Macao to actively integrate itself into China’s overall development

CGTN | 14-Nov-2020

China’s Macao Special Administrative Region (SAR) will intensify efforts to revive its economy and actively integrate itself into the overall development of the country next year, Macao SAR Chief Executive Ho Iat Seng said on Monday.

In his Policy Address for the Fiscal Year 2021, Ho expressed confidence in achieving growth recovery in Macao next year but acknowledged that the pace of economic revival will still be slow. In 2021, the SAR government will strive to implement regular epidemic prevention and control measures, accelerate economic recovery, appropriately diversify Macao’s economy, maintain national security and social stability, and actively integrate the SAR into the overall national development, he said. The vulnerability of Macao’s economy has been further exposed by the COVID-19 pandemic, he said, underscoring the city’s overreliance on tourism and the gambling industry and the urgency to explore ways to appropriately diversify the economy.

The SAR government will facilitate the upgrading of traditional industries, promote the development of the modern financial industry, foster cross-border e-commerce, further develop cultural and sports industries, and increase support to medium-sized and small companies, said Ho. Meanwhile, the SAR government will continue to improve the legal system and implementation mechanism for safeguarding national security and strengthen national security education, he said, adding that measures will be taken to prevent infiltration and interference by external forces. The chief executive highlighted new opportunities for Macao as China gears up to implement its 14th Five-Year Plan.

According to the Communist Party of China Central Committee’s proposals for the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, the country will nurture a new development pattern that takes the domestic market as the mainstay while letting domestic and foreign markets boost each other. The document also called for promoting the building of the Guangdong-Hong Kong-Macao Greater Bay Area and creating innovation platforms and new growth poles in the region. Ho said the new development pattern will provide opportunities for Macao to tap into the huge market on the Chinese mainland. “The implementation of the 14th Five-Year Plan next year will be conducive for Macao to actively integrate itself into major national development strategies,” he said.

The building of the Guangdong-Hong Kong-Macao Greater Bay Area will bring opportunities and space for Macao’s development, he added.

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