Anselmo Teng: China and Macao - continued financial industry growth
Address by Mr Anselmo Teng, Chairman of the Monetary Authority of Macao, at a banquet
hosted by the Macao Financial Sector in Commemoration of the 62nd Anniversary of the
People's Republic of China and the 12th Anniversary of the Establishment of the Macao
Special Administrative Region, Macao, 6 December 2011.
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The Honourable Mr. Chui Sai On, Chief Executive of the MSAR,
The Honourable Mr. Ho Hau Wah, Vice-Chairman of the National Committee of the Chinese
People's Political Consultative Conference,
The Honourable Ms. Gao Yan, Deputy Director, Liaison Office of the Central People's
Government,
The Honourable Mr. Hu Zhengue, Special Envoy, Office of the Commissioner of the Ministry
of Foreign Affairs,
The Honourable Mr. Ye Yixin, Chairman of the Macao Association of Banks,
Honourable Guests,
Dear Friends of the Financial Sector,
Good Evening!
First of all, I would like to thank the Standing Committee for the invitation. With great
pleasure and excitement, I participate in this party in commemorating the 62nd Anniversary
of the People's Republic of China and the 12th Anniversary of the Establishment of the
Macao Special Administrative Region.
The financial sector of Macao has weathered the tests arising from international financial
market crises since the return of Macao to its Motherland. Although the challenges have
been overcome thus far, upheavals are still prevailent in the international financial markets.
There are uncertainties. It is worth our while to advise you, ladies and gentlemen that,
according to relevant financial data, the Macao financial sector has been maintaining its
stability and viability. This is in fact the result of the coherent spirit of our practitioners when
they work shoulder to shoulder in the endeavour of self-enhancement.
As per the end of October, aggregate assets of the Macao banking sector amounted to
MOP637.7 billion, total deposits were valued at MOP408.1 billion, loans stood at
MOP313.5 billion, both registered remarkable growth year-on-year. Our practitioners have
adopted a prudent attitude in business operation as usual; capital adequacy ratio reached at
14.3% in the 3rd quarter while non-performing loan ratio was only 0.34%. In positive pursuit
of developing more financial services by our practitioners, the banking sector was able to
score an aggregate profit of MOP4.17 billion for the first three quarters, which was again a
positive year-on-year growth. At the moment, the banks operating in Macao have good
quality assets, ample liquidity, adequate capital and fine profit-making capability.
In our insurance business, the total premium receipts for the first three quarters amounted to
MOP3.2 billion, which was a 13.5% increase year-on-year. The overall operation of the
insurance industry has been steady, the aggregate asset value, including value of assets
guaranteeing technical reserves has registered marked increase. It reflects the stable
financial status of the industry, which carries much weight in sustainable development.
In tandem with the perfection and enhancement of the financial industry, it carries more
weight in the overall GDP, reaching 8.5%. The continued growth of our financial industry will
further promote appropriate diversification of the economy.
In mid-October, AMCM organized a delegation of the financial sector to visit Beijing and
Shanghai. Making use of this opportunity, I am pleased to advise our financial practitioners
that initial result has been achieved.
At the moment, this Authority is following up the matter closely and discusses with the
relevant departments with a view to realizing the widening of the scope of RMB business and
seeking more investment channels for the MSAR fiscal reserves. Simultaneously, in
promoting Macao to be the RMB settlement platform for trade between the Mainland and
Portuguese speaking countries, preparatory work has been rolled out with the policy support
of the Central Government.
Under the auspices of the Central Government and relevant departments and the direction
and support of the Liaison Office and the MSAR Government, we believe all policies and
arrangements beneficial to the overall economic development of the MSAR will be realized.
The financial sector will continue to serve its pivotal function in servicing the economy and
promote overall economic growth. As the regulator, we shall not only continue to maintain the
order and normal functioning of the market, and will also support, as usual, our practitioners
in their development and uphold the lawful rights of our financial consumers.
In commemorating the anniversary of our Motherland and the MSAR, we gather together
delightfully. Before I end the speech, let me express, on behalf of the Board of Directors of
the Monetary Authority of Macao, our heartfelt wishes for the prosperity and strength of our
Motherland and happiness of all her people, the prosperity and stability of the MSAR, the
continued growth of our financial industry in a steady manner, your health and plain sailing at
work.
Thank you.