CE: Macao committed to serving as financial platform between China and the Portuguese-speaking countries

Government Information Bureau

2024-09-23 21:37

The Chief Executive, Mr Ho Iat Seng, delivers a speech at the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries, held in Macao.
The Chief Executive, Mr Ho Iat Seng, and guests officiate at the opening ceremony of the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries, held in Macao.
The Chief Executive, Mr Ho Iat Seng, attends the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries, held in Macao.

The Youtube video is unavailable

The Chief Executive, Mr Ho Iat Seng, today highlighted that the Macao Special Administrative Region (MSAR) Government’s effort over the years to build Macao into a financial platform serving between China and the Portuguese-speaking countries (PSCs), while bolstering the city’s overall bridging role and services in connecting these countries.

Mr Ho highlighted Macao’s effort during a speech delivered at the opening of the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries. The event was held at the Macao Galaxy International Convention Center.

The Governor of the People's Bank of China, Mr Pan Gongsheng, the governors of the central banks of the nine PSCs, representatives of other cities from the Guangdong-Hong Kong-Macao Greater Bay Area, and around 300 industry experts attended the opening ceremony of the conference.

The Chief Executive said the MSAR Government had been committed to advancing the city’s roles as a commercial and trade cooperation service platform between China and the Portuguese-speaking countries (known as the “Platform” policy). While continuously expanding its service scope and its role, the MSAR would make full use of its advantages to promote exchanges and cooperation in various fields between China and the Portuguese-speaking countries (PSCs), in order to achieve greater results.

During the conference, Mr Ho pointed out that, based on historical ties, Macao maintained close and extensive relations with PSCs. The Central Government supported the MSAR in advancing its Platform role, with the country’s 14th Five-Year Plan explicitly proposing the expansion of Macao's Platform function.

In recent years, economic and trade exchanges between China and the PSCs had continued to increase, observed Mr Ho. Data showed that the trade volume between China and PSCs had exceeded 220 billion U.S. dollars in 2023. The scale of cooperation between the two blocks had continued to expand in recent years, and economic and trade relations had gradually deepened, providing broad opportunities for developing further Macao's Platform role.

In April this year, the MSAR Government successfully hosted the 6th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macao), a body also known as Forum Macao. It was the first time ever that ministers from the nine PSCs gathered in-person in Macao, and signed the Strategic Plan for Economic and Trade Cooperation (2024-2027), agreeing on specific measures to strengthen cooperation in various fields.

Mr Ho recalled that the Monetary Authority of Macao had organised the 1st edition of the conference in 2019. The second edition of the conference, commencing today in Macao, marked the first time that the governors of the central banks from China and the nine PSCs were gathering in person. It was another high-level international financial event held in Macao, following the 6th Ministerial Conference of Forum Macao, further demonstrating Macao’s role as a platform and cementing its international influence, said Mr Ho.

The second edition of the conference would focus on topics related to financial cooperation between China and the PSCs, Macao’s role as a financial services platform for China and the PSCs, and the establishing of digital currencies by the central banks. Of these, the establishment of digital currencies was a hot topic, deserving significant attention from central bank officials around the world, Mr Ho added.

To align with international trends in the adoption of central bank digital currencies, the Monetary Authority of Macao – with the support of the People's Bank of China – was cooperating with the Digital Currency Research Institute under the People's Bank of China to promote research on the development of a digital Macao pataca. In celebration of the 25th anniversary of Macao’s return to the motherland, a prototype system for a digital Macao pataca project would be on public display by the end of the year, said Mr Ho.

Macao would rely on the country's cutting-edge technological capabilities to introduce advanced technological elements into the MSAR’s monetary system, capable to meet the development requirements of the digital economy and the long-term needs of the MSAR, he added.

The Chief Executive emphasised that under China’s “One country, two systems” principle, the MSAR remained committed to providing the necessary services to facilitate friendly exchanges and mutually beneficial cooperation between the mainland and the PSCs. By playing the role of a bridge and link, Macao would help the country expand high-level external relations, opening up and deepening cooperation with the PSCs in economic matters, trade, investment and other fields, aiming to achieve mutual benefits and win-win outcomes.