Chinese-Funded Enterprises Booming in Macao

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Last updated at: (Beijing Time) Wednesday, November 28, 2001

Chinese-Funded Enterprises Booming in Macao

The Chinese-funded enterprises are playing an increasingly important role in the economic expansion of the Macao Special Administrative Region (SAR).

The Chinese-funded enterprises are playing an increasingly important role in the economic expansion of the Macao Special Administrative Region (SAR).

At a ceremony marking the 10th anniversary of the Macao ChineseEnterprises Association, President Wu Yixin said that the Chinese-funded enterprises in Macao have now nearly 100 billion patacas (12.5 billion U.S. dollars) of assets and more than 7,000 employees,and their business are covering more sectors.

Among the four pillar industries of Macao, fund from the Chinese side now makes up more than 50 percent of the assets of the financial industry, more than 50 percent of that of the construction and real estate sector, more than 40 percent of that of the hotel and catering industry and more than 30 percent of that of the processing industry.

Nam Kwong Trade Company was inaugurated in August, 1948 as the first Chinese-funded enterprise in Macao.

Wang Jinxiang, deputy director of the Liaison Office of the Central People's Government in the Macao SAR, noted that the Chinese-funded enterprises in Macao have made due contributions toMacao's economic development and market supply, the exchanges between Macao and China's inland and the restructuring of Macao's economy.

Present at the ceremony were Ma Man Kei and Chen Jinhua, vice-chairmen of the National Committee of the Chinese People's Political Consultative Conference and Chief Executive Edmund Ho Hau Wah of the Macao SAR.