News

The Chief Executive, Mr Chui Sai On, will visit Fuzhou Prefecture in Fujian Province, from 22 to 23 February, and Guangzhou Prefecture in Guangdong Province, on 24 February, for discussions on Macao’s contributions to the development of the “Belt and Road” initiative.The Central Government has previously indicated its approval for the Macao SAR enhancing its role in developing the country’s Silk Road Economic Belt and the 21st-Century Maritime Silk Road (collectively known as “Belt and Road” initiative), particularly in relation to boosting cooperation efforts with Guangdong and Fujian.Chui’s visit will include meetings respectively with leaders from the two places, to discuss how to advance joint efforts for the development of the “Belt and Road” initiative and to expedite complementary cooperation in several fields.Macao officials accompanying the Chief Executive to Fuzhou and Guangzhou will include: the Chief-of-Office of the Chief Executive’s Office, Ms O Lam; the Director of the Government Information Bureau, Mr Chan Chi Ping; the President of the Administrative Committee of the Macao Trade and Investment Promotion Institute, Mr Cheong Chou Weng; the Director of the Policy Research Office, Mr Lao Pun Lap; the Director of the Macao Government Tourism Office, Ms Maria Helena de Senna Fernandes; the Chairperson of the Board of Directors of Macau Investment and Development Limited, Ms Lu Hong; and the Acting Director of the Protocol, Public Relations and External Affairs Office, Ms Lei Ut Mui.During Mr Chui’s absence, the Secretary for Administration and Justice, Ms Chan Hoi Fan, will be Acting Chief Executive.President Xi Jinping put forward the “Belt and Road” initiative during his Central Asia and Southeast Asia visits in, respectively, September and October 2013. The initiative has attracted attention worldwide.The “Belt and Road” initiative is conceived as a systemic project. All the countries and regions along its routes can benefit from it, thanks to it being integrated – via consultation – to their respective development strategies.
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The Institute for Tourism Studies (IFT) has always been committed to promoting the cultural industry in Macao. Apart from constantly providing a variety of cultural and creative courses, IFT has also pursued active cooperation with artists in recent years, organising exhibitions to provide a platform for local artists to demonstrate their artworks and in turn to integrate arts into the daily life of local residents. IFT Café at “Anim’Arte NAM VAN”, is one of the platforms to showcase local arts and provides citizens and tourists with a relaxing dining experience with cultural and art elements.
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Consumer Council conducted its latest ‘Supermarket price survey’ in February on 15 February for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included 14 supermarkets in Toi San, Ilha Verde and Fai Chi Kei areas in N. Sra. de Fátima Parish.
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The Monetary Authority of Macao announced today that the preliminary estimate of Macao SAR’s foreign exchange reserves amounted to MOP156.8 billion (USD19.62 billion) at the end of January 2017. The reserves increased by 0.7% from the revised value of MOP155.7 billion (USD19.49 billion) for the previous month. Macao SAR’s foreign exchange reserves at end-January 2017 represented 12 times the currency in circulation or 96.2% of Pataca M2 at end-December 2016.The trade-weighted effective exchange rate index for the pataca dropped 0.60 points month-to-month and rose 1.96 points year-on-year to 109.6 in January 2017, implying that overall speaking, the exchange rate of the pataca declined against the currencies of Macao’s major trading partners on a monthly basis but increased on an annual basis.
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The Heritage Foundation released today its 2017 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the ninth consecutive year. The SAR’s overall score of economic freedom is 70.7, well above the world and regional averages, making its economy the 32^ndfreest among 180 economies. In the Asia-Pacific region, Macao is ranked 8^th out of 43 economies, up one place from a year ago, just behind Hong Kong, Singapore, New Zealand, Australia, Chinese Taiwan, South Korea and Malaysia. Based on 12 attributes, the Report assesses the degree of economic freedom of individual economies around the world. Macao receives relatively high score in attributes such as fiscal health, government spending, trade freedom, investment freedom, tax burden, monetary freedom and financial freedom.The Foundation’s 2017 Report says that as a free port, Macao has long benefited from global trade and investment. The entrepreneurial environment is generally efficient and streamlined, and property rights are generally well respected. Taxation is low and relatively efficient. Since opening up the gaming industry in 2002, Macao has attracted more foreign investment.
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The Heritage Foundation released today its 2017 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the ninth consecutive year. The SAR’s overall score of economic freedom is 70.7, well above the world and regional averages, making its economy the 32^ndfreest among 180 economies. In the Asia-Pacific region, Macao is ranked 8^th out of 43 economies, up one place from a year ago, just behind Hong Kong, Singapore, New Zealand, Australia, Chinese Taiwan, South Korea and Malaysia.
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The International Monetary Fund (IMF) concluded the 2016 Article IV Consultation with Macao Special Administrative Region (Macao SAR) and published its Staff Report today (14 February, 2017, US time; 15 February, 2017, Macao time). This comprehensive report reinforces the IMF Staff Mission’s preliminary assessment of Macao’s macroeconomic and financial positions in the end-of mission statement released by the IMF on 15 November, 2016.The IMF Mission commended Macao SAR’s strengthening fiscal and external financial positions, credible linked exchange rate system, strong financial system, and remarkable macroeconomic resilience. Macao SAR is entering a transition to a more diversified economic model from a position of strength with large fiscal and external buffers. On economic outlook, the Mission concluded that the SAR economy had bottomed out and upwardly revised its forecast to 2.8% for 2017 from its previous forecast of 0.2%. Macao SAR is well-positioned to achieve relatively stable growth of low to mid-single digits in the medium term.The IMF recognised a strengthening position of Macao SAR’s fiscal and external financial buffers. On the fiscal side, the SAR has zero gross public debt and sizable Fiscal Reserve, due mainly to the Macao SAR Government’s prudent fiscal policy. On the external financial front, the SAR is a net foreign creditor. The Mission estimated that Macao SAR’s net foreign assets were equivalent to about 280% of GDP at end-2015. As a result, the Mission concluded that these buffers would continue to underpin Macao SAR for a transition to a new and more diversified economic model.The Mission concurred the SAR Government’s plan to diversify the sources of economic growth over the medium term, sensibly via setting three types of diversification objectives: 1) from high-end VIP gaming business to mass-market gaming business, 2) from gaming tourism to non-gaming tourism and 3) from tourism to financial services.The IMF reaffirmed its support for the linked exchange rate between the MOP and the HKD under a credible currency board regime, which continues to serve Macao SAR well. The success of the currency board is in large part due to steady application of the necessary supportive policies: adequate foreign exchange coverage, a liquid and well-capitalised banking sector, prudent fiscal policy and flexible labour markets. In addition, the downward tourist price flexibility, as displayed recently by the hotel sector, has warranted the SAR’s external competitiveness and has been increasingly important alongside the strengthening of the MOP.The IMF complimented Macao SAR’s sound financial sector, reflecting the prudence of regulations. The financial soundness indicators regarding asset quality, earnings, and liquidity remain remarkably robust. There is no clear need to loosen macroprudential regulations with respect to the real estate market based on the current information, such as healthy bank balance sheets and recovering housing prices.The Mission also noted Macao SAR’s solid macroeconomic resilience, hence, the spillover of the economic contraction, especially over employment, in recent years had been limited. Unemployment is around 2.0%, close to the historical low in 2014. Meanwhile, in the financial sector, the nonperforming loan ratio is largely unchanged at around 0.1%. In particular, the resilience in the tourism sector’s demand for labour has helped contain the fall in domestic consumption and deterioration in bank asset quality.The IMF Mission visited Macao SAR during 3-14 November, 2016 to conduct the 2016 IMF Article IV Consultation and its end-of-mission press release was published on 15 November 2016. The Staff Report was considered and endorsed by the IMF Executive Board on 13 February, 2017. The next IMF Article IV Consultation with Macao SAR will take place on the standard 24-month cycle.Links to the relevant press release and Staff Report of the 2016 Article IV Consultation with Macao SAR, as endorsed by the IMF Executive Board, are listed below:

