Macau to become financial hub as unrest continues in Hong Kong

As unrest continues in Hong Kong, Chinese President Xi Jinping plans to announce policies aimed at diversifying Macau’s economy.

Ismawati Asmat

17 Dec, 2019

Macau to become financial hub as unrest continues in Hong Kong | BEAMSTART News

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The policies include establishing a yuan-denominated stock exchange, accelerating a yuan settlement center which is currently being developed, and allocating land for Macau.

Chinese President Xi Jinping will visit Macau this week to announce the policies.

China’s plan is seen by officials and executives in Macau as a reward for having avoided the anti-government protests that have gripped Hong Kong over the past six months.

China has instructed state-owned banks and enterprises to help set up infrastructure in Macau to aid financial diversification.

The future focus will be on tourism and finance, to make Macau a centre to host international meetings like Singapore.

“This is the candy that Hong Kong did not want. It is a gift for Macau, for Macau being a good boy," Larry So, a retired professor in Macau University , said.

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