Gaming tycoon and political bigwig demands practical help for gaming industry, warns that failing Macao economy will adversely affect One Country, Two Systems.
Business
Layoffs, unpaid leave and possible closures – investigation into 500 SMEs in the city paints a grim picture, with no immediate relief in sight.
Hi-tech vehicles showcasing artificial intelligence prove a money-spinner for Shanghai entrepreneur Lihong Qin, with company reporting US$1 billion profit in 2021.
Emergency cash will finance new round of consumption benefits, and subsidise utility bills for homes and businesses.
Economy expected to accelerate to 23% in 2023, growth not expected to surpass pre-pandemic levels until 2025.
Chief Executive laments Macao continues to suffer the effects of Covid-19 and poor visitor numbers, rising unemployment and declining birth rate.
International ratings agency paints cautiously rosy future for city and its main industry, notes Macao’s finances are among strongest across Fitch-rated sovereigns.
Business has been ‘difficult’ but city’s best-known bakery has been able to ‘ride the storm’ with solid earnings while retaining all staff.
Ordinary business category charges reduced by 20%, rates for social housing customers slashed by more than half.