Friday, September 30, 2022

Xi reportedly wants to help Macau become a financial center


Chinese President Xi Jinping’s visit to Macau next week will, according to a Reuters report, include a call for the territory to diversify away from the gaming industry and become a new financial hub, including the creation of a yuan-denominated stock exchange.

“Xi Jinping has made very clear that he wants a diversified Macau economy,” a Chinese official told Reuters. “The future focus will be on tourism and finance, to make it a center to host international meetings like Singapore.”

In part, this is intended to be a political reward to Macau for not taking the path of dissent which has blossomed in neighboring Hong Kong.

An announcement that Macau will join the Beijing-backed Asian Infrastructure Investment Bank is also expected during Xi’s visit.

Furthermore, Macau is to be allocated more land for development on the mainland island of Hengqin.

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