The Government has compiled a report outlining how Macao can achieve its goal of adequate economic diversification, and how Macao can make further contributions to the nation’s development.

The “Report on the Promotion of Moderate Economic Diversification in the Macao Special Administrative Region” was submitted to the Central Government on 1 March. It includes some proposals to support the city in other policy objectives.

The report also summarises Macao’s roles in the wider development of the whole country. The report additionally discusses some of the advantages available to Macao in cooperating in the nation’s 13th Five-Year Plan, and some of the obligations imposed on Macao by the Five-Year Plan. The latter is a master plan for national development that covers the period from 2016 to 2020.

The report also takes into consideration development strategies, such as the “Silk Road Economic Belt” and the “21st Century Maritime Silk Road”, (collectively known as “Belt and Road” initiative).

The Government’s report includes analysis on the opportunities arising from nationwide initiatives, such as the boosting of economic integration across China’s regions; the development of free trade zones; and policies for liberalisation of trade in services.

The report indicates the Government would step up efforts in maintaining social and economic stability, and in developing Macao’s strategic roles as a world centre of tourism and leisure; and as a commercial and trade cooperation service platform between China and the Portuguese-speaking Countries (collectively known as the “Centre and Platform” policies).

The Government would in addition develop policies to support the growth of emerging industries, in order to help diversify Macao’s economy.

The report also mentions the creation of more opportunities for local small- and medium-sized enterprises, local professionals, and young local people, as a way to enhance the creativity of the community and the city’s ability to compete internationally in the provision of goods and services. Macao’s people are also encouraged to take increasingly active roles in the country’s development. This will in turn help Macao to even greater social and economic success.

Pressing ahead on policies for Macao’s economic diversification is indispensable to the city’s long-term prosperity.

The Government would work closely with Macao residents and different sectors within the community on the economic diversification issue. In doing so Macao would be strongly supported by the Central Government and by partner cities across the country.

The report, coordinated by the Chief Executive’s Office, not only contains suggestions on optimising public policy regarding the economic diversification goal, but also reports on opinions from within the community in how that might be achieved.