The government released its first official economic diversification plan – a new take on the traditional five-year plan – on Wednesday, local media reports.
The plan covers the 2024 to 2028 period and centres around the central pillar of tourism, buttressed by Macao’s four emerging industries (dubbed the “1+4 model”): healthcare, finance, technology, and the staging of large-scale sporting, cultural and business events.
The model is considered key to reducing Macao’s dependence on casinos for employment and tax revenues, but requires the non-gaming sector to account for around 60 percent of total gross domestic product (GDP) by 2028.
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Macao’s historic reliance on gaming means this could prove challenging: in 2019, the gaming industry accounted for just over 50 percent of Macao’s GDP.
The plan also requires Macao to lean into opportunities provided by China’s Belt and Road Initiative (BRI) and the Greater Bay Area. According to Secretary for Economy and Finance Lei Wai Non, much of the plan’s objectives will be driven by market forces, with the government providing more of a guiding role.
The economic diversification plan underwent a 30-day public consultation period in August and September.
