New agreement supports Macau’s Belt and Road role

Chui Sai On (left) and He Lifeng

The MSAR government signed an agreement with the National Development and Reform Commission yesterday, aimed at advancing Macau’s participation in the Belt and Road initiative.

The Chief Executive, Chui Sai On, and the Chairman of the National Development and Reform Commission, He Lifeng, were co-signatories to the document during a ceremony held in Beijing.

Following the signing ceremony, the first joint conference to coordinate work under the new agreement was held.

According to a statement issued by the government, “the arrangement covers matters including cooperation on financial services, economic and trade affairs, people-to-people exchanges, and cooperation between Macau and the other cities covered by the Guangdong-Hong Kong-Macau Greater Bay Area.”

Macau is expected to continue to develop as a financial services platform between China and Portuguese-speaking countries, in order to advance the internationalization of the renminbi. “Macau is to develop as a major transport hub and an important logistics center of the 21st Century Maritime Silk Road. […] The document also seeks to help develop Macau’s role as a base for multicultural exchange and cooperation with the goal of further promoting Chinese culture.”

The National Development and Reform Commission and other central authorities pledged to maintain close touch with the SAR Government – including holding joint conferences on a regular basis – in order to implement policies outlined in the agreement signed in Beijing.