Economy

macau government spending in 2018

Macau government spending to surpass MOP100 billion for the first time

According to the bill, the government expects total receipts of MOP119.17 billion next year, MOP16.23 billion more than this year’s budget, up 15.8 percent. Government expenditure next year is budgeted at MOP109.61 billion.

21 Nov, 2017

Banco Well Link holds opening ceremony

Macau’s newest lender, Banco Well Link, held its formal inauguration ceremony on its Bank of China Building premises announcing that it plans to start retail counter services “in due course”.

8 Nov, 2017

Macau government reserves

Macau government reserves amount to US$62.8 billion

The government’s current reserves amount to MOP505.2 billion (US$62.8 billion), Secretary for Economy and Finance Lionel Leong Vai Tac said in the legislature.

8 Nov, 2017

Exhibitors eye “Belt and Road”opportunities at MIF

Over 1,000 enterprises from about 50 countries and regions are showing their products and services at the 22nd Macau International Trade and Investment Fair (MIF), hoping to network and get into partnerships with those along the “Belt and Road”

20 Oct, 2017

Macau GDP forecast

IMF forecasts 13.4% GDP growth this year

The International Monetary Fund (IMF) has raised its forecast of Macau’s gross domestic growth (GDP) to 13.4 percent for this year, according to its World Economic Outlook – October 2017.

12 Oct, 2017

Monetary regulator bars lenders from ICO market

The Macau Monetary Authority (AMCM) urged local banks and other payment institutions Wednesday to refrain from providing services of initial coin offerings (ICOs) and cryptocurrencies.

28 Sep, 2017

Macau hosts meeting to discuss traditional Chinese medicine cooperation

A symposium on international cooperation in traditional Chinese medicine (TCM) kicked off in Macau Wednesday, focusing on the standardisation of TCM and its entry into the global market.

28 Sep, 2017

Local management skills improve from last year

The findings of a survey carried out by the Macau Management Association (MMA) released Monday show that management staff skills in local companies have improved this year.

26 Sep, 2017

Hato typhoon is reminder for need for Macau diversification

Economic Services Bureau (DSE) Director Tai Kin Ip said Sunday that last month’s Hato disaster has made Macau’s civil society “fully” realise the “complexity of the reality”, adding that the government would think “deeply” about how to diversify the local economy in order to consolidate the city’s industrial structure.

25 Sep, 2017

Macau Service Complex to be built by Omas

The new Service Complex for Economic Cooperation between China and Portuguese-speaking countries will be built by Companhia de Construção e Engenharia Omas, Limitada for MOP 692.8 million (US$ 86.1 million), according to the Land, Public Works and Transport Bureau (DSSOPT).

25 Sep, 2017

BNU celebrates 115 years in Macau

Caixa Geral de Depósitos (CGD) and Banco Nacional Ultramarino de Macau are strong believers and supportive of the Chinese and Macau governments’ mission to make the territory a platform for closer commercial relations between China and Portuguese speaking countries, said Wednesday CGD Chief Executive Officer, Paulo Macedo.

21 Sep, 2017

Hato insurance claims reach 2.9 billion patacas: new monetary chief

Newly-appointed Macau Monetary Authority (AMCM) President Benjamin Chan Sau San said Tuesday the latest figures showed that the insurance claims filed in the wake of Super Typhoon Hato have reached 2.9 billion patacas (US$ 363 million).

20 Sep, 2017

Government reveals vehicle tax rebate for Hato damage

Financial Services Bureau (DSF) Director Iong Kong Leong Thursday announced details of a vehicle tax rebate scheme for vehicle owners affected by Super Typhoon Hato.

8 Sep, 2017

GDP grows 11.5 percent in Q2

Macau’s gross domestic product expanded by 11.5 percent year-on-year in real terms in the second quarter of 2017

28 Aug, 2017

Yuan

China says no more “irrational” investment in gaming

China formally laid down new rules on overseas investments, making explicit its de facto campaign against “irrational” acquisitions of assets in industries ranging from real estate and hotels, to gaming and entertainment

21 Aug, 2017

Macau-Wanzai

Smart city project to cost extra 200 million patacas a year

The government expects to spend an additional 200 million patacas a year for the next two years to implement projects related to Macau’s smart city development.

15 Aug, 2017

Air Macau continues pilot recruitment programme in South America and Europe

Air Macau will continue in 2018 with the programme to recruit captains to fly Airbus 320 aircraft in South America and Europe, and the recruitment drive in Europe will take place in April of that year.

15 Aug, 2017

Government to study Jockey Club development plan

Secretary for Economy and Finance Lionel Leong Vai Tac said that the government has decided to extend the horse-racing concession of the Macau Jockey Club.

10 Aug, 2017

Monetary regulator gets new chief

Chief Executive Fernando Chui Sai On has appointed Benjamin Chan Sau San chairman of the board of directors of the Macau Monetary Authority (AMCM), according to an executive order published in the Official Gazette (BO) on Wednesday.

10 Aug, 2017

Smart cities

Government inks smart city deal with Alibaba

The local government has signed a framework agreement with Alibaba Group to develop Macau into a smart city, by using Alibaba’s big data processing capabilities to enhance the quality of the city’s public services.

7 Aug, 2017