Commentary by Frederico Ma Chi Ngai
Chairman of the Board of Directors of the Macao Chamber of Commerce (ACM)
Last month, President Xi Jinping met with Chief Executive Sam Hou Fai, who was in Beijing to report on his work. He listened to Sam’s report on Macao’s current situation and the work of the Macao Special Administrative Region (SAR) Government, and stated that the Central Government fully affirms the work of Sam Hou Fai and the SAR Government. President Xi also pointed out that the SAR Government should proactively align with the national “15th Five-Year Plan”, uphold and improve the executive-led system, steadily promote appropriate economic diversification, continuously enhance governance efficiency, and better integrate into the overall national development. After returning to Macao, Sam Hou Fai summarized his work report trip to the media, calling on the society to work together with the remark that “One person’s strength is limited, but the collective strength of everyone is infinite.” He also elaborated on the SAR’s next focus on five aspects of work, the top priority of which is to respond to President Xi’s important speech, formulate Macao’s “Third Five-Year Plan” (2026-2030) and proactively align it with the national “15th Five-Year Plan”, and revealed that the preliminary preparation work for the “Third Five-Year Plan” has been launched.
Looking back at the various development goals and main tasks of the “Second Five-Year Plan”, the SAR Government has basically achieved or exceeded them. For example, the overall unemployment rate has remained at a low level of 1.7 percent (2.3 percent for local residents), and the median income has risen steadily; the revision of gambling-related regulations has been completed and re-tendered, and under the new gambling management contracts, various concessionaries have actively fulfilled their non-gambling investment commitments; laws and regulations covering various businesses such as finance, traditional Chinese medicine, catering and travel agencies have been enacted, laying the foundation for creating a high-quality and convenient business environment. In 2025, the total number of incoming tourists exceeded 40 million, a record high; the cumulative scale of bond listings exceeded 1 trillion patacas, and various emerging industries have progressed in an orderly manner. However, behind the impressive achievements, there are still many shortcomings that need to be addressed. For instance, the transformation of scientific and technological achievements and social investment in scientific research are still relatively low; except for finance, other emerging industries have not yet formed economies of scale; and the per capita consumption and length of stay of tourists have declined in recent years. To proactively align with the national “15th Five-Year Plan” and formulate a sound “Third Five-Year Plan” for Macao, it is necessary to fully recognize and address existing shortcomings, incorporate the “Four Major Infrastructure Projects” proposed in the Policy Address, and at the same time deeply understand the various development goals of the “15th Five-Year Plan”. For example, the top goal requires remarkable achievements in high-quality development. Both the “15th Five-Year Plan” proposals and the just-concluded Central Economic Work Conference have taken boosting economic growth through domestic demand as a major task. In addition to a series of fiscal and regulatory policies such as the “trade-in for new” program and the national unified national market, strengthening service consumption and promoting the high-quality development of the service industry have become the top priorities this year. Macao’s tourism, convention and exhibition service industry needs to further improve quality and develop in the “Third Five-Year Plan”, export high-quality tourism, convention and exhibition services, and integrate resources to participate in the construction of the unified national market.
The significant improvement of the country’s self-reliance and self-improvement in science and technology is also a key focus that must be addressed in Macao’s “Third Five-Year Plan”. Macao should increase overall social investment in scientific research, with government funds playing a guiding role; bold investment should be made in basic research to enable researchers to participate in major national scientific research projects; applied research should target application scenarios in the unified national market, strengthen the transformation of achievements, and contribute Macao’s strength to the country’s self-reliance and self-improvement in science and technology. A series of supporting policies and indicators for building a highland for gathering international top talent should also be reflected in the “Third Five-Year Plan”. The first two phases of the talent introduction program have included more than 750 talents in the proposed talent introduction list, involving four major industries, including more than 20 high-end talents, over 120 outstanding talents, and the remaining 600-odd senior professional talents, who are from the Chinese mainland, Hong Kong SAR and overseas. However, a large proportion of them are existing talents already working in Macao, and most are from the Chinese mainland. Increasing the talent pool and enhancing internationalization are key priorities for the next phase. The “Four Major Infrastructure Projects” should serve as carriers for talent aggregation, contributing to the country’s comprehensive deepening of reform and high-level opening up. As President Xi stated in his 2026 New Year Address: “Those who start with resolve must see it through to the end; those who achieve success plan thoroughly beforehand.” We should anchor the goals and tasks of the “Third Five-Year Plan”, strengthen confidence, seize opportunities, steadily promote appropriate economic diversification, and continue to write a new chapter in integrating into the overall national development.
Frederico Ma Chi Ngai poses at the entrance to the Macao Chamber of Commerce last year. – Photo courtesy of ACM
