Possible establishment of a yuan-denominated securities market in Macau “is still under study.”
Business
Macau’s gross gaming revenue last month touched the lowest level in a year as casinos continued to be slammed by economic and geopolitical troubles.
Macau’s restaurateurs reported “subdued” business in July.
If they do leave due to the China-US trade war worsening further, local or mainland Chinese-funded companies could take over the respective hotel-casino resorts to run the gaming businesses.
The local government will continue to regard developing the economy and improving people’s livelihoods as the “main axis” of its governance.
The government formally withdrew its controversial bill which proposed the transfer of 60 billion patacas from the government’s financial reserves for the setting-up of the Macau Special Administrative Region Investment and Development Fund.
Macau’s economy will shrink 0.8% this year and 0.9% next year.
Macau’s financial reserves increased by 2.4 billon patacas.
Gaming revenue in the second half of this year was affected by negative growth.