Chinese President Xi Jinping will visit Macau next week to announce a raft of new policies aimed at diversifying the city's casino-dependent economy into a financial centre, according to over a dozen interviews with officials and corporate executives.
"The financial industry used to be an idea that we reserved for Hong Kong," said one Chinese official who requested anonymity."We used to give all the favourable policies to Hong Kong. But now we want to diversify it." Chinese officials, and bankers in Hong Kong, say the push to develop financial infrastructure in Macau is part of a plan to avoid any major market disruption in Hong Kong that could impact Chinese businesses.
An announcement that Macau will join the Beijing-backed Asian Infrastructure Investment Bank is also expected during Xi's visit, two Chinese officials said.Xi is expected to announce policies to further integrate Macau with mainland cities in the Greater Bay Area, the region around the Pearl River Delta that also includes Hong Kong, according to Chinese officials and Macau executives.
"We plan to work with the Macau government to launch programmes that encourage next-generation entrepreneurs to start businesses in Hengqin," said Lawrence Ho, chief executive of Melco Resorts, which runs three casino resorts in Macau.
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