Macao to Maintain Trend of Economic Growth in 2003

Home>>Business

Last updated at: (Beijing Time) Tuesday, February 25, 2003

Macao to Maintain Trend of Economic Growth in 2003

Macao's economy will maintain growth momentum this year in the absence of big unfavorable factors, a senior official from the Special Administrative Region (SAR) government said Tuesday.

DISCUSSION

CHINESE

SEND TO FRIEND

Macao's economy will maintain growth momentum this year in the absence of big unfavorable factors, a senior official from the Special Administrative Region (SAR) government said Tuesday.

Delivering a speech at a symposium sponsored by the Macao Chamber of Commerce, Francis Tam Pak Yuen, secretary for economy and finance, said, "We hold an cautiously optimistic attitude towards Macao's economic development this year."

He said 2003 will be a vital year for Macao's economic expansion and the SAR will face inner and outside environments that are generally better that last year, with good factors increasing.

"Although some unclear elements lie in the global economy, the trend of economic development is basically optimistic," he said.

"And China's inland economy will keep a strong growth momentum," Tam added, vowing to cement cooperation with the inland in various fields.

The official revealed that the SAR government will push forward a series of credit and loans plans to support the development of local small and medium-sized enterprises.

In September, the SAR will hold a symposium on economic cooperation between China and Portuguese-speaking countries. In April, a large exhibition fair will be held here to promote and sell excellent products from western Guangdong.

According to Tam, work on an industrial zone at the area between Macao and the neighboring city of Zhuhai will start in the second half of this year.

The SAR government will soon announce a fund package to help the young people start business and create job opportunities for them, he said.

And the SAR will absorb international experience and make rules and regulations to upgrade the gambling industry and maintain orderly operation of the sector, he said.

Macao is known as "Monte Carlo in the East." Its 11 casinos paid combined tax of as much as 7.5 billion patacas (937.5 millionUS dollars) in 2002, hitting a new record in the history as a major source of government fiscal income and up more than 20 percent from the previous year.

The casinos reaped gross revenues of 21.5 billion patacas (2.69billion dollars) last year.

Last February, the SAR government granted three casino licenses to Wynn Resorts, Galaxy Casino and the Macao Gaming Company in an ambitious move to bring in market competition and optimize this core industry of Macao. But the two new casino license winners have not yet started business.

The liberalization of the gaming industry will inject new vitality into the Macao economy, economists agreed.

Since Macao returned to the motherland at the end of 1999, Macao has stuck to free market rules and exerted great efforts to improve investment environment.

The SAR's economy grew 4.6, 2.1 and an estimated 8 percent in the year 2000, 2001 and 2002, respectively.

Questions?Comments? Click here

Macao's Economic Recovery Accelerated: Official

Macao's Economy to Grow More Than 5 Percent This Year: Official

Which Country, China or Japan, Does Russian Oil Pipeline Lead to? ( 3 Messages)

Chinese Fast Food Chains Battle Foreign Competitors ( 4 Messages)

Chinese Commemorate Dead Soviet Pilots ( 3 Messages)

China-ASEAN Economic Cooperation Upgraded ( 2 Messages)

Japan Strives to be Major World Power: Analysis ( 7 Messages)