Securities market project ‘not urgent’: Lei

2021-09-15 03:30     Comment:0

Secretary for Economy and Finance Lei Wai Nong said yesterday that the possible setting-up of a securities market in Macau is “not an urgent project”.

Lei made the remarks in response to a reporter’s question during a press conference at Government Headquarters about his portfolio’s involvement in the future Guangdong-Macau In-depth Cooperation Zone in Hengqin.

The General Plan about the zone’s establishment was announced by the central authorities – the Central Committee of the Communist Party of China (CPC) and State Council – in Beijing early this month.

Lei said that while the government does not rule out the establishment of a securities market in Macau, it’s not a priority project.

The zone’s General Plan calls for the development of a “modern finance” system in the zone.

Lei said the aim of the zone’s joint development by Macau and Guangdong was to achieve “complementarity advantages and mutual benefits.” He described the objective as “1 plus 1 equalling 2+”.

Lei said the aim was to diversify Macau’s economy through innovative industries in the zone, namely scientific and technological research and development, high-techy manufacturing, cultural industries and tourism, conventions and exhibitions, and traditional Chinese medicine (TCM).

The policy secretary said the objective was to change the composition of Macau’s gaming-dependent GDP. Gaming, he pointed out, generates around 55 percent of Macau’s GDP and 80 percent of the government’s current receipts. “The ultimate aim of the General Plan is to diversify the economy,” Lei said.

Lei also said that Macau civil servants on secondment to the in-depth cooperation zone will receive their salaries in patacas. However, he was quick to add that the yuan will remain the legal tender in the zone.

Lei also underlined that the personal income tax of Macau residents working in the zone will amount to no more than 12 percent – as in Macau. Enterprises’ profit will be taxed at a rate of 15 percent, he said.

Secretary for Economy and Finance Lei Wai Nong (centre), flanked by senior officials from his portfolio, gives a press conference at Government Headquarters yesterday about certain aspects of the future development of the Guangdong-Macau In-depth Cooperation Zone in Hengqin. Photo: GCS

Click refresh authentication code