Economy

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

Chinese ambassador Cai Run calls for boost to business cooperation with Portugal

The Chinese ambassador to Portugal, Cai Run, wants cooperation between Portuguese companies and Chinese investors in various areas of economic activity such as traditional Chinese medicine, tourism and education, among others, according to statements made in Lisbon.

9 Dec, 2016

ATMs withdraws from China UnionPay card holders to be slashed in half

Starting on Saturday the amount that China UnionPay bank card holders can withdraw from ATMs in Macau will be slashed in half.

9 Dec, 2016

Macau’s foreign trade falls from January to October

Foreign trade in Macau totalled 66.613 billion patacas (US$8.326 billion) from January to October, which represents a contraction of 13.565 billion patacas over the same period of 2015, reported the Statistics and Census Bureau.

1 Dec, 2016

Macau’s diversification will help boost job choices says Leong Vai Tac

Addressing a Q&A session in the legislature’s hemicycle on Thursday, Secretary for Economy and Finance Lionel Leong Vai Tac said that a more diversified economy would help young local people enjoy better career choices.

25 Nov, 2016

GDP grows again after 2-year shrinkage

Macau’s gross domestic product (GDP) has finally snapped a two-year contraction amid a recovery in casino receipts. GDP grew 4 per cent year-on-year in real terms in the third quarter, the first positive quarterly growth recorded over the past two years, the Statistics and Census Bureau (DSEC) announced yesterday. The bureau attributed the return to … Continue reading "GDP grows again after 2-year shrinkage"

23 Nov, 2016

Hengqin has enough land for local investors

Apart from the five-square-kilometre area known as the Hengqin Guangdong-Macau Co-operation Industrial Park, Hengqin Island has enough land for investors from Macau, the director of the Administrative Committee of Hengqin New Area, Niu Jing, said on Tuesday. Niu made the remarks on the sidelines of a seminar at the Zhuhai Holiday Resort Hotel about the … Continue reading "Hengqin has enough land for local investors"

23 Nov, 2016

Rise in public investment needed during downturn says Leong Vai Tac

Secretary for Economy and Finance Lionel Leong Vai Tac said on Monday the government needed to increase public investment to help boost the local economy amid its current downturn. Leong made the remarks when attending a plenary session to present the government’s 2017 budget bill, which was unanimously passed by the legislature. According to the … Continue reading "Rise in public investment needed during downturn says Leong Vai Tac"

22 Nov, 2016

Macau visitor expenditure increased 17.4 per cent

According to information released by the Statistics and Census Service (DSEC), total visitor spending (excluding gaming expenses) increased by 17.4 per cent year-on-year to MOP14.64 billion in the third quarter of 2016, putting to an end the seven consecutive quarters of year-on-year decline. The third quarter also showed an expansion of more than 25 per … Continue reading "Macau visitor expenditure increased 17.4 per cent"

21 Nov, 2016

Macau’s economy begins significant transition, IMF says

Macau’s economy has begun a process of “significant transition”, and the government has used the opportunity to adopt a less volatile economic model and more sustainable funding sources, said the International Monetary Fund (IMF), in a statement in Washington. The IMF mission that was in the territory from 3 to 4 November, which will produce … Continue reading "Macau’s economy begins significant transition, IMF says"

18 Nov, 2016

Cristina Morais quits the Forum Macao after one year

After one year in office, Cristina Gomes Pinto de Morais has left her post as coordinator of the Supporting Office to the Permanent Secretariat of the Forum for Economic and Trade Co-Operation between China and Portuguese-speaking countries (Forum Macao). Morais joined the Forum Macao in November 2015 to substitute Echo Chan Keng Hong who resigned … Continue reading "Cristina Morais quits the Forum Macao after one year"

7 Nov, 2016

New vehicle registrations fall 32 per cent in Jan-Sept 

The number of new registrations of motor vehicles dropped 31.7 per cent year-on-year to 10,078 in the first nine months of the year, the Statistics and Census Bureau (DSEC) announced on Monday. The number of new registrations of motorcycles fell 25.3 per cent to 5,785, while the number of new registrations of light automobiles decreased 41.9 … Continue reading "New vehicle registrations fall 32 per cent in Jan-Sept "

1 Nov, 2016

Macau vehicle imports fall 55 per cent in January – September

Macau’s motor car and motorbike imports fell 55.6 per cent year-on-year to 911 million patacas in the first nine months of the year, the Statistics and Census Bureau (DSEC) announced on Sunday. Mobile phone imports fell 44.9 per cent to 3.06 billion patacas. Watch imports dropped 31.9 per cent to 3.3 billion patacas. Gold jewellery … Continue reading "Macau vehicle imports fall 55 per cent in January – September"

31 Oct, 2016

Laws lag behind need for financial development says Macau Financial Employees Association

Domingos Savio Chang, who heads the Macau Financial Employees Association, said on Thursday that the city’s outdated laws and rules regulating the financial sector, as well as the insufficient number of qualified professionals, were hindering the development of the sector in Macau. Chang made the comments during a press conference about an upcoming event to provide … Continue reading "Laws lag behind need for financial development says Macau Financial Employees Association"

28 Oct, 2016

Macau inflation increased 1.59 per cent

Macau’s composite consumer price index (CPI) rose 1.59 per cent on September, a further slowdown from the 1.65 per cent growth in the previous month, the Statistic and Census Bureau said in a statement. The bureau attributed the increment to higher rentals for parking spaces, the higher cost of eating out, as well as increases … Continue reading "Macau inflation increased 1.59 per cent"

27 Oct, 2016

Macau Chief Executive says cash handout set to continue

Chief Executive Fernando Chui Sai On said on Monday the government was not likely to cease its cash handout scheme next year, Macau Federation of Trade Unions (commonly known as Gung Luen) President Chiang Chong Sek told reporters after meeting Chui at Government Headquarters. Pointing out that Macau has a fiscal surplus, Chui told Chiang … Continue reading "Macau Chief Executive says cash handout set to continue"

25 Oct, 2016

Macau creates cooperation park with Changzhou in Chinese province of Jiangsu

The Chinese city of Changzhou will house the Jiangsu-Macau cooperation park, according to a memorandum signed on Friday by the Chief Executive of Macau, Chui Sai On and the governor of Jiangsu Province, Shi Taifeng. The Chief Executive said that the Government of Macau will take advantage of the valuable experience of Jiangsu in international … Continue reading "Macau creates cooperation park with Changzhou in Chinese province of Jiangsu"

24 Oct, 2016