Macau businesses and residents are being offered cash incentives to move and set up companies in the Guangdong Macau In-Depth Cooperation Zone in Hengqin island, according to local media reports.

Employees may receive between RMB5,000 ($786) to RMB12,000 a month for three years, depending on qualifications and a one off payment of RMB5,000.

Start up enterprises from Macau will get a one-off RMB50,000 subsidy after three months.

Beijing in September unveiled The Master Plan of the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, which calls for intensive efforts to develop the island adjacent to Macau.

The focus will be on the “appropriate” economic diversification of the special administrative region.Industries that will form part of the plan include Chinese medicine, high-end manufacturing, MICE, technology and research and cultural tourism. It has said it will provide fiscal incentives to encourage investment, as well as easing border restrictions to facilitate the free movement of people.

The zone, which is under the joint stewardship of Macau and Guangdong authorities, is seeking to foster closer cooperation between Macau and the Mainland and the development of the Greater Bay area.