BEIJING -- Macao will be given more support to participate in the Belt and Road (B&R) construction, according to an arrangement signed between China's top economic planner and Macao Special Administrative Region (SAR) on Thursday.

The arrangement on supporting Macao's full participation in the Belt and Road construction, signed between the National Development and Reform Commission (NDRC) and the Macao SAR government, focuses on cooperation in financial, economic and trade sectors as well as promoting development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Under the arrangement, Macao will be encouraged to provide financing services for the Belt and Road construction, build itself into a financial service platform for commercial and trade cooperation between China and Portuguese-speaking countries, and promoting the internationalization of the renminbi.

Macao will also be encouraged to develop into an important transport hub and trade logistics center for the 21st Century Maritime Silk Road, according to the arrangement.

It also called for more effort to align the B&R with plans to build Macao into a global center for tourism and leisure, as well as a China-Portugal business cooperation platform.

A joint conference system has been set up for the implementation of the arrangement. The first joint conference was held Thursday after the arrangement signing ceremony.