China is planning to develop payment systems to allow the use of the Macanese pataca for businesses operating in the Hengqin Guangdong-Macao In-Depth Cooperation Zone, according to an announcement made by several government agencies on Thursday.

The People's Bank of China, China Banking and Insurance Regulatory Commission, and three other departments, said that by 2035, the cross-border financial management system would be more complete.

In a note issued on Wednesday, the country's regulators announced 30 measures to support financial reform and innovation, and strengthen cooperation between the Chinese mainland, Hong Kong and Macao special administrative regions.

One of these measures is to promote mobile payments within cooperation zones. To do this, the regulators said that the Macao currency, the pataca, will be allowed to be used for small payments in the cooperation zone in an orderly and risk-controllable manner.

China's financial regulators believe these measures will better facilitate cross-border trade and investment, as well as promote the opening-up of the Hengqin economic zone.