Mr. Tao Guangshao, Vice-Mayor of Shanghai and Mr. Fan Yungjin, Deputy Director of Shanghai Financial Services Office, paid a visit to Macao. The purpose was to discuss with the Monetary Authority of Macao (AMCM) regarding financial cooperation between Shanghai and Macao with a view to arriving at an excellent consensus. Mr. Tam Pak Yuen, Secretary for Economy and Finance, and Ms. Gao Yan, Deputy Director of the Liaison Office of the Central People's Government, met with the delegation. They expected an early implementation of the cooperation mechanism. Of late, as invited by the Secretary for Economy and Finance of the MSAR, a delegation of 10 including Mr. Tao Guangshao, Vice-Mayor of Shanghai, Mr. Fan Yungjin, Deputy Director of Shanghai Financial Services Office, Ms. Zhang Yixing, Deputy Director of the Hong Kong Macao Affairs Office of Shanghai, Mr. Zhang Yujun, General Manager of Shanghai Stock Exchange, paid a study tour to Macao. The issue of establishing a financial liaison and communication mechanism between the two cities was explored. In October last year, a Macao financial sector delegation visited Shanghai and met with Vice-Mayor Tao. The intention to establish a financial liaison and communication mechanism between Shanghai and Macao was raised. It would better promote the cooperation between the institutions and regulatory authorities of the two cities. At the same time, it would support the MSAR to enhance its platform function in servicing the trade and financial activities between China and Portuguese speaking countries. Vice-Mayor Tao and the delegates met with Mr. Tam Pak Yuen, Secretary for Economy and Finance and Ms. Gao Yan, Deputy Director of the Liaison Office of the Central People's Government, on 17 January. Opinions relating to enhancing the financial service business communication between Shanghai and Macao, and establishing financial cooperation mechanism between the two cities were exchanged. The discussion was a candid and in-depth one. Consensus relating to the establishment of the mechanism was arrived at in the meeting. It is expected that the relevant memorandum will be executed in the first half of this year. It certainly lays down a solid foundation in promoting closer cooperation between the financial sectors of the two cities. Mr. Teng Lin Seng, Chairman of the AMCM Board of Directors, who was present in the meeting, expressed optimism for signing the cooperation memorandum. He opined that a regular meeting mechanism for Shanghai and Macao would be of help to promote the construction of Macao to become a cooperation platform for trade and financial cooperation between China and Portuguese speaking countries. Moreover, it would have positive motivation function at all levels relating to exchanging of financial information, market surveillance and institutional cooperation.
