Economy

Macau wants to attract more conventions and exhibitions from the Asia-Pacific region

The Macau Trade and Investment Promotion Institute (IPIM) attended the “Asia-Pacific Incentives and Meetings Expo 2016″ (AIME 2016) which ended Wednesday in Melbourne, Australia, in order to attract more conventions and exhibitions from the Asia-Pacific region to Macau. The mission organised by IPIM, which since January has been responsible for coordination and external promotion of … Continue reading "Macau wants to attract more conventions and exhibitions from the Asia-Pacific region"

26 Feb, 2016

Guangzhou’s development plan to pursue closer economic integration with Macau and Hong Kong

Last week, Beijing approved Guangzhou’s ambitious plans to become an international trade center and regional transportation hub by 2020, but urged Guangzhou authorities to pursue closer economic integration with Macau and Hong Kong. China’s State Council urged authorities to focus on improving infrastructure in the Pearl River Delta by integrating road, port, rail and air … Continue reading "Guangzhou’s development plan to pursue closer economic integration with Macau and Hong Kong"

23 Feb, 2016

Property prices in Macau drop 13 percent in 2015

The average price of residential units in 2015 dropped by 13 percent year-on-year to 86,826 patacas per square metre of usable area, the Statistics and Census Bureau (DSEC) announced on Wednesday. The average price per square metre of usable area of pre-sale residential units fell by 23.5 percent to 119,526 patacas, while the average price … Continue reading "Property prices in Macau drop 13 percent in 2015"

18 Feb, 2016

Macau reserves swell to 345 billion patacas in 2015

The financial reserves and other asset values of the Macau Special Administrative Region (MSAR) rose by 2.4 billion patacas to 345 billion patacas last year, the Macau Monetary Authority (AMCM) announced on Wednesday. According to the announcement published in the Official Gazette (BO), the MSAR’s “basic reserves” amounted to 131.88 billion patacas and its “extraordinary … Continue reading "Macau reserves swell to 345 billion patacas in 2015"

18 Feb, 2016

Beijing backs Macau as yuan hub

The central government will keep supporting Macau to become a yuan clearing platform between China and the Portuguese-speaking bloc, Yao Jian, deputy director of the Central People’s Government Liaison Office in Macau, said on Wednesday. Yao made the remarks when addressing a seminar jointly hosted by the Bank of China Macau Branch (BOC Macau) and … Continue reading "Beijing backs Macau as yuan hub"

21 Jan, 2016

Agreement to advance chinese medicine industry from Macau inked

The Secretary for Economy and Finance, Lionel Leong, was in Beijing last week to witness the signing of a memorandum of understanding (MOU) between the State Administration of Traditional Chinese Medicine (TCM) and the Guangdong-Macau Traditional Chinese Medicine Technology Industrial Park Development. The secretary said that Macau intends to use the ties forged with Lusophone … Continue reading "Agreement to advance chinese medicine industry from Macau inked"

20 Jan, 2016

Agency hopes housing prices in Macau won’t drop over 20 pct this year

Housing prices dropped 22 percent last year and without anything expected to stimulate the local economy, the local office of Hong Kong estate agency Centaline Property said that it hoped the drop in property prices won’t exceed 20 percent this year. Centaline (Macau) Property Agency Director Jacky Shek Pou Tak and Senior Regional Sales Director … Continue reading "Agency hopes housing prices in Macau won’t drop over 20 pct this year"

15 Jan, 2016

Macau International Airport received record of 5.8 million passengers in 2015

Driven by the tourism market of Southeast and North Asia, Macau International Airport (MIA) achieved record-breaking passenger volume in 2015. During the year, MIA passenger count surpassed 5.8 million, representing an annual increase of 6.4 per cent, which is a new record for MIA. Meanwhile, the aircraft movement reached over 55,000 and recorded a 6 … Continue reading "Macau International Airport received record of 5.8 million passengers in 2015"

8 Jan, 2016

Macau imports fell while exports grew during November

Information from the Statistics and Census Service indicated that total imports of goods for November 2015 fell 17.4 percent year-on-year, while total exports of goods are up 6 percent for the same period. Excluding the import and export of services, the goods trade deficit widened to MOP68.02 billion for the first eleven months of 2015. … Continue reading "Macau imports fell while exports grew during November"

31 Dec, 2015

Banker predicts possible rate hike in Macau in 2nd half of 2016

Luso International Banking Assistant General Manager Chan Wai Shing said on Tuesday that he believed local lenders’ earliest interest rate hike would possibly happen in the latter half of next year. Chan made the remarks on the sidelines of the launching ceremony for the bank’s three-currency Unionpay credit card at the Macau Tower, involving the … Continue reading "Banker predicts possible rate hike in Macau in 2nd half of 2016"

