编者按 澳门将成立证券交易所?如果 成真，会对澳门经济带来什么 影响?澳门汇就此展开系列报 道。本文抛砖引玉， …
澳门将成立证券交易所?如果 成真，会对澳门经济带来什么 影响?澳门汇就此展开系列报 道。本文抛砖引玉，对有关资讯做鸟瞰式评述。下期将邀请 粤港澳大湾区内政商界专业人 士作深度对话 :“ 证交所，澳 门准备好了吗? ”，以飨读者。
近日，关于澳门金管局拟成立证券交易所问题，澳 门金管局主席陈守信接受证券时报采访表示，为 配合《粤港澳大湾区发展规划纲要》提出 “ 研究在澳门建 立以人民币计价结算的证券市场 ”，该局正计划对此展开可行性研究，考虑到澳门邻近已有多个成熟的金融中心， 澳门要凭借金融业在此领域有所突破，必须充分了解自身 优势，因此，该可行性研究将以 “ 发挥澳门所长、服务国 家所需 ” 的原则，并根据国家对大湾区的战略部署作整体 性的考虑。
目前，在大中华地区有四个城市拥有证券交易所，分 别是香港、台北、上海和深圳。如果第五间证券交易所落户澳门，无疑将是澳门的重大利好。但是可能性如何?基础条 件是否具备，金融领域是否配套?法律环境是否相适应?
正如《纲要》提出，澳门的发展定位是 世界旅游休闲中心、中国与葡语国家商贸合作 服务平台等。而澳门目前经济结构相对单一、 发展资源受限，中葡平台实践作用尚未实现重大突破。那 么，《纲要》提出的 “ 研究在澳门建立以人民币计价结算的 证券市场 ”，对于凸显澳门今后发展走向，将具有重要的 带动力量 :
首先，澳门欲打造世界旅游休闲中心，如能建立证券 交易所，从利用澳门庞大的资金流入手，这对于发展多元 经济具有巨大的推动作用，有利于促进澳门实业上市及各 行业发展，培养澳门新的经济增长点。
其次，金融方面，澳门建设中国与葡语国家商贸合作 服务平台，如有证券交易所平台，可将服务对象聚焦于葡语国家及澳门本地的公司股票及其它证券的上市交易。这 个交易平台将大大有利于澳门建设葡语国家人民币清算中 心，承接中国与葡语国家金融合作服务，也有利于澳门发 展金融离岸业务和经济总部的建设。
第三，这个交易所也将成为外汇流入的资金储水池。 更因其是以人民币计价结算的证券交易所，这将可推进澳 门成为人民币国际化的桥头堡，对引进外来资金、推动人 民币国际化将起到积极作用。
就澳门未来建立证券交易市场，前有《纲要》勾勒轮廓， 近有《人民日报》旗下《证券时报》专访，项 目前景的确令人遐思。但是，澳门的金融产业、 法律环境、政策格局，方方面面是否切合实际、准备好了吗?一旦澳门证交所建立，将 与香港、上海、深圳交易所各自形成何种定位、 有何竞争关系?请且听下期分解。
ROOM FOR ANOTHER STOCK EXCHANGE?
Macau is reportedly exploring the feasibility of setting up a stock exchange, as was men- tioned in the Greater Bay Area masterplan. There are many fac- tors to consider, and it appears to be early days yet in the plan’s development. Nevertheless, the idea has merits, and Macau Inc. begins here a special series devoted to the subject. This article offers a bird’s eye view of the proposal. In our next issue (July), we will invite political and business leaders from across the Greater Bay Area to join an in-depth dialogue on the ques- tion: “Is Macau ready for a stock exchange?” Reader feedback is most welcome at info@macau- inc.com.
The Greater Bay Area already has two stock exchanges (Hong Kong and Shenzhen). Will there be another? Macau is starting to explore the possibility of hosting a stock exchange that would be unique: offshore, with no capital controls, like Hong Kong, yet traded and settled in RMB, like Shenzhen.
Chan Sau San, chairman of the Macau Monetary Authority (AMCM), raised more than a few eyebrows around the region recently when he gave an interview to the mainland’s Securities Times, saying that Macau was looking into the pos- sibility of establishing a stock exchange.
He wasn’t speaking out of his hat. The Greater Bay Area masterplan, released on February 18 this year, specifically mentions the need to “explore the possibility of setting up an RMB-denominated stock market in Macau”. The Authority is simply planning a feasibility study in this regard.
According to Chan, in view of Macau’s proximity to many well-established financial centers, it is imperative for the SAR to have a profound understanding of its own capabilities before it makes any moves in developing new financial ser- vices. Therefore, the feasibility study will follow the principles of “giving full play to Macau’s advantages and serving the needs of the country”, and will craft a plan based on the coun- try’s strategic development direction for the Greater Bay Area.
To be sure, given that Hong Kong and Shenzhen already have well-established stock exchanges, as well as the prox- imity of two others in Taipei and Shanghai, the starting point of any study for Macau having its own must begin with: Is this possible? Are the basic conditions in place and are there supporting facilities in the SAR’s financial sector? Is the legal environment compatible?
From Macau’s point of view, of course, it is hard not to see the attractiveness of the proposal.
Macau is positioned as a world tourism and leisure center and a service platform for business and trade coop- eration between China and Portuguese-speaking countries. However, Macau currently has a relatively simple economic structure and limited resources, and has not yet reached sig- nificant scale as a China-Lusophone platform. Therefore, if this proposal is to be taken seriously, a hard look needs to be taken at what concrete benefit it could bring to Macau.
Firstly, as Macau continues to build a world tourism and leisure center, it must be recognized that it has an enormous flow of capital into and out of itsindustry. If a stock exchange is to be established here, it could tap into these flows, which could play a role in boosting the diversification of the econ- omy by promoting the listing of Macau businesses and the development of various support industries related to the gaming industry.
Secondly, Macau is being built into a service platform for investment and trade between China and Portuguese- speaking (Lusophone) countries. A stock exchange could support the listing and trading of stocks and other securities of companies engaged in this business. Such a platform would greatly help Macau to build a Renminbi clearing center for trade with Lusophone countries, and boost trade in goods and services between China and Lusophone countries. Moreover, it would position Macau as an offshore financial center for mainland companies.
Thirdly, the stock exchange would enable Macau to serve as a reservoir of foreign exchange. Because securities would be denominated in RMB, Macau could play a leading role in the internationalization of the Chinese currency.
The upside of the proposal is easy to see. However, dreams are one thing; reality is another. Is Macau up to the task? Is the SAR’s financial sector capable of supporting the development of a stock market? Is the legal environment and policy structure in place? Moreover, how would the Macau stock exchange relate to, and interact with, the other regional exchanges in Hong Kong and Shenzhen? These and other important questions need to be addressed. Look forward to our next issue to learn more.