Chief Executive Ho Iat Seng has declared that Macao’s economy is “gradually showing signs of post-pandemic recovery”, but the “volatility” of the Covid-19 situation in neighbouring regions is creating uncertainty about the city’s economic prospects.
The chief executive also pledged to make progress in the development of new industries in Macao such as big health and modern finance.
Ho made the remarks in a formal speech while chairing this year’s annual plenary meeting of the Economic Development Council (CDE) at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries in Nam Van.
Ho underlined Macao’s “hard-won” achievements in its Covid-19 prevention and control efforts thanks to the central government’s support and the concerted efforts of various segments of Macao’s civil society.
However, the chief executive acknowledged, the “volatility” of the Covid-19 epidemic situation in neighbouring regions is still causing uncertainty about Macao’s economic prospects, because of which, Ho said, the local government must continue to actively and prudently tackle the situation.
Ho also said that the local government will make an all-out effort to continue with its “good job” in Covid-19 prevention and control work, to orderly implement the various tasks and measures laid out in Macao’s second five-year development plan, to promote the development of the Guangdong-Macao In-depth Cooperation Zone in Hengqin, and to promote the local economy’s appropriate diversification and sustainable development, Ho said.
In the future, Ho said, the development momentum and competitiveness of Macao’s economy will need to be strengthened.
On the one hand, Ho said, Macao must consolidate and enhance the advantages of its “traditional” industries. More specifically, according to Ho, the local government will continue to push ahead with enacting the various amendments to Macao’s gaming industry law, in line with its objective of developing the city into a world tourism and leisure centre.
A bill amending the gaming industry law is currently being reviewed by a standing committee of the Legislative Assembly (AL) after its outline was passed by a plenary session in its first reading in January.
Ho said that the local government will also intensify the cross-sectoral integration of “tourism+”, according to which the government will strengthen the tourism sector’s interactive development in conjunction with its related industries such as conventions and exhibitions, big health, sports, e-commerce, and cultural and creative industries.
While on the other hand, Ho said, Macao must actively promote the development of a number of new emerging industries, such as modern finance, high-tech, conventions and exhibitions, culture and sports, and the big health industry, based on the research, development and manufacturing of traditional Chinese medicine (TCM) products. Ho pledged that the local government will strive to make progress in the development of these industries.
Ho also pledged that the local government will also strengthen its role in the “dual circulation” strategy of the nation’s economic development, Ho said.
The CDE is a consultative body that consists of the chief executive, secretary for economy and finance, other senior government officials overseeing economic and financial matters, leading businesspeople, trade unionists, and scholars. The council is chaired by the chief executive, with the secretary for economy and finance as its vice-chairman. It is tasked with advising the government on formulating its economic development strategy and economic and human resources policies. The council, which was set up in 2007, holds one plenary meeting a year.
Secretary for Economy and Finance Lei Wai Nong and other senior officials such as Economic and Technological Development Bureau Director Tai Kin Ip also attended yesterday’s meeting, The Macau Post Daily reported.
