Social security and pension funds from Hong Kong, Macau and China’s southern Guangdong province are being “pragmatic” in cooperating, according to an official from Macau’s Social Security Fund (SSF).
Chan Pou Wan, president of the administrative committee of the SSF, made the comment at a recent seminar where fund officials from the three jurisdictions of the Greater Bay Area exchanged updates on collaboration within their pension systems.
Participants at the closed-door seminar in Macau on November 14 hosted by the SSF included Xia Qing, secretary of the party committee at the Guangdong Social Insurance Fund Administration, and Chang Yan-chee, managing director of Hong Kong’s Mandatory Provident Fund Schemes Authority.
According to a statement issued by the SSF on November 22, Chan said the three jurisdictions “have consistently adopted a pragmatic approach to cooperation in social security and provident fund matters”.
“This approach aims to provide greater convenience for residents planning cross-border retirement arrangements,” she said.
She expressed hope that regular exchanges would expand the scope of their cooperation, including service integration, data connectivity and market practices.
“These joint efforts will help enhance service standards, strengthen protections, and actively contribute to the development of the Greater Bay Area,” she said.
The area has a population of over 70 million holding roughly 3 trillion RMB (US$440 billion) of investable assets. Beijing wants to turn it into a finance and business hub by 2030.
