Macao is set to diversify its economy and cooperate more with other regions, according to government plans for the next five years.
The gaming industry, the mainstay of the city’s finances, must broaden its appeal to the mass market, according to the Second Five-Year Plan for Economic and Social Development.
The government is also planning to revise laws and regulations for the gaming industry and increase supervision.
The plan stresses the importance of developing industries such as medical and health, modern finance, high-tech, exhibition and trade, and culture and sports.
The traditional Chinese medicine industry is seen as especially important, with new regulations being put in place to attract large pharmaceutical companies to set up in the city.
Macao aims to enter the mainland market and then move into Africa, Europe, and Southeast Asia, using its leverage with Portuguese-speaking countries.
Traditional industries and small and medium-sized enterprises should make use of Macao’s reputation as well as technology and digitisation together with the Mainland and Macao Closer Economic Partnership Arrangement zero-tariff policies.
Culture, food, exhibitions and sports will be promoted into the development of the tourism industry in order to encourage “tourism +” products and high-quality tourism
Regarding the financial industry, more regulations will be introduced to attract companies from Portuguese-speaking countries and the mainland to issue bonds and raise funds in the city.
The government also wants to improve the laws and regulations in the financial industry, so as to develop wealth management and financial leasing businesses and attract more foreign financial companies.