Chinese President Xi Jinping will visit Macau next week to announce a raft of ne...
MACAU/HONG KONG - Chinese President Xi Jinping will visit Macau next week to announce a raft of new policies aimed at diversifying the city’s casino-dependent economy into a financial center, according to over a dozen interviews with officials and corporate executives.The move is seen by officials and executives in Macau as a reward for having avoided the anti-government protests that have gripped nearby Hong Kong over the past six months.
Xi’s trip to mark the 20th anniversary of Macau’s return to China comes as the central government has praised the city for upholding the “one country, two systems” framework that governs both Hong Kong and Macau. Chinese officials, and bankers in Hong Kong, say the push to develop financial infrastructure in Macau is part of a plan to avoid any major market disruption in Hong Kong that could impact Chinese businesses.
The exchange will also focus on start-ups and target companies from Portuguese-speaking countries, ensuring it does not directly compete with bourses in Hong Kong or in the southern Chinese city of Shenzhen, according to six Macau executives and Chinese officials. Macau was a Portuguese colony until it was handed to China in 1999.
The economic slowdown in China has added to pressure on Macau to diversify its economy from the casino industry, which accounts for more than 80% of government revenues. While the new initiatives were not explicitly linked to toeing the official line, Chinese officials have repeatedly praised Macau for setting an example in maintaining national security and adhering to the central government’s requirements.
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