ABM: Macau should become international financial centre

Follow the steps of Hong Kong, Singapore and Shanghai, the three major financial centres in Asia. Macau Association of Banks (ABM) Chairman Ip Sio Kai said that the government should focus on turning Macau into an international financial centre, as the city is a natural free trade zone.
Speaking during a Collective Wisdom Policy Centre forum about the government’s Policy Address, Mr. Ip underlined that authorities here should take advantage of being a Special Administrative Region with low taxes and economic freedom, things that are big trumps in attracting foreign companies.
The ABM Chairman described Macau as a “natural free trade zone”. He also pointed out other competitive advantages of the territory such as its legal framework and accounting standards that follow the best international practices – all together making Macau a suitable candidate to become an international financial centre.
Mr. Ip said that Macau had already set up the Mainland’s first free-trade zone (FTZ) in Shanghai and is one of the cities listed as a possible offshore financial centre by the International Monetary Fund (IMF).
In the same forum, Macau Economic Association President Henry Lei Chun Kwok said that the city’s economy is entering a “new normal” and that authorities should create a new strategy to promote non-gaming sectors, vital to diversifying Macau’s economy.
L.G.