Economy

credit cards in Macau

Number of credit cards in Macau in 2016 exceeds one million

The number of personal credit cards issued, directly or indirectly, by credit institutions in Macau reached 1.06 million.

7 Feb, 2017

Book Pearl River Delta

Pearl River Delta research book launched in Macau

The International Institute of Macau has launched the book “Pearl River Delta – From World Factory to Global Innovator,” with the aim of analysing the economic future of the Pearl River Delta region of southern China.

7 Feb, 2017

Lionel Leong

Lionel Leong doesn’t promise minimum wage in Macau in 2019

Secretary for Economy and Finance Lionel Leong Vai Tac declined on Wednesday to say whether the government could keep its promise that the city’s law on a statutory minimum wage for all workers will finally be implemented in 2019.

26 Jan, 2017

Prices in Macau rise 2.37 per cent in 2016

Prices in Macau in 2016 recorded an average annual increase of 2.37 per cent due to a rise in the price of car park leases, the prices of meals bought away from home, cars and tobacco and the costs of buildings management services, reported the Statistics and Census Bureau.

24 Jan, 2017

Macau’s GDP expected to grow 3.2 per cent

The Department of Economics, University of Macau (UM) released a report stating that the region’s economy is beginning to recover and is forecast to “continue its steady growth in 2017.”

23 Jan, 2017

Macau banker expects housing prices to fall

Macau Small and Medium Enterprises (SMEs) Association President Stanley Au Chong Kit said on Thursday he expected housing prices in the city to drop this year, in the expectation that the US Fed will raise interest rates several times in the year ahead.

20 Jan, 2017

Macau-based BNU opens Hengqin branch

Macau-based Banco National Ultramarino (BNU) officially inaugurated its Hengqin branch, becoming Macau's first local incorporated bank to open a branch in the mainland.

19 Jan, 2017

Macau’s gaming tax not only factor for casinos’ competitiveness says Lionel Leong

Secretary for Economy and Finance Lionel Leong Vai Tac said on Tuesday that the gaming tax rate was not the only factor in determining the local gaming industry’s competitiveness. Leong made the remarks on the sidelines of a press conference at the Macau Chamber of Commerce about local gaming operators’ procurement partnerships with small- and medium-sized enterprises (SMEs).

18 Jan, 2017

Macau government pledges ‘good quality’ conventions

Secretary for Economy and Finance Lionel Leong Vai Tac pledged on Thursday that the government will further promote the development of the convention and exhibition industry, with priority being given to the organisation of conferences. Leong also vowed that the government will strive to bring more “good quality” international conventions and exhibitions to the city.

13 Jan, 2017

Government to boost integration of Macau in the “One Belt, One Road”

The government of Macau will give new impetus to the integration of the service platform for trade cooperation between China and Portuguese-speaking countries in the “One Belt, One Road,” initiative said the Secretary for Economy and Finance, Leong Vai Tac.

12 Jan, 2017

Re-appointed official of Forum Macau vows to promote Sino-PSC platform

Echo Chan Keng Hong, the re-appointed deputy secretary-general of the Permanent Secretariat of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (PSCs), said on Tuesday she was glad that she has been re-appointed to the post after she resigned in late 2015. Chan said her important tasks would include pushing for the implementation of the various support measures announced by the central government last year.

11 Jan, 2017

Land scarcity hinders Macau’s non-gaming revenue growth says analyst

Praveen Choudhary, managing director and head of Hong Kong Property, Hong Kong/China Conglomerates and Asia Gaming Research at Morgan Stanley, said on Tuesday it was very difficult for Macau to massively increase its non-gaming revenue per centage due to the city’s limited land resources. Choudhary made the remarks while speaking to reporters on the sidelines of a press conference at Galaxy Macau about the upcoming 11th G2E Asia gaming expo, where he was one of the main speakers.

11 Jan, 2017

Macau’s consumers downbeat about home purchases says survey

A survey conducted by the private Macau University of Science and Technology (MUST) found that Macau’s consumer confidence dropped slightly in the fourth quarter last year, with buying a flat recording a score of 54.89 (out of 200), down from 59.27 in the previous quarter.

10 Jan, 2017

Macau´s Chief Executive expects economy to grow this year

The government is confident that Macau’s economy will show positive growth this year, Chief Executive Fernando Chui Sai On said on Wednesday.

5 Jan, 2017

Macau’s trade deficit falls in the period from January to November

Macau trade deficit improved in the period from January to November 2016, having declined 18.34 per cent to 55,482 patacas (US$6.935 billion), reported the region’s Statistics and Census Bureau.

4 Jan, 2017

Prices in Macau start rising again in November

Prices in Macau reversed the downward trend observed since last March and rose 1.53 per cent year on year in November, higher than the +1.33 per cent recorded in October, according to information from the Statistics and Census Bureau.

29 Dec, 2016

Japan might be a threat to local casinos says Leong Vai Tac

Secretary for Economy and Finance Lionel Leong Vai Tac said on Thursday that Japan’s future casino operations were potentially a threat to the local gaming industry.

16 Dec, 2016

Macau and the United States of America sign financial cooperation agreement aimed at US taxpayers 

Macau and the United States of America have signed an agreement that will require local financial institutions to directly inform the United States Internal Revenue Service (IRS) about American taxpayers' bank accounts.

15 Dec, 2016

Withdrawal cap aims to stabilise Macau’s financial system says Leong Vai Tac

Aiming to stabilise Macau’s financial system and cash flow, the government has set the limit per ATM withdrawal with bank cards issued in the mainland at 5,000 patacas or HK$5,000, Secretary for Economy and Finance Lionel Leong Vai Tac said on Sunday.

12 Dec, 2016

US report

Macau returns to economic growth in 2017, says the EIU

The Gross Domestic Product of Macau (GDP) is expected to return to growth in 2017, the year in which the Economist Intelligence Unit (EIU) expects a rate of 5.2 per cent, which will rise one-tenth of a percentage point to 5.3 per cent in 2018 according to the latest report on the territory.

10 Dec, 2016