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2024 | OriginalPaper | Buchkapitel

10. Investing in Macao—New Opportunities and Challenges Under the New Macao Financial Regulations

verfasst von : Cheng Hang Leong

Erschienen in: International Investment Law at the Juncture

Verlag: Springer Nature Singapore

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Abstract

China's Macao, as a microeconomic entity, exhibits distinctive characteristics in its economic and financial development.

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Vorheriges Kapitel China and the Investment Treaty Regime: Rule Taker or Rule Maker?

The data is sourced from the Statistics and Census Service of Macao.

Coase (1961); Posner (1998); Calabresi (1961), passim. But see: Dworkin (1980). Social costs derive from social norms. Social norms produce three effects: (1) expression, (2) deterrence, and (3) internalization. Cooter (2000).

But see: Summers (2000), (arguing that law is autonomous from economics though).

Becker (1968), passim.

Pasquale (2015).

Just think of the batch of unlawful financial transactions related with money laundering that take place daily in a given jurisdiction. In Brazilian doctrine: Cardoso (2015) e passim; Bottini (2019). In Portuguese doctrine: Hugo Luz dos Santos, Programas de Compliance e Inteligência Artificial: consequências ao nível da Law and Economics, do Direito Penal, do Processo Penal e da Behavioral Law and Economics, Braga, NovaCausa Edições Jurídicas, 2024.

Jensen and Meckling (1976).

Agrawal et al. (2022), passim.

See: Sunstein (2014a): passim; Bayefsky (2014); Cass R. Sunstein, Valuing Life: Humanizing the Regulatory State, (2014): 8 ff.; Gordon (2014); Sunstein (2014b); Adler and Posner (2006); Miles and Sunstein (2008); Coates (2015); Posner and Glen Weyl (2015).

Shen (2020).

Hang (2020).

See Macao Special Administrative Region Government’s, “Policy Address for the Fiscal Year 2023” November 2022, p. 25.

See Macao Special Administrative Region Government’s, “Policy Address for the Fiscal Year 2016” November 2015, p. 60.

Macao Central Securities Depository and Clearing Limited (MCSD), also known as CENTRAL DE DEPÓSITO E LIQUIDAÇÃO DE VALORES MOBILIÁRIOS DE MACAU SOCIEDADE UNIPESSOAL LIMITADA, is a wholly owned subsidiary established by the Monetary Authority of Macao. MCSD commenced its external operations in December 2021 and currently focuses on providing services such as securities registration, clearing, settlement, custody, and other related services.

See “2021 Direct Investment Statistics” published by the Statistics and Census Service of Macao SAR, available on the website of the Government Information Bureau of the Macao SAR at https://www.gcs.gov.mo/detail/zh-hant/N22KUiKaKS, Last accessed on December 23, 2023.

See “Monetary Authority of Macao: ‘Optimizing the Financial Market Environment to Unleash Growth Potential with a Balanced Approach of Diversification’” published on the website of the Government of the Macao Special Administrative Region of the People's Republic of China, available at https://www.gov.mo/zh-hant/news/1005118/, Last accessed on December 21, 2023.

See “Macao's Financial Industry Soars as the Second Largest Sector, Accounting for 15.4% of GDP,” published on the Hong Kong-Macao channel of People's Daily Online. Retrieved from http://hm.people.com.cn/n1/2022/1120/c42272-32570255.html, Last accessed: December 17, 2023.

See “Macao's Financial Industry Soars as the Second Largest Sector, Accounting for 15.4% of GDP,” published on the Hong Kong-Macao channel of People’s Daily Online. Retrieved from http://hm.people.com.cn/n1/2022/1120/c42272-32570255.html, Last accessed: December 17, 2023.

See Macau Monetary Authority: “Optimizing the Financial Market Environment to Unleash Growth Potential in the context of the ‘1 + 4 Moderate Diversification’ Strategy.” Retrieved from the official website of the Macau Special Administrative Region Government of the People's Republic of China at https://www.gov.mo/zh-hant/news/1005118/, Last accessed on December 21, 2023.

See Legislative Assembly of Macau: “Statement of Reasons for the Financial System Legal Framework,” Opinion Paper No. 4/VII/2023 of the Second Standing Committee of the Legislative Assembly of Macau, p. 2.

