MACAO - The government of China's Macao Special Administrative Region (SAR) plans to set up an investment and development fund to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the SAR's chief executive Chui Sai-on has said.

During a question-and-answer session at the SAR Legislative Assembly Thursday, Chui told Macao's legislative members that there were about 49 projects relating to Macao's participation in the Greater Bay Area set out in the outline development plan for the Greater Bay Area.

He said Macao's basic fiscal reserves and surplus reserves amounted to 569.54 billion patacas (about $70.49 billion), while there was 163.25 billion patacas (about $20.20 billion) in foreign exchange reserves at the beginning of 2019, and the government had the financial capability to establish such a fund.

The fund would be set up in the second half of 2019, and would be managed by a government-owned entity operating independently of the current structure of public administration. It would be run in accordance with market-led and commercial principles, he added.

The chief executive said it was not only a way for improving returns on publicly-held capital and for the benefit of public funds, but also for realizing policy goals mentioned in the Greater Bay Area outline development plan.

The Greater Bay Area consists of the Hong Kong SAR, the Macao SAR, as well as nine cities in Guangdong province -- Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing.