Secretary for Economy and Finance Anton Tai Kin Ip has told participants in an academic seminar that the local government is committed to building an appropriately diversified industrial structure that is sustainable while being suitable for Macau’s real situation, with the aim of enhancing the local economy’s resilience against external risks, according to a statement by the Economic and Technological Development Bureau (DSEDT) last night.
Tai made the remarks while addressing a seminar held on Thursday about Macau’s appropriate economic diversification and economic security.
The one-day seminar was jointly organised by the bureau and the Macau Patriotic Education Youth Association in commemoration of the 80th anniversary of the Victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, according to the statement.
The seminar was held at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (aka Forum Macao Complex), located near Macau Tower.
The seminar was attended by local government officials from various public entities, representatives from the association, and scholars from the local academic sector.
According to the statement, the seminar addressed the “intrinsic connection” between appropriate economic diversification and economic security, where participants discussed the important role of industrial diversification in safeguarding economic security.
“Economic security” is one of the various non-traditional fields in national security listed by the central government’s holistic approach to national security put forward by President Xi Jinping, in addition to the traditional ones, namely political security, military security, and homeland security.
According to the central government’s holistic approach to national security, economic security refers to a country’s capability to eliminate and resolve potential risks and resist external impacts in the process of its economic development, so as to ensure sustained, rapid and healthy economic development, and to ensure that the country’s economic interests remain in a state of stable development.
According to last night’s statement, Tai underlined during the seminar that with the central government’s strong support, Macau’s economy is now transitioning from recovery-driven growth to high-quality development. He noted that according to official preliminary figures, the city’s gross domestic product (GDP) grew by 5.1 percent year on year in real terms in the second quarter of this year, indicating the local economy’s stable performance with positive trends.
Tai said that with the profound changes in the international landscape, advancing appropriate economic diversification is the inevitable choice for Macau to resolve its deep-seated socioeconomic issues and ensure its long-term prosperity and stability.
Tai underlined that the Macau government is committed to building a sustainable industrial structure tailored to the city’s real situation, with the aim of enhancing the local economy’s resilience against external risks, in compliance with the four requirements laid out by Xi for Macau during his inspection visit to Macau late last year, with Macau’s positioning as “One Centre, One Platform, One Base”, and with the local government’s 1+4 appropriate economic diversification plan.
Moreover, Tai said, the local government will continue to deepen regional cooperation, take the initiative to align with the nation’s 15th Five-Year Plan, advance the development of the Guangdong-Macau In-Depth Cooperation Zone in Hengqin with high standards, and strengthen the industrial synergy and the alignment of rules between Macau and Hengqin.
This handout photo released by the Economic and Technological Development Bureau (DSEDT) yesterday shows Secretary for Economy and Finance Anton Tai Kin Ip addressing last Thursday’s seminar at Forum Macao Complex about Macau’s appropriate economic diversification and economic security.
