Macao'e Economy Tipped to Expand 4 Percent Next Year: Chief Executive

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Last updated at: (Beijing Time) Thursday, November 21, 2002

Macao'e Economy Tipped to Expand 4 Percent Next Year: Chief Executive

Chief Executive Edmund Ho Hau Wah expressed Wednesday his confidence on an even brighter future of China's Macao Special Administrative Region (SAR).

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Chief Executive Edmund Ho Hau Wah expressed Wednesday his confidence on an even brighter future of China's Macao Special Administrative Region (SAR).

Macao's economy is tipped to expand around 4 percent in the coming year, the chief executive told the press after delivering the policy address for 2003.

He foresaw the SAR's gross domestic product will grow between 5 and 6 percent this year, depending on the performance of exports in the fourth quarter.

Since Macao returned to the motherland at the end of 1999, the SAR economy has witnessed a sustained and healthy development.

The gaming industry will achieve relatively better growth, while some other industries will have to face difficulties in the long term. "It is hard for all the industries to expand simultaneously in Macao," he said.

Greater efforts will be exerted in the coming year to cement the role of tourism and gambling industry as the engine for Macao's economy. "Tourism and gaming industry is the sector that we will focus on in the near-term development," he said in the policy address.

Edmund Ho told local officials and legislators at the Macao Legislative Assembly that the SAR government should take advantage of the existing opportunities to upgrade the gaming industry and improve service. "We should amplify necessary rules and regulations, strengthen supervision and train talents in an effort to make the gaming industry more competitive."

The chief executive called for more efficient tourism promotions and regional cooperation in the tourism sector.

He said the government will revise concerned ordinance and carry out the rules in a more strict manner.

According to statistics, tourist arrivals in the SAR jumped a year-on-year 10.6 percent to 9.46 million from January to October,buoyed by huge influx of China's inlanders. The number of tourists to Macao hit a record of more than 10 million last year and the figure for this year is set to be even larger in line with estimates from local officials and market watchers.

In an effort to ease the jobless pressure, Edmund Ho said his government will pour 1.8 billion patacas (225 million US dollars) into the construction of basic facilities and public projects to create 8,000 job opportunities in 2003.

A good number of private projects will also be permitted to construct in an effort to further alleviate unemployment strains. And the government is seeking to generate more jobs in environment protection and beautifying sectors, he said.

Statistics show that Macao's jobless rate has long perched at above 6 percent.

The chief executive also vowed to provide more support for the growth of small-and medium-sized enterprises (SMEs), one of the economic pillars in Macao, since the SMEs benefited relatively less from the SAR's economic recovery and some of them now report the shortage of funds and technology, even hard to make ends meet.

The SAR government will raise the efficiency of government administration, revise outdated business rules and promote the accounting system to be in line with the international standard soas to create a better market environment for the SMEs, he said.

Particularly, application for catering licenses will be simplified in the first half of next year and a special government-backed fund will serve as guarantee for the SMEs to obtain bank loans, the chief executive said.

"We aim to provide a wider space for them to develop through consolidated overseas economic and trade cooperation," he added.

The SAR government will continue to help the disadvantaged people, Edmund Ho noted.

The government will set aside 20 million patacas (2.5 million US dollars) in the coming year as special assistance for single-parent families, disabled people and those who are ill for a long period of time.

Another 10 million patacas (1.25 million dollars) will be offered as subsidies for students from poverty-stricken families, he said.

Edmund Ho vowed to provide more support and training for the jobless people and those suffering from underemployment and posteda package of tax reduction initiatives.

These are measures taken by the SAR government to support enterprises and residents in difficulties in a certain period of time, he said, adding that the "catalyst" will propel the Macao society to develop better and local residents to unite more closely.

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