The Chief Executive, Mr Ho Iat Seng, today met with the Governor of the People's Bank of China, Mr Yi Gang, in order to exchange views on strengthening cooperation between the mainland and Macao on financial matters, especially relating to modern financial industry, as planned for the Guangdong-Macao Intensive Cooperation Zone in Hengqin.

The meeting took place in Beijing, where the Chief Executive has been on a four-day duty visit.

Mr Ho, who is the chairman of the Cooperation Zone’s administrative committee, voiced hope that the Macao Special Administrative Region (MSAR) Government and the People’s Bank of China would work closely to explore new directions for cooperation regarding matters of finance, and policies on currency exchange.

The Cooperation Zone was different in nature from other development zones in the country; it was a new in terms of being an attempt to combine two systems, Mr Ho said.

According to the Master Plan of the Development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, the Cooperation Zone was due to create: a new high-standard and open system that would integrate with that of Macao;  modern financial industry – including an innovative model for cross-boundary wealth management; a finance market to take the lead in high-level opening up; and the establishment step-by-step of a civil and commercial affairs regulatory system that matches that of Macao, and aligns with international criteria.

Since the Central Government’s publication in September of the Master Plan, the MSAR Government and the Guangdong Government had been working diligently to press ahead with the Cooperation Zone’s development, said Mr Ho.

Mr Ho pointed out that President Xi Jinping had reiterated multiple times the significance of Macao’s adequate economic diversification, highlighting the development opportunities and economic sustainability that could be created for Macao, via the Cooperation Zone.

The purpose of developing the Cooperation Zone within Hengqin, Mr Ho said, was to complement Macao’s adequate economic diversification. Since the beginning of December, an aggregate of 12 projects – covering integrated circuit technology, the ‘big health’ industry, and modern financial industry – had agreed to set up a presence in the Cooperation Zone.

During the meeting, Governor Yi noted that the MSAR – since its establishment –had attained sound development generally, with a stable social environment and prosperous economy, in particular with growing achievements in the services sector, and in manufacturing industries. Macao was a place with huge development potential, he added.

Regarding development of a modern financial industry and cross-boundary financial management, Governor Yi said the People’s Bank of China would work closely with all parties to explore, from the legal perspective, fresh policies that would be conducive for Guangdong and Macao jointly to develop Hengqin. Such effort aimed to contribute to Macao’s effort toward adequate economic diversification and create new impetus for it.

Vice Governor of Guangdong, Mr Zhang Xin, who is also deputy chairman of the Cooperation Zone’s administrative committee, joined the meeting, and gave a briefing on the latest progress of the Cooperation Zone and on the general directions for establishment of a modern financial industry there.