(Bloomberg) -- China will support and encourage Macau banks to set up branches on the mainland as part of efforts to stimulate the region’s economic and financial development, the China Banking and Insurance Regulatory Commission said in a statement on its website Friday.
Mainland financial leasing firms are now also allowed to operate in Macau, according to the statement. The regulator announced on Dec. 16 that Chinese insurers could invest in the special administrative region.
To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Stanley James, Matthew Brockett
