Chief Executive Ho Iat Seng met yesterday with People’s Bank of China (PBOC) Governor Yi Gang to exchange views on strengthening cooperation between the mainland and Macau on financial matters, especially concerning the modern financial industry project planned for the Guangdong-Macau In-depth Cooperation Zone in Hengqin, according to a statement by the Macau Government Information Bureau (GCS) last night.
The meeting took place in Beijing. Ho’s four-day duty visit to the national capital ends today.
Ho, who chairs the zone’s administrative committee, said he hoped that the local government and the PBOC will work closely together to explore new directions for cooperation in finance and currency exchange policies.
The zone is different in nature from the nation’s other development zones, Ho pointed out, as it is a new approach towards combining the two systems of one country.
According to the General Plan for the Development of the Guangdong-Macau In-depth Cooperation Zone in Hengqin, the zone will create a new high-standard and open system, Ho said.
According to the GCS statement, Ho pointed out during the meeting that President Xi Jinping reaffirmed multiple times the significance of Macau’s appropriate economic diversification, highlighting the development opportunities and economic sustainability that can be created for Macau thanks to the in-depth cooperation zone.
The purpose of developing the zone in Hengqin, Ho said, is to assist in achieving Macau’s appropriate economic diversification. Since the beginning of December, a total of 12 projects – covering integrated circuit technology, the “big health” industry, and modern financial industry – have been earmarked for the zone.
PVOC Governor Yi noted that since its establishment in 1999 the Macau Special Administrative Region (MSAR) has attained sound development, with a stable social environment and prosperous economy, in particular with growing achievements in the services sector. Macau is a place with a huge development potential, the statement quoted Yi as saying.
Regarding the development of a modern financial industry and cross-border financial management, Yi said the PBOC will work closely with all parties to explore, from the legal perspective, fresh policies that will be conducive for Guangdong and Macau to jointly develop Hengqin. Such effort aimed to contribute towards Macau achieving the appropriate diversification of its economy and create new impetus for it, Yi said.
Guangdong Vice Governor Zhang Xin, who is a vice-chairman of the in-depth cooperation zone’s administrative committee, attended the meeting. He gave a briefing on the zone’s latest progress and on the establishment of a modern financial industry there.
The PBOC is the nation’s central bank.
Chief Executive Ho Iat Seng (right) poses with People’s Bank of China (PBOC) Governor Yi Gang on the sidelines of yesterday’s working meeting in Beijing. Photo: GCS
