Information from the Statistics and Census Service (DSEC) indicated that inward direct investment flows in Macao SAR totalled MOP 13.07 billion in 2023, down by 57.2% year-on-year. The decrease resulted from the incorporation of large financial companies as well as a substantial increase in the capital of gaming enterprises in preparation for the tender for concession agreement on operating games of chance in casinos in 2022. Inward direct investment income amounted to MOP 51.04 billion in 2023, returning to 63.4% of the corresponding level in 2019. As at the end of 2023, stock of inward direct investment totalled MOP 383.12 billion, up by 4.2% year-on-year.

Analysed by industry, inflows of direct investment in Financial Activities and Wholesale & Retail Trade stood at MOP 7.77 billion and MOP 6.43 billion respectively in 2023. As regards immediate source of investment, capital came mainly from the British Virgin Islands (MOP 10.92 billion) and Hong Kong SAR (MOP 6.9 billion). On the other hand, capital flow from the Cayman Islands showed a negative value (-MOP 7.96 billion), as some large enterprises began to repay loans granted by foreign direct investors or non-resident affiliated companies during the coronavirus pandemic.

Income earned by foreign direct investors in the Gaming Sector saw a turnaround from loss to profit (MOP 20.18 billion) in 2023, and income from investment in Wholesale & Retail Trade rose by 41.7% to MOP 11.14 billion.

With respect to industry, inward direct investment stock in Financial Activities (MOP 131.11 billion) and Wholesale & Retail Trade (MOP 42.44 billion) increased by 7.2% and 14.5% respectively year-on-year, while that in the Gaming Sector dropped slightly by 0.6% to MOP 142.52 billion. Analysed by immediate source of investment, investment stock from Hong Kong SAR (MOP 101.13 billion), mainland China (MOP 87.24 billion) and the British Virgin Islands (MOP 84.94 billion) showed respective growth of 6.1%, 2.3% and 18.3% year-on-year.

Outward direct investment flows of Macao SAR enterprises totalled MOP 341 million in 2023, a decline of 95.7% year-on-year; income earned by Macao SAR enterprises slid by 60.9% to MOP 342 million. As at the end of 2023, stock of outward direct investment expanded by 3.4% year-on-year to MOP 111.33 billion.

Outward direct investment stock in mainland China rose by 5.8% year-on-year to MOP 86.11 billion, of which investment stock in Hengqin increased by 8.1% to MOP 39.87 billion, accounting for 46.3%. On the other hand, outward direct investment stock in Hong Kong SAR fell by 14.4% year-on-year to MOP 7.48 billion. When compared with 2019, stock of investment of Macao SAR enterprises in mainland China soared by 64.5%, with investment stock in Hengqin surging by 117.7%. Analysed by industry of Macao SAR enterprises, stock of outward direct investment made by enterprises engaged in Wholesale & Retail Trade went up by 12.3% year-on-year to MOP 22.59 billion, whereas investment made by those in Real Estate Development, Leasing & Sale Activities dropped by 3.2% to MOP 24.86 billion.

Direct Investment Statistics aims to provide an overview of direct investments between Macao SAR and other economies. Direct investment refers to investment with a holding of 10% or more of the equity share capital in an enterprise. Principal statistical indicators include stock (the accumulated value of direct investment over the past years) and flows (the amount of change in direct investment in the reference year), which include financial data of enterprises such as equity capital, income and loans.

For statistical purposes, mainland China and Macao SAR are considered as two economies. Statistical results are obtained from the Enterprise Survey, which covers Macao SAR enterprises engaged in Industrial Sector; Construction; Wholesale & Retail Trade; Hotels, Restaurants & Similar Activities; Transport, Storage & Communications; Financial Activities; Gaming; Real Estate Development, Leasing & Sale Activities and so forth; however, individuals are excluded. The statistical unit is an enterprise. If an enterprise has one or more establishments engaged in different economic activities, the industry of the enterprise will be classified according to its main economic activity as reported in the questionnaire. For example, data on hotels, restaurants and other establishments of a gaming enterprise are incorporated into the statistics of the Gaming Sector.