Details on preferential policies for Macau
As we noted earlier this month, the central government has rewarded protest-free Macau with a package of financial incentives and policies during the visit of Xรญ Jรฌnpรญng ไน ่ฟๅนณ to the city to celebrate the 20th anniversary of its return to China. Greater Bay Insight says that the Special Administrative Territory got an even better deal than was expected. There areย a number of proposals:
The most eye-catching of these came from the National Development and Reform Commission (NDRC), which focused on plans to support Hengqinย [in Chinese] in establishing a so-called โGuangdong-Macau Deep Cooperation Zoneโโฆ
The second โred packetโ came from the China Banking and Insurance Regulatory Commission (CBIRC), which said it wouldย [in Chinese]: Encourage and support banks in Macau to set up institutions in the mainland to conduct businessโฆ
The third โred packetโ came from the State Administration of Foreign Exchange (SAFE), aimed at further facilitating cross-border investment flowsย [in Chinese] for Hengqin-based, Macau-invested enterprises. These measures are a bit harder to understand, but could have major significance for the development of Macauโs financial-services industryโฆ
The fourth โred packetโ was the one most eagerly anticipatedโฆ Guangdong [will] work with Macau to accelerate the feasibility study of establishing a Macau Stock Exchange, which would be denominated in yuan.
See also on the China Law Blog: Macau vs. Hong Kong: And the winner is Singapore.
