Macau Chief Executive Chui Sai On has decided to set up an investment and development fund for use in the Greater Bay Area (GBA), managed by a special entity independent from the current government structure.
During his question and answer session at the Legislative Assembly (AL) last week, the Chief Executive raised the idea of setting up such a fund, in the hope of enhancing the returns of Macau’s financial reserves.
The fund is expected to begin operation in the second half of this year. It will be run with market-led principles.
According to the government, “part of the fund” will be invested in the development of the GBA, as government data showed that approximately 49 projects were related or connected to Macau.
The Chief Executive said he believed Macau was financially capable of expanding investment in the GBA, which not only could be beneficial to Macau’s financial reserve, but also “realize policy goals” outlined in the GBA development plan.
The Chief Executive also described the new fund as an apparatus for Macau’s economic diversification.
The government has previously set up other funds with similar purposes.
The Guangdong-Macau Cooperation and Development Fund was designed to be operated on the principles of capital protection and security. According to the government, the returns of this fund are stable and predictable. Staff reporter