BOC Report Highlights Better Economy of Macao

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Last updated at: (Beijing Time) Sunday, February 24, 2002

BOC Report Highlights Better Economy of Macao

Macao's economy, spurred by various factors, is expected to grow 2 percent this year, up from 0.7 percent last year, according to a recent report of Macao Branch of Bank of China.

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Macao's economy, spurred by various factors, is expected to grow 2 percent this year, up from 0.7 percent last year, according to a recent report of Macao Branch of Bank of China.

The BOC report says that the recovering U.S. economy will help the world economy step out of difficulties and pose positive effects on Macao's economy.

China's entry into the World Trade Organization and intensified efforts to tap the vast western region will act as a strong backing for the SAR economy, it notes.

Another boon to the economy will come from endeavors by the Special Administrative Region (SAR) government, such as opening of the gaming industry and construction of a batch of large projects.

The report says that breaking up monopoly in the gambling market will bring a new tide of investment and benefit such sectors as tourism, real estate, construction, hotel and catering.

The number of tourist arrivals in the SAR is expected to increase by roughly 10 percent in 2002 on a record of 10.3 million last year.

These factors will also lift the payroll and promote the development of financial industry, according to the report.

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