Guangdong, Macao SAR are increasingly integrated, as two-way commerce hits 15.88 billion yuan in the first 10 months of 2024

South China's Guangdong Province plans to seek enhanced trade and industrial integration with the Macao Special Administrative Region (SAR), officials said on Monday, as trade between Guangdong and Macao in the first 10 months this year exceeded last year's total at 15.88 billion yuan ($2.18 billion).

Guangdong and Macao have deepened economic links, with their trade recording a 25.7 percent year-on-year rise in the first 10 months. The growth manifests the positive momentum in Guangdong-Macao economic integration, said Zhang Ke, deputy director of Guangdong Customs.

This year marks the 25th anniversary of Macao's return to China. According to customs data, from 1999 to 2023, total trade between Guangdong and Macao reached 307.29 billion yuan, averaging an annual growth rate of 5.9 percent, said Zhang.

Against the backdrop of increasing exchanges between the two, the Guangdong-Macao In-Depth Cooperation Zone has drawn growing attention. Since March 1 this year, the island of Hengqin implemented a new customs arrangement, enabling most goods from neighboring Macao to move in tax-free.

Under the new measures, tariffs are largely waived for goods entering from Hengqin island to the Chinese mainland, Xinhua News Agency reported.

Since the implementation of the new customs management system in March, commerce between Hengqin and Macao reached 750 million yuan, reflecting a 32.8-percent increase. Zhang noted that this accelerated industrial integration lays the groundwork for a unified Hengqin-Macao development framework.

In addition, people-to-people exchanges between Guangdong and Macao have also strengthened. As of October 31, nearly 15 million passengers had passed through the Hengqin port, according to Yang Hai, deputy director of Gongbei Customs.

Since the implementation of the policy allowing Macao-registered vehicles to enter the mainland on January 1, 2023, the region has experienced a significant increase in vehicle traffic. As of October, Gongbei Customs has handled over 2.38 million vehicle entries. Yang noted that the number of vehicles has kept going up.

The policies are driving closer integration of the Guangdong-Hong Kong-Macao Greater Bay Area and boosting the development of Macao's inbound and outbound tourism.

According to the Macao Special Administrative Region's police force, by Saturday, the total number of border crossings in Macao this year has exceeded 200 million, setting a new record and reflecting a 9.4-percent increase compared to the 180 million crossings seen in 2023.