth Cooperation Zone in Hengqin in 2021. The zone is jointly run by the leaders of Guangdong province and Macau and offers low taxes and other incentives to attract companies from Macau and Hong Kong to set up shop there.

BOC, one of China’s Big Four state-owned banks, came to Hengqin in 2010 and is now the biggest lender in the zone, with five outlets. “BOC has been supporting the development of Hengqin by offering loans for the many infrastructure projects, start-ups, medical companies and SMEs,” said Liu Xianghong, the president of BOC Hengqin’s cooperation zone branch..