The Macao financial sector delegation to Beijing and Shanghai met with Mr. Wang Qishan, the Vice-Premier on 20 October. The delegation also paid a visit to the Hong Kong and Macao Affairs Office of the State Council, the People’s Bank of China, China Banking Regulatory Commission and Insurance Regulatory Commission. In addition, the delegation met with Mr. Tu Guangshao, Vice-Mayor of Shanghai and visited the Hong Kong and Macao Affairs Office of the Municipal Government of Shanghai and its Financial Affairs Office. Views on enhancing financial cooperation between Shanghai and Macao were exchanged.
To better fulfil the function of the financial industry, to complement the related policies postulated by the SAR Government on materializing gradually the target of appropriate economic diversification, and to motivate the sustainable development of the economy of the SAR, the Monetary Authority of Macao, after obtaining the consent of Mr. Francis Tam, Secretary for Economy and Finance, organized a 26-person delegation of the financial sector who visited Beijing and Shanghai from 18 October to 28 October. The delegation reported and made suggestions to the Central Government and related offices. Positive responses were received.
There were four major objectives for this visit. First, we reported to the Central Government the most up-to-date development of the Macao economy and finance and obtained advices from officials of the State Council in this respect. On 20 October, we met with Mr. Wang Qishan, Vice-Premier of the State Council, at Ziquangge (Hall of Purple Glaze). We listened to the analysis made by Mr. Wang on domestic and international affairs. The Vice-Premier expressed his concerns about the citizens of Macao. In addition, he expressed his positive view on our positioning of enhancing our economic and trade services platform function for the liaison between China and Portuguese speaking countries. The delegation benefited a lot from the Vice-Premier’s views on the function of our financial sector in enhancing the overall future development.
Second, we touched on the widening of the scope of the RMB business and channel of investment for our fiscal reserves. In this respect, we had a positive response from the People’s Bank of China. The former issue would involve further development of related business to satisfy market demand which would be an important measure. The latter would better secure return on investment conducive to the maintaining of the overall fiscal stability of the MSAR. It carries very important connotations.
As for the development of the financial industry of Macao, the China Banking Regulatory Commission raised valuable and feasible suggestions by encouraging banks of Macao to make use of various channels to strenuously support their clients to develop the Hengqin Island with a view to promoting its local economic construction.
The Central Government and related offices voiced out strong support in promoting the MSAR’s role in economic, financial and trade services platform function in the liaison between China and Portuguese speaking countries. Advices relating to improvement of financial services in liaising Portuguese speaking countries were received. In this manner, enterprises of the Mainland, through the help of the Macao platform, would be more easily to secure cooperation opportunities with their counterparts in other parts of the world which would make possible the materialization of more business via interaction of economic, trade and financial activities of both sides. The China Insurance Regulatory Commission indicated its support to our insurance sector in its endeavour to widen the business scope. The China Insurance Regulatory Commission also suggested that further discussion on this issue could be carried out in the joint meeting mechanism in place established by Guangdong, Shenzhen, Hong Kong and Macao.
In our visit to Shanghai, we met with Mr. Tu Guangshao, Vice-Mayor of the Shanghai Municipal Government. A candid exchange of views on enhancing financial communication and cooperation between the two places was conducted. There was an introduction on the big picture of promoting Shanghai to become an international financial centre by 2020. At the same time, to better reinforce financial communication and cooperation between Shanghai and Macao, Vice-Mayor Tu suggest the establishment of a mechanism for regular meetings with a view to promoting the implementation of measures relating to the cooperation between the financial sectors of both cities. In regard to promoting Macao’s role as a trade, economic and financial services platform in the liaison between Shanghai and Portuguese speaking countries, he opined that Macao was endowed with indigenous competitiveness which would enable financial institutions and commercial enterprises of Shanghai to make more use of Macao as a trade, economic and financial platform.
In the visit to Beijing and Shanghai, the delegation was warmly received by Industrial and Commercial Bank of China, Bank of China, China Life Insurance Company, Bank of Communications, and Xiamen International Bank. The delegation visited stock exchange and gold exchange in Shanghai. Panel discussions were held with the Shanghai Headquarters of the People’s Bank of China, China Banking Regulatory Commission Shanghai Office, Hong Kong and Macao Affairs Office of the Shanghai Municipal Government and Shanghai Financial Affairs Office. Candid communications on enhancing cooperation were exchanged. Ms. Gao Yan, Deputy Director of the Liaison Office, was also present in the meeting with Vice-Premier Wang. Ms. Gao met with the delegation in Beijing and made speeches commending the delegation on the results of the visit. Simultaneously, she suggested that the delegation should grasp the opportunity to implement the fine prints of all related suggestions conveyed in the discussion with a view to securing supports of the Central Government early next year.
The Macao delegation to Beijing and Shanghai had the help of Economic Department of the Liaison Office who made the arrangements. Its Director, Mr. Wang Xindong was the Special Advisor to the delegation. The delegation was headed by Mr. Anselmo Teng, Chairman of the Monetary Authority of Macao. He was assisted by Mr. Ye Yixin, President of Macao Bankers Association and Mr. Jiang Yidao, President of the Macau Insurers’ Association. The delegation returned to Macao via Shanghai on 28 October. Mr. Anselmo Teng and all delegates indicated their satisfaction of the results achieved. Related follow-up work schedule will be rolled out shortly.