30 Dec, 2015

Macau’s imported workers rise 9 percent to over 182,000

Macau had 182,246 non-resident workers at the end of last month, up 9 percent year-on-year, the government’s Human Resources Office (GRH) announced this week. Some 70.1 percent of the workers were imported from the mainland (116,941), Hong Kong (9,144) and Taiwan (1,636). Other major segments came from a number of foreign countries, namely the Philippines … Continue reading "Macau’s imported workers rise 9 percent to over 182,000"

30 Dec, 2015

Annual inflation in Macau slows in November to 3.77 percent

Prices in Macau registered annual growth of 3.77 percent in November, due to the increase in housing rental and charges for meals bought outside the home, reported the Statistics and Census Bureau. The Bureau also said the annual change in prices in November was significantly lower than that recorded a month earlier, in October, when … Continue reading "Annual inflation in Macau slows in November to 3.77 percent"

29 Dec, 2015

Macau Trade and Investment Promotion Institute to open offices in Lisbon & Sao Paulo in Q2 or Q3

Macau Trade and Investment Promotion Institute (IPIM) Executive Director Gloria Batalha Ung said that in order to provide better assistance to local enterprises, small- and medium-sized enterprises (SMEs) in particular, to develop their business ties with the Portuguese-speaking countries, the institute planned to set up representative offices in Lisbon and Sao Paulo. Ung also said … Continue reading "Macau Trade and Investment Promotion Institute to open offices in Lisbon & Sao Paulo in Q2 or Q3"

15 Dec, 2015

Macau’s economy to resume growth in 2017

Macau’s economy will resume growth in 2017, at a rate of 4.6 percent, after ending 2015 with a contraction of 23.0 percent and continuing in negative territory in 2016, with -2.7 percent, according with the most recent forecasts from the Economist Intelligence Unit (EIU). Gross fixed capital formation, or investment, which in 2014 recorded exceptional … Continue reading "Macau’s economy to resume growth in 2017"

15 Dec, 2015

Mainland-Macau trade up 23 per cent in first 10 months of 2015

According to figures from the Ministry of Commerce, trade between mainland China and Macau has increased by 32 percent year on year to reach USD3.95 billion for the first ten months of 2015. The mainland’s exports to Macau rose by 34.6 percent year on year to USD3.79 billion during the January–October period. Macau’s exports to … Continue reading "Mainland-Macau trade up 23 per cent in first 10 months of 2015"

14 Dec, 2015

Macau casinos don’t use Alipay said Leong Vai Tac

Secretary for Economy and Finance Lionel Leong Vai Tac said that no casinos are using Alipay, a third-party on-line payment platform affiliated to Alibaba Group. The policy secretary also said the government would ensure that all transactions through Alipay be dealt with in line with official regulations. Leong made the remarks on the sidelines of … Continue reading "Macau casinos don’t use Alipay said Leong Vai Tac"

14 Dec, 2015

Construction budget for Macau Pac On Terminal on leash

The construction budget for the new Pac On Terminal in Taipa is to be controlled at below MOP3.8 billion, the head of the Infrastructure Development Office, Chau Vai Man told the Assembly. This updated price tag quoted by the Office has ballooned compared to the total construction of MOP 3.28 billion estimated in 2014. Chau … Continue reading "Construction budget for Macau Pac On Terminal on leash"

11 Dec, 2015

HK-Zhuhai-Macau Bridge good for passenger flow says Simon Chan

The head of the Civil Aviation Authority, Simon Chan, says passenger flow will be positively affected with the opening of the Hong Kong-Zhuhai-Macau bridge. Simon Chan has also hailed improvements being done at the Macau International Airport. The President of the Civil Aviation Authority believes that the Hong Kong-Zhuhai-Macau Bridge will have a significant and … Continue reading "HK-Zhuhai-Macau Bridge good for passenger flow says Simon Chan"

4 Dec, 2015

Macau increases exports to China under CEPA

Macau’s goods exports to mainland China under the Closer Economic Partnership Agreement (CEPA) totalled 89.39 million patacas between January and November, according to the Macau Economic Services (DSE). In November the value of exported goods amounted to 12.5 million patacas, an increase of 114.2 percent over the figure for October, a month in which exports … Continue reading "Macau increases exports to China under CEPA"

3 Dec, 2015

Macau GDP shrinks 24 pct for 5th straight quarter

Macau’s economy in the third quarter contracted a fifth straight quarter as the world’s largest gambling hub was pummelled by an economic slowdown in the mainland and the central government’s attack on corruption which scared off high-rollers. The city, which relies on gamblers for about two thirds of economic output, saw its gross domestic product … Continue reading "Macau GDP shrinks 24 pct for 5th straight quarter"

1 Dec, 2015