SITENAME Logo

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.


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

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.

BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.

 

Download the App

The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).