The Macau government has launched a public consultation on its ongoing “1+4” drive aiming to appropriately diversify the city’s economy.
The government’s 1+4 model aims to consolidate the development of the city’s tourism and leisure industry while putting special emphasis on promoting the development of four new key industries, namely 1) big health, 2) modern finance, 3) high-tech, and 4) conventions and exhibitions as well as culture and sport.
The 1+4 model was first announced by Chief Executive Ho Iat Seng in November last year when he delivered his 2023 Policy Address to the Legislative Assembly (AL).
The public consultation, which started on Friday, will last 30 days. Three sessions for members of the general public will be held during the consultation period, which will end on September 2.
The three sessions will be held on August 23, 25 and 26 at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (PSCs) in Nam Van Lake district, also known as Forum Macao complex.
Details of the public consultation document can be accessed at: https://www.dsepdr.gov.mo/comment. The document is available in Chinese and Portuguese.
Members of the public can register for one of the three sessions on the website.
The government’s appropriate economic diversification proposal which is subject to the ongoing consultation will cover a period from 2024 through 2028.
The consultation document proposes that non-gaming sectors will account for around 60 percent of Macau’s total gross domestic product (GDP) by 2028.
According to the document, the government expects the number of international visitor arrivals in 2028 to return to the level recorded in the pre-COVID-19 pandemic year of 2019.
The document proposes to launch a programme enabling residents and tourists alike to enjoy their visits to Mount Fortress Garden during the night.
According to the document, the government proposes to develop a Big Health sector that will be mainly driven by the manufacturing as well as the research and development of traditional Chinese medicine (TCM) products.
In addition, the document proposes to make full use of the Cotai hospital complex, which is now scheduled to start operating in December this year, with the aim of promoting the development of a big health sector.
The document proposes to gradually transform Macau into a national-level regional medical centre.
Concerning the development of a modern financial sector, according to the document, the government proposes to put special emphasis on a number of segments such as the bond market, wealth management, finance leasing, and cross-border insurance products.
This photo taken in May shows the newly completed Cotai hospital complex, one of the government’s components to be used for promoting the development of Macau’s big health sector. – Photo: Tony Wong
