The Faculty of Finance of the City University of Macau held the online Finance Seminar Series [5] Hengqin-Macau Cross Border Finance Seminar (1) on the afternoon of September 30th. Professor Tang Shiqi, executive director of the Hengqin Innovative Financial Research Institute, was invited to give a speech titled "The Background, Current Situation, and Prospects of the Guangdong-Macao Intensive Cooperation Zone in Hengqin – Interpretation of the [Master Plan for Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin"."The lecture was hosted by Professor Cheung Wai Kong, Dean of the Faculty of Finance, and Associate Professor Eva Khong, Associate Dean of the Faculty of Finance, and many students attended the lecture online.

Professor Tang introduced the background of [General Plan for building a Guangdong – Macao Intensive Cooperation Zone in Hengqin] issued by the Communist Party of China Central Committee and the State Council. He noted that the Master Plan was a paramount initiative to support Macao’s economic diversification and and enrich further the practice of the “One country, two systems” principle in Macao. Professor Tang pointed out that the Master plan defines the strategic position of the zone as a new platform that provides convenience to Macao resident’s life and employment, as well as a new high ground for building the Guangdong-Hong Kong-Macao Greater Bay Area. 

Professor Tang emphasized that the plan implements a "dual director" management system to achieve the goal of "joint consultation, joint construction, joint management, and sharing." The plan empowered Hengqin’s leading management to have economic management authority and legislative power. Professor Tang noted that the cooperation zone will develop new industries to help promote Macao’s economic diversification, including traditional Chinese medicine and other Macao’s signature businesses, as well as culture and tourism, conventions and exhibitions, and modern finance. The plan also stressed building an integrated new system with Macao featuring high-level opening up. Under the system, declaration procedures for outbound and inbound goods between Macao and the cooperation zone will be further simplified. Innovative measures will be introduced in terms of cross-border financial management. An organization will be jointly established to develop and manage the cooperation zone. The Cooperation zone will be supported by establishing a profit-sharing mechanism and receiving subsidies from the central government.

During the Q & A session, the discussion between Professor Tang and the students regarding the Master Plan helped them gain a better understanding of the prospect of the cooperation zone.