Macao Economy Improves As Return Approaches ����The economy of Macao is witnessing signs of improvement as it braces for its forthcoming return to the Chinese motherland on December 20 of this year. ����After five years of economic restructuring and the test of the Asian financial storms, some pillar industries in Macao are showing bright spots. ����In the first six months this year, Macao received a total of 3. 6 million visitors, up six percent over the same period last year, and completely reversing the falling trend over the last two years. Its imports and exports also recorded sharp increases. ����This and more have strengthened Macao's confidence in the future. As long as it seizes the opportunity and speeds up industrial restructuring, Macao will have a brighter future when it returns to the motherland. ����Macao, like Hong Kong, has been a free port with free economic policies. ����Its recent economic prime began in the early 1960s and lasted till the early 1990s, when Macao enjoyed one of the world's highest economic growths and established trade ties with over 100 countries and regions. ����At present, Macao's per capita gross domestic production (GDP) stands at 16,000 US dollars, ranking high among the countries and regions of Asia. ����Beginning in 1993, Macao's economy began to slow down. It saw negative growths in both 1996 and 1998, and all of its pillar industries encountered hard times. ����Some economists attributed these economic problems to simplistic economic structure and heavy independence upon a few special industries. ����Macao has many advantages and great potentials for further economic development, such as a favorable geographic location, close ties with the European Union and the United States, free port status, and low tariffs. ����More important is that Macao, after its return to China, will enjoy the strong backing of the motherland, when the "China elements" are expected to give a huge impetus to Macao's economic growth. ����Already, close economic cooperation has formed between Macao and the inland areas, and Macao now ranks 10th among the largest investors in the inland areas and the inland areas are playing an important role in Macao's economic growth. ����Now, local people are seizing the opportunity of Macao's coming return to the motherland, and promoting Macao to the rest of the world as an ideal tourist destination. ����In the meantime, the future Macao Special Administrative Region government, led by Edmund Ho Hau Wah, is actively working on blueprints for the region's long-term development. ����People in Macao have every confidence that as long as they unite as one and work hard, the region will complete its economic restructuring at an earlier date. (Xinhua) Economicnews 1999-10-29 Page2