In 2013, in addition to existing cooperation mechanisms such as “the Financial Cooperation Meeting between Guangdong and Macao” and “the Working Group on Financial Cooperation between Guangdong and Macao”, Zhuhai and Macao also established a Steering Group and a Working Group on Financial Cooperation between Zhuhai and Macao, and a Working Group on Coordinating Financial Policies between Zhuhai (Hengqin) and Macao to strengthen the financial cooperation, including financial innovation in Hengqin.
The economy had bounced back from the post-Lehman crisis in a similar manner to other jurisdictions. But from 2010 onwards, a loss of confidence in the sustainability of sovereign debt had produced a vicious circle of rising borrowing costs, financial fragmentation, and contracting economic activity.