Shanghai, Macau and Liston to deepen financial cooperation

From September 4 to 6, Zheng Yang, secretary of the Party committee of Shanghai Finance and director of the Shanghai Municipal Financial Service Office, together with a delegation of the Monetary Authority of Macao, promoted Shanghai’s construction of an international financial  during a visit to Lisbon of Portugal. The visit was aiming to boost financial communication and cooperation among Shanghai, Macau and Portuguese-speaking countries and facilitate financial support for economic and trade cooperation between China and Portuguese-speaking countries in Latin America and Africa.

During a seminar sponsored by Shanghai Municipal Financial Service Office and the Monetary Authority of Macao and organized by Caixa Geral DE Depositos, Zheng introduced the latest development of the construction of Shanghai international financial  and proposed four initiatives to further strengthen financial cooperation among Shanghai, Macao and Portugal. First is to jointly promote financial institution cooperation. In recent years, cooperation between financial institutions is getting increasingly close. Shanghai’s financial institutions and enterprises have been actively investing in Portugal, which has become an important stop for outbound investment of Shanghai companies. Macao and Portugal banks such as Luso International Banking Limited and Banco Nacional Ultramarino S.A.have set up branches and representative offices in Shanghai. Next, we will encourage and support further cooperation in terms of setting up operations and product innovation. Second is to jointly promote finanical business cooperation. We will promote corss-border use of the yuan, develop offshore yuan busines and encourage business development and insrument innovation to facilitate trade and investment. Meanwhile, we will explore cooperation in fields of private banking, wealth management, securities investment and insurance. Third is to jointly promote financial supervision cooperation. To set up multi-layer and multi-channel communication platform and to enhance finanical information sharing and cooperation. Fourth is to jointly promote fiancial talent cooperation and to proive more support and convenience for finanical personnel exchanges.

Commercial Counselor of Chinese Embassy in Portugal Xu Weili, Chairman of the Monetary Authority of Macao Anselmo Teng, and Director of  Caixa Geral de Depósitos Emidio Pinheiro attended the seminar. Representative of Banco Nacional Ultramarino, Lisbon brach of Bank of China, Portugal Chamber of Commerce, Haitong Bank and Lisbon and London office of Fosun Group attended the seminar and made speeches. Local media also attended the seminar and raised questions.

During the tour to Lisbon, delegation of the office also visited Chinese Embassy in Portugal. They also visited Banco de Portugal and Caixa Geral de Depósitos.