December 20, 2019 / 1:02 PM / a month ago

China announces measures to support Macau's economic and financial development: regulator

Girls leave the Venetian Macao casino in Macau, China December 20, 2019, on the 20th anniversary of the former Portuguese colony's return to China. REUTERS/Jason Lee

HONG KONG (Reuters) - China banking and insurance regulator on Friday announced measures to further strengthen financial cooperation between Macau and the Mainland China.

The measures include supporting Macau banks to set up institutions in the mainland and also supporting mainland insurance funds to invest in Macau, on condition of compliance and controllable risks, the regulator said in a statement.

The announcement came after Chinese President Xi Jinping finished his three-day visit to the territory to celebrate its 20th anniversary of return from Portuguese rule.

Xi said he hoped Macau would establish more patriotic associations to “perfect” governance and ensure stability and prosperity.

Reporting by Twinnie Siu in Hong Kong, Roxanne Liu and Leng Cheng in Beijing ; Editing by Alison Williams

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