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Macau aims for ‘free’ cross-border cashflows

Macau is looking to establish a basis for totally free cross-border capital flows between the Special Administrative Region and the mainland, according to its finance chief. Secretary for Economy and Finance, Lei Wai Nong, speaking at a Greater Bay Area Finance Forum hosted by Wynn Palace last Friday (June 11) said the Macau government is striving to achieve this goal – without providing a timeframe – in order to “foster financial cooperation with the partnering regions” on the mainland.

Lei was likely referring to plans being discussed with neighboring Guangdong related to the Hengqin New Area, a special zone situated opposite Macau’s casino resorts in the Cotai district. Free capital flows between Macau and the mainland would provide “a solid financial foundation to assist various industries from both sides to gain ground,” Lei said.

“The Guangdong-Macao Intensive Cooperation Zone in Hengqin is a crucial gateway for Macau to integrate into the development of the GBA. President Xi Jinping asked Guangdong Province and Macau to robustly facilitate the construction of cooperation zones, carving out conditions for the development of emerging industries and furthering the city’s economic diversification,” Lei said.

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