Leong Vai Tac discusses Macau’s role as a financial platform, in Beijing

11 April 2019

The Macau government is working to publicise the currency of China and the services provided by local banks in Portuguese-speaking countries, the secretary for Economy and Finance said on Wednesday in Beijing.

Leong Vai Tac said that the government had also been working to foster the cooperation of Macau banks with banks in the interior of China and the Portuguese-speaking countries.

The secretary was speaking during a meeting with the vice president of the China Banking and Insurance Regulatory Commission (CBIRC), Zhou Liang and vice-president of the China Securities Regulatory Commission (CSRC), Fang Xinghai, to discuss the measures that the Macau Government is promoting to drive the construction of the Platform of services for commercial and financial cooperation between China and the Portuguese-speaking countries under the development plan of the Guangdong-Hong Kong-Macau Greater Bay.

The Secretary for Economy and Finance said that the Macau government is also committed to the construction of the Infrastructure for the “Belt and Road” initiative, providing companies in Portuguese-speaking countries with a platform to secure financing, establishing a leasing platform for those countries and to becoming a clearing centre in Chinese currency for those countries.

Leong Vai Tac also said during the meeting that the Macau government is improving legal regimes and financial infrastructure with the aim of developing the local financial sector.

“The new legal framework for leasing companies and tax benefits help the development of the local leasing sector while allowing more companies to settle in Macau,” he said.

The Secretary for Economy and Finance also met with the director of the Office of Hong Kong and Macau Affairs at the State Council, Zhang Xiaoming, with whom he discussed the measures being implemented by the Macau Government for the plan of the Guangdong-Hong Kong-Macau Greater Bay. (Macauhub)