China's Hengqin lifts tariffs for most imports from Macao
BY :Xinhua
UPDATED :2024-03-01
An aerial drone photo taken on November 4, 2023 shows a view of the Hengqin International Financial Center in Zhuhai, South China's Guangdong province. (Xinhua/Liu Dawei)
The island of Hengqin in South China's Guangdong province started a new customs operation on March 1 that allows most goods to be moved there tax-free from the neighboring Macao Special Administrative Region (SAR).
The new operation became effective at midnight in the Guangdong-Macao In-depth Cooperation Zone in Hengqin, in the city of Zhuhai. The 106-square-kilometer island sits between Macao and the Chinese mainland.
Under the new mechanism, tariffs will be generally lifted for goods entering Hengqin from Macao, while goods moving from Hengqin to the Chinese mainland will now be subject to import duties, if they are not eligible for added-value tax exemption.
The new policy is seen as a major arrangement to enrich the practice of "one country, two systems" in Macao and boost the SAR's economic diversification.
