Secretary for Economy and Finance Anton Tai Kin Ip pledged yesterday that the Macau government will further promote the role of modern finance as an engine of economic growth in Macau’s effort to achieve its appropriate economic diversification.
Tai made the remarks while delivering a speech at the opening ceremony of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Finance Forum 2025 held at the Wynn Palace integrated resort in Cotai yesterday.
The one-day forum was jointly organised by the Renmin University of China’s (RUC) National Academy of Financial Research, the university’s China Capital Market Research Institute, and the Macau Association of Banks (ABM).
In his speech, Tai underlined that over the past five years, under the central government’s leadership and support, the local government has fully seized the opportunities brought about by the nation’s development, consolidated and enhanced Macau’s competitive advantages, and announced its 1+4 appropriate economic diversification plan, formally listing modern finance as one of Macau’s nascent industries.
Consolidating, diversifying via 1+4
The local government’s 1+4 model aims to consolidate and diversify the development of the city’s tourism and leisure industry, i.e., the “1” element, while putting special emphasis on promoting the development of four new key industries, i.e., the “4” elements, namely 1) big health mainly driven by traditional Chinese medicine (TCM), 2) modern finance, 3) high-tech, and 4) MICE and commerce as well as culture and sport.
Moreover, Tai said, the Macau government has placed special emphasis on the development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, while vigorously participating in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), integrating Macau’s development into the nation’s overall development, promoting the in-depth cooperation zone’s development with high standards, and advancing the integrated development between Macau and Hengqin.
The policy secretary said that all these have laid a solid foundation for the coordinated regional development of the financial sector.
Guidance by President Xi
Tai also pointed out that President Xi Jinping paid an inspection visit to Guangdong Province last month and delivered an important speech that charted the direction for further deepening cooperation between Guangdong, Hong Kong and Macau.
Tai underlined that since the new-term government took office in December last year, it has been fully advancing Macau’s appropriate economic diversification, including accelerating the growth of the city’s modern financial sector, with a strong emphasis on the bond market, wealth management, and fintech, aiming to leverage Macau’s unique advantages to build a platform for high-level opening up that connects with the world and serves the country’s “dual circulation” new development pattern.
The central government’s dual circulation strategy emphasises both domestic and international markets, but with a primary focus on strengthening the large internal (domestic) market (internal circulation) to drive growth, while maintaining international trade (external circulation) as a vital, but secondary, component, aiming for greater self-reliance and resilience against global disruptions by fostering domestic consumption, innovation, and supply chain security.
Bonds, securities, wealth management, fintech
Concerning the development of Macau’s bond market, Tai said, the Macau government is gradually optimising its central securities depository (CSD) system and deepening its linkage with its Hong Kong counterpart.
Moreover, Tai said, the local government is drafting a securities bill, aiming to accelerate the creation of a bond market that serves as a bridge to the Chinese mainland and creates connections with the international market, in order to better meet the financing and investment needs brought about by the GBA and the in-depth cooperation zone’s development.
Regarding wealth management, Tai noted, a new law regulating investment funds will take effect next month, further optimising the legal foundations and development environment for Macau’s fund industry. The Macau government will also continue to deepen its cooperation mechanisms with the Chinese mainland and Hong Kong such as the “Cross-boundary Wealth Management Connect” scheme, promoting the integration of the three regions’ wealth management markets, Tai said.
In the area of fintech, Tai said, the Macau government completed the upgrade of its real-time settlement system earlier this year, which covers the GBA’s three legal tenders, comprising yuan, Hong Kong dollar, and pataca, further improving efficiency in fund transfers and risk management.
Tai also said that the Macau government has signed a memorandum of understanding with the People’s Bank of China to jointly promote the interconnection between the Chinese mainland and Macau’s fast payment systems.
Tai also underlined Macau’s participation in cooperation between the GBA’s three regions – Guangdong, Hong Kong and Macau – in the joint testing of cross-border fintech pilot projects.
Sandbox tests for e-MOP
Tai also stressed that the local government is steadily advancing its digital pataca development project, officially known as e-MOP, having completed the construction of its core system. The government is currently carrying out small-scale transaction tests in a “sandbox” environment, aiming for the continuous improvements in the system, he said.
Industrial fund, guidance fund
Furthermore, Tai also underlined that with the aim of promoting the development of Macau’s technological innovation industry and improving the city’s system and mechanism for supporting technological innovation, the Macau government is working on the establishment of a government industrial fund and a guidance fund.
Tai said that the government has set up a working group tasked with planning and preparing the establishment of the two funds.
Tai also noted that next year will be the beginning of the nation’s 15th Five Year Plan (2026-30) and Macau’s third five-year socioeconomic development plan (2026-30), adding that the local government will further promote the role of modern finance as an engine of economic growth in its ongoing campaign to appropriately diversify the city’s economy, while also assuming a greater role in promoting the development of the GBA and the in-depth cooperation zone.
Dignitaries and other guests cut the ribbon during yesterday’s opening ceremony, such as Secretary for Economy and Finance Anton Tai Kin Ip (centre), Liu Decheng (seventh from left), director of the Economic Affairs Department of the Central People’s Government Liaison Office in Macau, Kou Hoi In (seventh from right), the sole Macau member of the elite Standing Committee of the National People’s Congress (NPC), Macau Chamber of Commerce (ACM) Chairman Chui Sai Cheong (sixth from left), and Wu Xiaoqiu (sixth from right), who chairs the forum. – Photo: GCS
Secretary for Economy and Finance Anton Tai Kin Ip addresses yesterday’s opening ceremony of the 4th Guangdong-Hong Kong-Macao Greater Bay Area Finance Forum at Wynn Palace in Cotai. – Photo courtesy of TDM
