Macau plans to operate as a financial bridge between China and the Portuguese-speaking countries

The construction of a financial cooperation bridge between China and the Portuguese-speaking countries with the aim of stimulating Macau’s role as a financial services platform was the basis for a visit by a high-level delegation to Portugal organised by the Macau Monetary Authority (AMCM) and the Macau Trade and Investment Promotion Institute, including representatives from the interior of China and Macau, according to official information.

During the visit to Portugal, the Vice-Chairman of the National Committee of the Chinese People’s Political Consultative Conference, Ho Hau Wah (who is still in Portugal), the Secretary for Economy and Finance, Leong Vai Tac, together with the chairman of the AMCM Board of Directors, Chan Sau San and the respective delegation visited the Bank of Portugal and Euronext and held two talks with representatives of Portugal’s financial sector.

The Secretary for Economy and Finance, Leong Vai Tac, said at the meeting with the Bank of Portugal that Macau is a region with economic development potential, insofar as it adopted a free trade system, with no foreign exchange restrictions and low taxation policies and recalled that one of the Portuguese banks present in Macau has acted in the treasury area of the Macau SAR government and participated in the issuance of currency.

In this context, Leong continued, “we believe that, as a result of liaising with the ‘Belt and Road” policy initiatives and the service delivery platform in the context of trade cooperation between China and the Portuguese-speaking countries, as well as with the Guangdong-Hong Kong-Macau Great Bay Development Programme, which will be launched soon, there may be great development opportunities for Macau as well as the Portuguese-speaking countries.”

The chairman of the AMCM Board of Directors, Chan Sau San, said that Macau could play a role of liaison with Portuguese-speaking countries and thus allow them to enter the Chinese market, using the “Renminbi Real Time Gross Settlement (RMB RTGS) of Macau” in order to facilitate cross-border business transactions between the Portuguese-speaking countries and China. (macauhub)

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