Published: 15:10, December 20, 2023 | Updated: 18:00, December 20, 2023
CE: Macao to strive to integrate into national development
By Atlas Shao in Hong Kong

President Xi Jinping meets with Chief Executive of the Macao Special Administrative Region Ho Iat-seng, who is on a duty visit to Beijing, capital of China, Dec 18, 2023. (PHOTO / XINHUA)

Macao will accelerate efforts to diversify its economy and integrate into the nation’s development in a bid to make the city more livable, the city’s leader vowed when marking the city’s 24th anniversary of its return to the motherland on Wednesday.

Ho Iat-seng, chief executive of the Macao SAR, outlined his plan for the coming year, saying the SAR government will focus on consolidating recovery and economic diversification, optimizing people’s livelihoods, and boosting development.

In the meantime, it aims to seek progress with stability and make greater efforts to safeguard national security.

Ho Iat-seng, chief executive of the Macao SAR, said that the SAR would speed up the construction of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, and promote the high-quality development of the SAR’s economy

Ho was speaking at a reception on Wednesday morning to celebrate the 24th anniversary of the establishment of the SAR.

He said that the SAR would speed up the construction of the Guangdong-Macao Intensive Cooperation Zone in Hengqin, and promote the high-quality development of the SAR’s economy.

Next year, which will be the 25th anniversary of the city’s return to the motherland, also marks the beginning of the implementation of Macao’s first development plan for economic diversification.

The plan, announced by Ho in his latest Policy Address and titled “1+4”, sets out five key areas the city aims to concentrate on and is set to run until 2028. It plans to achieve economic diversification by focusing on the further development of the tourism and leisure sector while promoting core industries — health and wellness, modern finance, high-tech, exhibitions and commerce, culture and sports.

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Ho Iat-seng, chief executive of the Macao Special Administrative Region, delivers a policy address for fiscal year 2024 in Macao on Nov 14, 2023. (PHOTO / XINHUA)

In the meantime, the city will revitalize old districts to drive economic development in the community, support gaming companies to develop non-gaming businesses, introduce more international events, and enrich local thematic amusement products.

Ho, who was in Beijing on Monday to report to President Xi Jinping, said the central government has affirmed the SAR government’s work and issued instructions on future projects, which showed the way forward for the city and bolstered its confidence.

In the meantime, the city will revitalize old districts to drive economic development in the community, support gaming companies to develop non-gaming businesses, introduce more international events, and enrich local thematic amusement products

Ho said he hoped that the SAR can tie in with the country’s high-quality development, the relevant work plan of the 20th National Congress of the Communist Party of China, and Chinese-style modernization process, and promote Macao SAR’s policies for the year 2024.

Ho mentioned that Macao’s main economic indicators are improving. In spite of the impact of COVID-19, the SAR has shown a positive trend of rapid economic recovery, social stability and steady progress, Ho said.  

In the first three quarters of this year, Macao's GDP rose by 77.7 percent year-on-year in real terms, and has recovered to over 70 percent of the same period in 2019. Visitor arrivals climbed sharply year-on-year. As of November, the unemployment rate of local residents fell back to 2.9 percent and the underemployment rate to 1.8 percent.

To celebrate its 24th anniversary, the SAR organized a number of activities on Wednesday.

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The Macao SAR government held a flag-raising ceremony at Lotus Square at 8 am, which was officiated by the Ho and attended by about 520 guests. Attendees include the chief executive’s wife, representatives of the Liaison Office of the Central People's Government in the Macao SAR, Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in Macao Special Administrative Region, and the People’s Liberation Army Garrison in Macao, as well as heads of the legislature and the judiciary, delegates of the National Committee of the Chinese People’s Political Consultative Conference, lawmakers, principal government officials, and representatives of the community.

A commemorative franking service and envelopes are also provided at the Philatelic Shop of the General Post Office from 9 am to 2 pm on Wednesday.