A Study On The Countermeasures For The Development Of Sovereign Wealth Funds In Macao

Under the background of the rapid development of the global economy,the amount of global foreign exchange reserves has increased rapidly.Every country has gradually realized that the establishment of sovereign wealth funds to manage foreign exchange reserves plays an important role in economic stability.In recent years,The rapid development of Macao's economy has brought a large amount of foreign exchange reserves and financial reserves.At the same time,Macao is a micro economy,with less tax types,a single tax structure and a single industrial structure.Therefore,how to make full use of reserve assets to prevent Macao's fiscal risks and maintain financial stability is the urgent problem for Macao's Macao Special Administrative Region to solve,It is also the focus of this study.This paper analyzes the concept of sovereign wealth fund,and studies the theory of positive foreign exchange reserve management and asset allocation in the development of sovereign wealth funds,which provides an adequate theoretical basis for writing this article.Therefore,based on the analysis of Singapore's sovereign wealth fund and Norway's sovereign wealth fund investment mode,management mode and management mode,and summaried the successful operation experience.After that,it analyzes the feasibility and necessity of developing sovereign wealth funds in Macao.Finally,the research conclusions are formed.This article draws on the development experience of the international sovereign wealth fund and combines the actual situation of Macao,and summarized the three major problems that may arise in the development of sovereign wealth funds in Macao.That is the important issue of the government intervention in the investment process,the international disputes that are easy to appear in the cross-border investment and the impact of the single industrial structure of Macao on the scale of assets of the fund.Based on this,the paper gaves following anwsers: First,in the beginning of the construction of the sovereign wealth fund,we should set the goal clearly in the early stage of the construction of the sovereign wealth fund,and at the same time,we should build the operating budget system of the sovereign wealth fund to prevent the government's improper intervention;Second,for the settlement of the international disputes arising from the cross-border investment,the paper draws up the construction and construction of the Shuangfeng style sovereign investment dispute settlement model from the international perspective;Finally,based on the perspective of Macao,this paper puts forward specific rationalization proposals for the development of sovereign wealth funds in Macao from the operating mode and investment model of the sovereign wealth fund.It is hoped that Macao will set up a "sovereign wealth fund" to promote the moderate diversification of Macao's economy so as to realize the twoway interactive development between Macao's economy and the global economy,and to realize the new transformation and leaping of the Macao economy.