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Macau government to invest up to 20 billion patacas in Guangdong and Fujian

Macau government is still discussing with its Guangdong and Fujian counterparts plans to invest 10 billion to 20 billion patacas of the city’s financial reserves in the two provinces’ infrastructure projects, Chan Sau San, a member of the board of directors of the Macau Monetary Authority (AMCM) said on Sunday, adding that the government would […]

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UPDATED: 22 Dec 2023, 5:54 am

Macau government is still discussing with its Guangdong and Fujian counterparts plans to invest 10 billion to 20 billion patacas of the city’s financial reserves in the two provinces’ infrastructure projects, Chan Sau San, a member of the board of directors of the Macau Monetary Authority (AMCM) said on Sunday, adding that the government would do it “securely and effectively.”

Chan was one of the panellists attending yesterday’s Macau Forum. The open-air debate programme is hosted by government broadcaster TDM in Areia Preta Park every Sunday.

“We are considering placing phased investments in infrastructure projects that would improve people’s living conditions in the two places [Guangdong and Fujian], with the principal and interest guaranteed plus an exit mechanism. The expected amount of investment in the first stage would not exceed five per cent of our financial reserves,” Chan said.

Fellow panellist, Sio Chi Wai, chairman of the Macau Development Strategy Research Centre’s board of directors, said the mainland’s economy was not going backward, but just slowing down.

“Many countries are still investing in [mainland] China. I don’t see any problems,” Sio said. The lawmaker also said the global economy was “increasingly complex”, adding that Macau should maintain a large financial reserve to protect the city against unexpected crises.

Samuel Tong Kai Chung, vice-director of the Association for Promoting the Economy of Macau, told the forum that the local economy had been overheated for many years, urging residents not to “worry too much” over the recent economic slowdown. “The focus right now is to modify the structure of our economy. It’s not about economic growth.” Tong said.

(macaunews/ macaupost)

UPDATED: 22 Dec 2023, 5:54 am

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