New guidance from Central Government to facilitate Macao’s adequate economic diversification
Government Information Bureau
2023-02-23 23:09
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The Macao Special Administrative Region (MSAR) Government welcomes the publishing by the Central Government of Opinions on Financial Support for the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin.

The People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange today jointly issued the document.

The Opinions document focuses on ways to promote Macao’s adequate economic diversification; encourage financial reform and innovation; and assist further opening up and development of external cooperation, within the framework of the Guangdong-Macao Intensive Cooperation Zone in Hengqin. These efforts are in order to help the Cooperation Zone strengthen its connection with the financial market in Macao, and to create the right conditions and environment to help members of the Macao public live and work on the Hengqin side of the boundary.

The development of the Cooperation Zone is an important step, introduced by the Central Government, in order to support Macao’s adequate economic diversification and sustainable development. It is also a major initiative to promote the implementation of the “One country, two systems” principle, as well as a key path for Macao to integrate into the country’s overall development.

The Opinions document suggests various measures and policies to be applied within the framework of the Master Plan of the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin. The proposals include: financial activities for the benefit of society; investments and financing relating to cross-boundary trade; and the interlinking of financial infrastructure. Such steps advance existing elements in the financial collaboration between the two sides, create opportunity for innovative development of the financial sector, and contribute to the advancement of financial markets on both sides.

The Opinions document proposes the creation of various types of financial institution in the Cooperation Zone, in conjunction with the development of modern financial activities – such as bond issuance, wealth management, and financial leasing – in order to support Macao in expanding and deepening the development of modern financial services. The Opinions document also encourages financial institutions to provide financial support for, respectively: the cultural sector; tourism; convention and exhibition business; and technological innovation, in accordance with the MSAR Government's strategies for the four main industries given priority for development.

The Opinions document supports steps to interconnect pieces of financial infrastructure present in the two jurisdictions, thus advancing the Cooperation Zone, and promoting cross-boundary flow of funds, via the development of an electronic fence monitoring and control system, and the launching of measures supporting cross-boundary settlement in renminbi, and other exchange of funds.

The issuance of the Opinions document reflects Macao’s commitment to its role as a Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries, while contributing to the promotion of the internationalisation of the renminbi, in conjunction with the development and positioning of Macao in terms of its “Centre and Platform” policies.

The Opinions document advocates a set of policies aimed at creating greater convenience for the Macao public in their relationship with the Cooperation Zone. Suggested measures include support for: cross-boundary financial transactions for individuals; mobile payments; credit financing; cross-boundary insurance; and investments in securities. In addition, the document suggests measures aimed at supporting financial institutions in the Cooperation Zone to recruit Macao residents, as well as measures to make it easier for employees of Macao financial institutions to live, work, and purchase homes in the Cooperation Zone.

The MSAR Government will work in accordance with the objectives and guidelines set out in the Master Plan of the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, and in the Opinions document. The MSAR Government will seek to: make better use of the opportunities arising from the Cooperation Zone; reinforce the integration of resources available to the Cooperation Zone; and ensure the Cooperation Zone’s inherent existing advantages are utilised effectively. The MSAR Government will also make good use of the system created jointly with the Guangdong Government in relation to the Cooperation Zone, in order to inject new energy into the sustainable development of Macao's socioeconomic environment, thus exploring new areas and creating new opportunities for Macao.

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