China announces measures to support Macau's economic and financial development: regulator

China banking and insurance regulator on Friday announced measures to further strengthen financial cooperation between Macau and the Mainland China.

The measures include supporting Macau banks to set up institutions in the mainland and also supporting mainland insurance funds to invest in Macau, on condition of compliance and controllable risks, the regulator said in a statement.

The announcement came after Chinese President Xi Jinping finished his three-day visit to the territory to celebrate its 20th anniversary of return from Portuguese rule.

Xi said he hoped Macau would establish more patriotic associations to "perfect" governance and ensure stability and prosperity.