Macao's economy tipped high growth in 2004

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Last updated at: (Beijing Time) Friday, November 28, 2003

Macao's economy tipped high growth in 2004

Macao's 2004 economy is tipped to maintain the record high growth rate of 9 percent which was made in 2003, said Francis Tam Pak Yuen, secretary for economy and finance Friday afternoon.

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Macao's 2004 economy is tipped to maintain the record high growth rate of 9 percent which was made in 2003, said Francis Tam Pak Yuen, secretary for economy and finance Friday afternoon.

"Macao's economy has just ended up a four-year recovery, and embarked on a steady fast growth period," said Tam when deliveringhis economic policy address for 2003 at the Macao Legislative Assembly.

As a special administrative region (SAR) of China, Macao reversed a continuous negative economic growth in 2000, and took the following four years to fortify its economic strength under anadministrative transformation after its return to the motherland in 1999. The economic recovery was expedited in 2002, when Macao achieved a historically high growth of 9.5 percent.

Macao achieved a fast first-quarter growth of 15.9 percent before the economy was dampened by a turbulence brought by the warin Iraq in March and the ensuing outbreak of severe acute respiratory syndrome (SARS) in April this year. However, a vitality was soon geared up in the second half year, which was boosted by a swift business of the gaming and tourist industry.

"Given the growth momentum in the second half year, the yearly increase of gross domestic product (GDP) is likely to go higher than the forecast of 5 percent set at the beginning of the year tobreak even the previous year's record," said Tam.

He cited a number of stimulating elements including the signingof the Mainland/Macao Economic Partnership Arrangement (CEPA) in October, the mainland's facilitated policy on individual travels on Hong Kong and Macao-bounded tours starting in July, an anticipated establishment of a cross-border industrial zone with Zhuhai of south China's Guangdong Province by the end of this year.

"The policy supports from the mainland have injected a vigor and brought forward new opportunities for Macao to maintain a steady and fast growth rate," said the official optimistically.

With the implementation of CEPA slated to go into force on January 1, 2004, not only 272 categories of logistics from Macao will enjoy zero tariff to go into the Chinese mainland, but also the bilateral trade and cooperation on industrial projects will befacilitated, Tam said.

The policy would inevitably improve the attractiveness of Macao's polar industries of gaming, tourism, convention and exhibition and trade, he added.

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