Tourists visit the Ruins of St. Paul's in south China's Macao Special Administrative Region (SAR), Oct. 8, 2019. (Xinhua/Cheong Kam Ka)

The People's Bank of China (PBC), the country's central bank, announced on Wednesday that the maximum remittance by Macao residents to their same name accounts in the Chinese mainland has been raised to 80,000 yuan ($11,436) per day from 50,000 yuan, ahead of the 20th anniversary of the special administrative region's return to China.

By raising the cap, it can better meet Macao residents' need for yuan-denominated settlement and provide convenience for trade and other exchanges between the mainland and Macao, according to a statement on the central bank's website.

The PBC said it will continue to support the economy, trade, investment and yuan business in Macao.

"This new policy, along with other favorable ones, will help Macao upgrade its industries," Cong Yi, a professor at Tianjin University of Finance and Economics, told the Global Times on Wednesday.

"Unlike Hong Kong, Macao's economic structure is simple - it is focused on the services sector - and therefore it relies on the mainland. But with more supportive policies, Macao can upgrade by developing modern commerce and trading businesses," he said.

As a key city of the Guangdong-Hong Kong-Macao Greater Bay Area, Macao should actively make plans for future development and put into full play the advantage of "one country, two systems." The city can become a bridgehead for the mainland's high-level opening-up, he said.

Over the past 20 years, economic cooperation between the mainland and Macao has entered a new stage, achieving remarkable results in trade, investment and project cooperation.

In 2018, the trade volume between the mainland and Macao hit $3.16 billion, more than quadrupling the level seen in 1999, data from the Ministry of Commerce showed. Investment from Macao reached $1.28 billion last year, up more than 300 percent from 1999.

Currently, the amount in yuan that can be remitted by Hong Kong and Taiwan residents to their same name accounts in the mainland is already 80,000 yuan.