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Secretary Leong Vai Tac looks at Macau’s economy with caution and optimism

The Secretary for Economy and Finance Leong Vai Tac has said that his cabinet is looking at Macau’s economic development in the coming years with both caution and optimism. He believes the city’s economy will continue to develop favorably, but recalled the central government’s advice that Macau’s top officials should be prepared to face the […]

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UPDATED: 22 Dec 2023, 5:52 am

The Secretary for Economy and Finance Leong Vai Tac has said that his cabinet is looking at Macau’s economic development in the coming years with both caution and optimism.

He believes the city’s economy will continue to develop favorably, but recalled the central government’s advice that Macau’s top officials should be prepared to face the unexpected.

“We must bear in mind that the country’s leaders have frequently warned us that we need to be prepared to face any adversity even in times of prosperity,” he said at an inauguration ceremony of new board of directors of the Association of Macao Convention & Exhibition Organizers held Monday.

Leong promised that the government will continue to take appropriate measures to deal with any adversities, and will seek to maintain the stability of the local economy.

He acknowledged a need to provide long-term measures to ensure the improvement of Macau’s economic outlook, while reinforcing its competitiveness.

Leong also admitted that the current economic situation “is serious” and that Macau’s financial sector might meet challenges along the way.

The Secretary stressed that a period of adjustment of the local economy can be observed, after a period of considerable growth. He therefore expects a consolidation of the economy in the years to come.

Leong stressed also that it is crucial to “prevent risks” and to develop our capacity to take measures that can help Macau face both external and internal financial risks.

To reinforce regional cooperation is another priority highlighted by Leong. He said that Macau needs to further explore the advantages of cooperating with Guangdong.

Leong also acknowledged another matter addressed by the financial sector -the diversification of the economy. This matter was also highlighted by Chinese president Xi Jinping who recently visited the territory.

(macaunews/gcs)

UPDATED: 22 Dec 2023, 5:52 am

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