Article 25, Paragraph 2 of Law No. 13/2023, titled “Legal Framework for the Financial System”.

Government of the Macau Special Administrative Region of the People's Republic of China: “Policy Address for the Fiscal Year 2023,” November 2022, p. 40.

See Monetary Authority of Macau, “Macau International Banking Business Statistics for September 2023,” retrieved from the official website of the Macau Special Administrative Region Government at https://www.gov.mo/zh-hans/news/726482/, Last accessed on December 22, 2023.

See Chen Guanghan, Li Xiaoying, “World-class Economic Zone: Research on the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area,” China Publishing Group, 2022 edition, p. 7.

See Fung Pong In, “Macau Economy in the Period of Transition: Twenty Years of Evolution and Development,” Joint Publishing (Hong Kong) Co., Ltd., Macau Foundation, 2019 edition, p. 297.

See Li Lue, Law Kam Yee, “Macau and the Belt and Road Initiative,” China Publishing Group (Hong Kong) Co., Ltd., 2019 edition, p. 4.

See Li Lue, Law Kam Yee, “Macau and the Belt and Road Initiative,” China Publishing Group (Hong Kong) Co., Ltd., 2019 edition, p. 10.

See Xinhua News, “Portugal Becomes the First Eurozone Country to Issue Panda Bonds,” published on China Financial Information Network, available at https://www.cnfin.com/rmb-xh08/a/20190531/1838404.shtml, Last accessed on December 23, 2023.

This statement is overblown to say the least. Caution must be exercised accordingly. Spain is a western jurisdiction that praises individualism and the “glorification of the individual”. On the opposite pole, Macau does not fall far behind its Confucian way of thinking that awards primacy to the might collective instead. The cultural differences between both jurisdictions are nothing but legion. The behemoth differences between individualism-laden jurisdictions and collectivism-fraught jurisdictions have been extensively studied in the field of anthropology and applied psychology. To name a few empirical studies: Sullivan et al. (1982), passim; Triandis (1989); Kolman et al. (2003); LeBaron 2003; Abramson (2009); dos Santos (2023a).

See Macao Trade and Investment Promotion Institute, “Macao Prepares to Bridge the Financial Gap,” published on the website of Macao Trade and Investment Promotion Institute, available at https://www.ipim.gov.mo/zh-hant/publication/issue-76-jun-2020/focus/macao-prepares-to-bridge-the-financial-gap/, Last accessed on December 20, 2023”.

But see: Menkel-Meadow (2018) and passim (this lauded scholar notes, however, that inequality, social cleavages and lack of tolerance beset the globalized world).

dos Santos (2023a).

dos Santos (2023b), passim.

See in French doctrine: Baller and Deffains (2018) (stating that Artificial Intelligence has catalyzed a slew of drastic changes with regard to lawyers´ functional activities).

Re and Solow-Niederman (2019) and passim (broach the topic of a full-blown system powered by a both boundless and inscrutable artificial intelligence).

Suzor (2019) (passim).

Brownsword (2020).

Wu (2019) and passim.

In French doctrine: Deffains (2019) and passim.

Cohen (2019).

In German doctrine: Grunsky (2008), passim.

Géron (2019).

In Portuguese doctrine: dos Santos (2022a, b, c).

Not that just that though. The digital world we currently live is increasingly ebbing the window of privacy allotted to each and every one of us. Which will inevitably impact the quality of the investment decisions made by humans (v.g. an hyper surveilled human will be deprived from its best judgment to make informed decisions in the remit of Financial Law). This subject has been broached by the German doctrine—albeit from a point of view loosely related with Financial Law: Müller (2010).

Bornet et al. (2020).

Tegmark (2018).

See in Italian doctrine: Quintarelli (2019).

Grimm (2021) and passim.

Sivarajah et al. (2017) and passim.

Slaughter (2021).

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Titel: Investing in Macao—New Opportunities and Challenges Under the New Macao Financial Regulations
verfasst von: Cheng Hang Leong
Verlag: Springer Nature Singapore
Buch: International Investment Law at the Juncture
Print ISBN: 978-981-9721-82-5

Electronic ISBN: 978-981-9721-83-2

Copyright-Jahr: 2024
DOI: https://doi.org/10.1007/978-981-97-2183-2_10

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