Congressman Wong Kit Chung recently asked the Government of Macau SAR government about the progress of the previously unveiled plan to establish an international commercial bank in the Guangdong-Hong Kong-Macau Great Gulf region.
“It has been three years since the mainland first proposed to establish an international commercial bank in the Greater Bay Area in 2019 until it officially invested in Macau’s financial budget in 2022. What exactly was the progress? ”He pointed out in a written investigation.
In 2021, the Standing Committee of the Legislative Assembly allocates 2.6 billion MOP (US $ 323.5 million) to the Public Investment Fund Macao Investment and Development Limited for the Government of Macau Special Administrative Region to establish this joint international commercial bank in the Greater Bay Area. I made it clear that I was planning to do that.
Banks are to include investments from Macau, Hong Kong and Guangdong Provincial Governments, and financial institutions are headquartered in Guangzhou’s Nansha Economic and Technological Development Zone, with cutting-edge technology, green finance and cross-border finance.
Also regulated under Chinese financial law, future branches will be established in Macau and Hong Kong and regulated by local law.
According to legislators, the state council’s recommendations issued in 2019 on the development of the Guangzhou Nansha Free Trade Area will help establish an international commercial bank in the Greater Bay area to promote regional construction development and innovation. I had already suggested that.
Legislators will also play a specific role in the bank’s financial cooperation between Guangdong, Hong Kong and Macau and the promotion of Macau’s modern financial industry, including bond market development, green finance, wealth management and finance leasing. I asked about it. The same is true for SAR development as the Sino-Luso Financial Service Platform and Renminbi Clearing Center.
“The related banks are jointly funded and cooperated by the governments of Guangdong, Hong Kong and Macau, with a total registered capital of RMB 20 billion, of which Macau accounts for 10%, so the social and financial industry is a bank. “Establishment of”, Mr. Wong adds.