Posted on: December 20, 2024, 02:22h.
Last updated on: December 20, 2024, 02:22h.
Chinese President Xi Jinping emphasized the importance of diversifying Macau’s economy by promoting new industries with global competitiveness.
During his visit, Xi inaugurated Sam Hou-fai as Macau’s new leader, stressing the need to move away from the heavy reliance on the casino industry.
Xi’s views on the gambling sector are cautious, as he believes it could contribute to issues like money laundering and capital flight.
Efforts from Beijing have been made to reform Macau’s junket industry and control cash flow into the enclave.
Pearl in China’s Palm
Xi praised Macau as a valuable asset to China but also urged the development of new economic drivers to ensure long-term stability.
Macau has served as a successful example of China’s policy of “one nation, two systems,” contrasting with the situation in Hong Kong.
Since reverting to Chinese rule 25 years ago, Macau has seen significant growth, particularly in its gaming market, which was once dominated by Stanley Ho.
With a growing GDP and high per capita income, Macau’s heavy reliance on the casino industry has become a concern for Xi, prompting the push for diversification.
‘Profound Changes’
Xi highlighted the evolving internal and external environment of Macau, calling for the need to seek new economic opportunities beyond the casino sector.
Efforts like the Greater Bay Area project aim to integrate Macau with Hong Kong and other cities in Guangdong province to boost economic development.
The appointment of Beijing loyalist Sam as Macau’s chief executive signals a shift towards reform and innovation in the SAR.
Macau’s former top judge also emphasized the importance of diversifying industries to overcome challenges and ensure sustainable development in the long term.