The government will launch a public consultation in the middle of next year on the possible establishment of a company tasked with managing the local version of a “sovereign wealth fund”.
Business
The value of Macau’s retail sales dipped by 0.5% year-on-year to 18.06 billion patacas, while the sales volume dropped by 0.7%.
Macau gaming and junket businesses produced 50.5% of Macau gross domestic product (GDP) at producers’ prices, based on the production approach calculation.
Lawmakers on Monday passed unanimously the outline of the outgoing government’s 2020 budget bill, and will now be reviewed in detail by one of the standing committees of the legislature.
Macau’s recession deepened in the third quarter when its gross domestic product shrank by 4.5% year-on-year.
Chief Executive Fernando Chui Sai stressed that Macau has been able to keep up social and economic progress, ensure political stability, improve people’s livelihoods, speed up infrastructure development and maintain social harmony during his 10 years.
Chief Executive Fernando Chui Sai On has no regrets that his government withdrew its controversial perks bill and its 60 billion-pataca “sovereign wealth fund” bill during his 10-year term.
Macau’s cultural industry has developed in a way that it has gradually joined the business sector.
There might be a year-on-year drop in gaming revenue this month due the fact that there aren’t any public holidays and the fact that the external situation is unclear.