Macau’s Secretary for Economy and Finance, Lei Wai Nong, has said that the local government is studying ways to enhance the legal framework necessary to support the operation of a bond market.
Secretary Lei made the remarks on Monday on the sidelines of a signing ceremony for a memorandum of understanding regarding cooperation between Chongwa (Macao) Financial Asset Exchange Co., Ltd, and Luxembourg Stock Exchange.
Lei said that the government will work closely with Macau’s financial services sector in order to attract a greater number of bond issuers to set up and trade products in the territory.
The government has long considered the development of a financial services market in Macau. Last year, Beijing lent its support to the idea as a way of diversifying Macau’s economy away from its reliance on the casino sector.
The secretary emphasized the local government was still studying the feasibility of establishing a stock market, and would release the results of its research in due time. Among the aspects being considered is the overall regulatory system, market demand for such financial services, access to professionals in related fields and the role of investment banks and funds.
With regards to a recent downturn in Macau’s economy, Lei reiterated that the government was closely monitoring the global economic situation and would take precautionary steps – such as using financial measures and subsidies to support Macau’s economy – if it were deemed necessary. DB