Representatives of the Macau government and the mainland’s Ministry of Commerce yesterday signed a supplement to the Closer Economic Partnership Agreement, to further increase the level of economic and trade exchanges between both parties. The new document has added two new areas to the agreement: education and training, and rail transportation. Both sides agreed to further relax market access conditions in some 20 sectors. The new arrangement also lowers the minimum assets required of Macau banks if they want to open branches on Hengqin Island. The new minimum is US$4 billion (MOP32 billion), down from the previous US$6 billion. There are currently three banks in Macau that fulfil the criteria, according to the government.
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