China: Beijing announces measures to boost financial cooperation with Macau

23 December 2008

Beijing, China, 23 Dec – The Chiense central Government Friday in Beijing announced a number of measures aimed at promoting increased financial cooperation between inner China and Macau, including experimentally expanding the areas in which renminbi services are provided, the MacauNews agency reported.

The Beijing government also guaranteed that it would promote infrastructure projects in which Macau is involved, make greater efforts to start work on the bridge linking Hong Kong, Zhuhai and Macau and actively study infrastructure projects that involve Macau.

As part of the support measures the central government announced increased cooperation between the province of Guangdong and Macau, namely through drawing up and implementing a project to reform and develop the Pearl River Delta between 2008 and 2010.

Beijing also pledged its total support for the diversification of Macau’s economy, help to small and médium-sized Macau companies with a view to them overcoming the difficulties they face in exploring opportunities and greater opneness of the services sector to Macau.

Finally, the central government said that it would call on Macau to take part in the development of Hengqin island in the municipality of Zhuhai, off the coast of Macau.

The measures were announced in Beijing after Chinese president, Hu Jintao and prime minister, Wen Jiabao, pledged that the central government would take all necessary steps, to ensure the financial stability and economic development of Macau in relation to the world financial crisis.

The two Chinese leaders were speaking at separate meetings with Macau chief executive, Edmund Ho Hau Wah, who travelled to Beijing to communicate the results of his governance in 2008 and proposed action for 2009.

“The Central Government is giving special attention to the impact of the financial crisis on Macau, providing total support for Macau to overcome the difficulties and achieve an appropriate level of diversification,” said Hu Jintao.

Chinese prime minister, Wen Jiabao said, in his turn, that “the central government will unshakeably support Macau to overcome difficulties and maintain sustainable development of the territory.” (macauhub)