Monetary Authority of Macao and Shanghai Financial Service Office Jointly Promote Financial Cooperation with Portuguese-speaking Countries
In line with the spirits and concensus of the Memorandum of Understanding on financial cooperation between Shanghai and Macao, the Monetary Authority of Macao (AMCM) and the Shanghai Financial Services Office (SFSO) jointly hosted a seminar in Lisbon, Portugal. In the seminar, both institutions presented the economic and financial situations of Macao and Shanghai respectively to the local financial institutions and business enterprises, highlighting the important functions of Macao as the “Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries”, as well as the development of Shanghai as an international financial centre, in order to promote and deepen the financial cooperation among Mainland China, Macao SAR and Portuguese-speaking countries. Attributed to the strong support of Caixa Geral de Depósitos in Portugal, this seminar was successfully organised, with almost one hundred participants from local financial institutions and business enterprises. In the seminar, the AMCM introduced the functions of Macao as the “Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries” and the RMB clearing platform between China and Portuguese-speaking countries. The AMCM also encouraged the Portuguese enterprises to develop their businesses in the Mainland market through Macao and to utilise Macao’s financial services including its RMB clearing services. Meanwhile, the SFSO introduced the plan and development of Shanghai as an international financial centre, and gave a number of suggestions for promoting financial cooperation between Portugal, Shanghai and Macao. Taking the opportunity of organising this seminar activity in Lisbon, the AMCM and SFSO also visited Banco de Portugal to carry out in-depth discussion and exchange on financial cooperation. During the meeting, Banco de Portugal highly praised the platform role performed by Macao. Banco de Portugal expressed positively for the development of Chinese institutions’ participation in the Portuguese market, and would like to see a deeper and broader financial cooperation among Mainland China, Macao SAR and Portuguese-speaking countries. This activity, jointly organised by the AMCM and SFSO and took place in Portugal, has realised concretely the relevant contents of financial coorperation between Shanghai and Macao. In addition, this event has strengthened the understanding of financial institutions and business enterprises in Portugal with respect to the developments of the financial industry in Mainland China and Macao SAR, especially on the front of Macao as the “RMB Clearing Platform between China and Portuguese-speaking countries” and the evolution of Macao’s featured financial businesses. All these have further fostered the tripartite financial coorperation among Portugal, Shanghai and Macao and the development of Macao as the “Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries”, which would be conducive to generating business opportunities for Macao’s financial institutions, supporting the development of the sector, and facilitating the creation of more scope for development for Macao’s professionals and youth.