Macau has unveiled an ambitious plan, targeting 81 key projects over the next five years to diversify its economy.
This initiative aims to reduce reliance on gaming revenues. The plan includes tourism, gaming, and the development of new industries in health, finance, and high-tech.
Additionally, the convention, exhibition, and commerce sectors are a focus.
During a press conference, the plan was introduced, outlining the Economic Diversification Development Plan for Macau (2024-2028).
National integration is key for leveraging Macau’s “open micro-economy”. The development of industries will rely on regional cooperation.
Macau aims to serve the country’s needs, as per the Secretary for Economy.
The plan highlights Macau’s participation in the Greater Bay Area and the Hengqin Cooperation Zone.
These are pivotal for its integration into the national economic fabric. The region is part of Beijing’s project to form a global metropolis.
It combines the special administrative regions of Macau and Hong Kong with nine Guangdong cities.
Among the 81 priority projects, Macau plans to attract international visitors, promote culinary tourism, and expand traditional Chinese medicine.
It also focuses on modernizing the finance industry and supporting tech innovation. Additionally, the plan aims to bolster the convention sector.
The creators of the plan expect Macau’s conventions and exhibitions to increase significantly.
The ‘one country, two systems’ principle grants Macau unique institutional advantages.
The country remains in robust support for Macau’s economic growth, highlighted the Secretary for Economy and Finance.
Unique Advantages
In 2019, gaming revenues were crucial to Macau’s current income, indicating heavy reliance on this sector.
The gaming industry contributed over half of Macau’s GDP. It employed nearly 20% of the workforce by the end of 2022.
Macau, known as the gaming capital of the world, is the only place in China where casino gambling is legal.
Six concessionaires operate under a new ten-year contract from January 2023. The contract includes conditions to enhance non-gaming elements and attract foreign visitors.
This diversification plan is a strategic move to ensure Macau’s economic stability and growth amidst changing global economic conditions.