Chief Executive Ho Iat Seng yesterday listened to the views and suggestions from a delegation of economists and members of an association representing the city’s small- and medium-sized enterprises (SMEs), on his upcoming 2023 Policy Address, according to two Macau Government Information Bureau (GCS) statements last night.
According to the statements, the meetings were held separately at Government Headquarters behind closed doors.
During yesterday’s meeting between economists and Ho, according to GCS, Pang Chuan, a vice-president of the private Macau University of Science and Technology (MUST), underlined that Macau’s gross gaming revenue (GGR) and number of visitors have stood at low levels since the COVID-19 pandemic began to affect the city in early 2020, which he said had put great pressure on the government and residents. Pang said that the government had been forced to use large parts of its financial reserves to relieve residents’ financial hardships.
Pang, a lawmaker appointed by Ho, said during yesterday’s meeting that a recovery in the number of visitor arrivals, which would be able to create jobs, was key to solving the predicament. Consequently, according to GCS, Pang suggested that the local government continue to ask the central government to allow tour groups from more regions in the mainland to visit Macau again.
During yesterday’s meeting, Macau Economics Association Chairman Lao Pun Lap suggested that the local government roll out measures to restore civil society’s confidence in Macau’s economic development prospects.
During the meeting, Ip Kuai Peng, a vice-rector of the private City University of Macau (CityU), suggested that the local government should continue to consolidate Macau’s role as a business service platform between China and Portuguese-speaking countries, which he said was important for Macau to diversify its economy and to contribute to the nation’s new “dual-cycle” economic development pattern.
According to GCS, other economists, and business studies scholars, from a number of local universities raised suggestions during yesterday’s meeting on various topics, such as economic recovery, measures to ease residents’ financial hardships, measures to support local SMEs, strengthened promotional campaigns to boost Macau’s tourism sector, and increased investment in public infrastructure projects.
Ho said during his meeting with the economists that the local government would continue to work well on COVID-19 prevention and control in strict compliance with the central government’s guidelines. The chief executive said that with the local government’s increased ability to bring COVID-19 under control, Macau’s entry curbs could be gradually relaxed in the near future.
Consequently, Ho said he expected Macau’s economic development to be more stable next year.
Int’l landscape, Fed rate hikes
Meanwhile, a delegation of members of the Macau Small and Medium Enterprises Association who met with Ho yesterday was led by its president, Stanley Au Chong Kit, a banker by profession.
Au said that Macau’s economy had been hard hit by the COVID-19 pandemic, adding that the latest international geopolitical landscape and the US Federal Reserve’s interest rate hikes had also been adversely affecting the city’s economy.
Au suggested that the local government strengthen occupational training for unemployed residents, which could help them return to the job market. Au also urged the government to roll out measures to raise the occupational skills of employees from various sectors. The government should also launch measures that encourage employers in various service sectors to hire more local residents.
In addition, according to GCS, Au also suggested that the government make better use of its financial resources.
Au’s fellow members raised suggestions about various topics, such as promoting economic recovery, facilitating appropriate economic diversification, intensify public administration reform and strengthen national security.
According to GCS, Ho pledged that the government will continue to roll out measures to improve Macau’s business environment for SMEs and to protect local residents’ employment.
The chief executive also noted that the government has rolled out various measures to “accurately” support local SMEs with the aim of “stabilising” civil society’s confidence in Macau’s economic prospects.
Ho is slated to deliver his 2023 Policy Address in the hemicycle of the Legislative Assembly (AL) in November. Macau’s calendar and fiscal years are identical.
Chief Executive Ho Iat Seng (centre) chairs yesterday’s meeting with local economists and business studies scholars at Government Headquarters. – Photos: GCS
Chief Executive Ho Iat Seng (centre) chairs yesterday’s meeting with members of the Macau Small and Medium Enterprises Association at Government Headquarters.
