The Chief Executive, Mr Ho Iat Seng, said the Macao Special Administrative Region (MSAR) Government would continue to response cautiously to the uncertain conditions facing the local economy due to the volatile nature of epidemic-related developments in neighbouring cities.

With the strong support of the Central Government, and via concerted effort across the community, Macao had been able to maintain stable socio-economic conditions, added Mr Ho.

Mr Ho, who is also chairman of the city’s Economic Development Council, made the remarks on Monday (14 March) at the 2022 plenary meeting of the Council. During the meeting, the Secretary for Economy and Finance, Mr Lei Wai Nong, gave a briefing on the latest developments concerning the local economy. Leaders respectively of the three task forces set up under the Council, each gave a report on the work done in the previous year.

In his remarks, Mr Ho said the MSAR Government would spare no effort in leading the community in: persisting in epidemic-control work; in an orderly manner realising the goals and completing the tasks outlined in the city’s 2nd Five-Year Development Plan; proactively advancing development relating to the Guangdong-Macao Intensive Cooperation Zone in Hengqin; and boosting Macao’s economic impetus and competitiveness.

Mr Ho went on to say that the Government would press ahead with work relating to revision of Law No. 16/2001 (“Legal Framework for the Operations of Casino Games of Fortune”), with a view to complementing Macao’s strategic goal of being a world centre of tourism and leisure, and to strengthen the development of synergies between the tourism sector and other relevant sectors.

In addition, the Government would step up effort on development relating to the “big health” industry, with research and development relating to traditional Chinese medicine as an entry point; modern financial services; high and new technology industries; and cultural tourism, convention and exhibition, sports, and commercial and trade industries.

Mr Ho also called on Economic Development Council members to realise the “four strategic positions” and other major tasks relating to the development of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, in a bid to fortify Macao’s functions in serving the ‘dual-circulation’ development pattern for the country’s economy, and to integrate the city into overall national development.

Speaking in the meeting, Secretary Lei said the MSAR Government had, since the onset of the COVID-19 pandemic, launched a series of incentive measures to benefit Macao people and businesses. Such initiatives were designed to alleviate people’s hardship, support business, spur local consumption, and attract more visitors to Macao. As a result, Macao was in the process of recovering from a volatile situation.

The unstable epidemic-related situation worldwide and the geopolitical situation involving external parties, had created uncertainty with regard to Macao’s economic recovery, said Mr Lei.

The Government would monitor closely changes in external economic conditions, while strengthening local work on boosting the economy, stabilising employment conditions for local people, and protecting people’s livelihoods.

Secretary Lei said he was confident that Macao’s economic diversification and recovery would accelerate, benefitting from the country’s long-term economic prosperity, and joint effort from across the community.