China adds finance-economy and social affairs bureaus to top Hong Kong-Macau body amid Beijing’s administrative upgrade

Name: HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue
Uploaded: 2023-10-06T11:00:09.000Z
Duration: 9 min 7 s
Description: HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue

Economy and finance bureau and social work bureau will be added to new Central Hong Kong and Macau Works Office (CHKMWO)

It shows Beijing’s determination to better coordinate economic development and mitigate financial risks between SARs and mainland, says source

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The new Central Hong Kong and Macau Works Office (CHKMWO) will absorb all nine existing departments of the Hong Kong and Macau Affairs Office (HKMAO)and reorganise them into new bureaus. Photo: Yik Yeung-man

William Zheng

Published: 7:00pm, 6 Oct 2023

Beijing’s top Hong Kong and Macau affairs body will add two new bureaus to coordinate economic, financial and social affairs in its bid to improve development and to gather better on-the-ground feedback from its two special administrative regions, according to sources.

The new additions are part of a major upgrade to Beijing’s office overseeing Hong Kong and Macau affairs under the State Council, China’s cabinet.

The changes that were announced in March include elevating it to a higher-level body that reports directly to the ruling Communist Party’s central leadership. The reorganisation is expected to be completed this year.

09:07

HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue

One source said the establishment of an additional economic and finance bureau, one of the two new bodies, showed Beijing’s determination to better coordinate the economic development and mitigate potential financial risks between the two special administrative regions and the mainland, and in particular the Greater Bay Area.

“The Hong Kong and Macau governments will continue to make their own economic decisions on what is best for their economy going forward under the one country, two systems arrangement. What the new economic and finance bureau will do is to help coordination and economic integration with the Greater Bay Area, so that various cities in the [area] can have better synergies while keeping their own focus and strength,” he said.

A second source said the other new addition, the new social work bureau, would serve as Beijing’s listening post and “bridge builder” between the central government and the people of Hong Kong and Macau.

“It will gather ground feedback and suggestions from the two special administrative regions for Beijing’s leaders,” the second source said.

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