Beijing to boost casino hub Macau’s diversification into financial services with new scheme aimed at attracting foreign investors

December 31, 2021 Emerging Markets

Beijing is launching a new scheme in January to attract foreign investors to Macau and for them to use the city as a base for investing in mainland Chinese start-ups and other projects.

The plan, China’s latest push to promote the former Portuguese colony’s financial services, follows the launch of a master plan in September allowing Macau to govern the economic affairs of neighbouring Hengqin, which is part of mainland China.

From January 29, the Qualified Foreign Limited Partnership (QFLP) pilot scheme will allow foreign investors to set up funds in the Macau-Hengqin zone and raise money from both domestic and foreign investors, according to a statement issued by the joint management committee of Macau and Hengqin on Thursday.

“The new scheme represents an important step supporting the development of Macau’s financial services industry,” the statement said.