Number of Macao-backed enterprises in Hengqin see 11.8% year-on-year growth

(Photo: Nanfang Plus)

On October 29, the Guangdong-Macao In-Depth Cooperation Zone in Hengqin released its economic data for the first three quarters of 2024. The island achieved a Gross Domestic Product (GDP) of 37.349 billion yuan, representing a year-on-year growth of 7.1%. Notably, by the end of September, there were 6,552 operating entities with Macao investment in the cooperation zone, reflecting an impressive year-on-year increase of 11.8%.

The added value of industrial enterprises above a designated size in Hengqin increased by 36.9% compared to the same period last year, reflecting robust growth within the industrial sector. Specifically, the electrical machinery and equipment manufacturing sector saw an astonishing 91.4% growth in added value, while the computer, communication, and other electronic equipment manufacturing sectors recorded a 35.1% increase.

Meanwhile, the service sector has also significantly contributed to the region's economic resilience. The added value of the service industry grew by 6.7% year-on-year in the first three quarters. Key areas of growth included:

● Information transmission, software, and IT services: +46.9%

● Transportation, warehousing, and postal services: +44.7%

● Real estate: +22.8%

● Scientific research and technical services: +20.7%

From January to August, the revenue of enterprises in the service sector above a designated size rose by 16% year-on-year.

The consumer market continues to show signs of recovery, with online retail leading the way. The total retail sales of consumer goods in the cooperation zone reached 2.972 billion yuan in the first three quarters, marking an 18.8% increase compared to the previous year. Notably, retail sales through public networks experienced a remarkable growth of 28%, while revenue from large-scale catering outlets grew by 12.6%.