1. Staff Report of the 2016 Article IV Consultation with Macao SAR:

http://www.imf.org/en/Publications/CR/Issues/2017/02/14/People-s-Republic-of-China-Macao-Special-Administrative-Region-2016-Article-IV-Consultation-44661

1. Press release of the IMF Executive Board conclusion:

http://www.imf.org/en/News/Articles/2017/02/14/PR1748-Macao-IMF-Executive-Board-Concludes-2016-Article-IV-ConsultationUnder Article IV of the IMF’s Articles of Agreement, the international organisation holds bilateral macroeconomic discussions with individual members on a regular basis. A staff team visits the member country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to the headquarters, the staff prepares a report, which forms the basis for discussion and conclusion by the IMF Executive Board. The IMF conducts separate Article IV Consultation with the Mainland, Hong Kong SAR and Macao SAR under the membership of China.
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For the implementation of Section 2b), Article 10, Law 4/95/M of 12 June, Consumer Council collects prices of fresh pork from wet markets and supermarkets for consumers’ reference on 14 February. The mentioned data collected during 8 February to 14 February are used for comparing the average selling price of the same products from Zhuhai and Hong Kong. The relevant data has been uploaded to the Council’s website for consumers’ reference.fThe specific price surveys on fresh pork and vegetables are now available on the Council’s website (www.consumer.gov.mo), iPhone & Android ‘Supermarket Price Information Platform’ app, and the Council’s WeChat Account page. The relevant surveys include the average selling prices of local fresh pork and vegetables, and comparison on the respective the average selling prices rom Zhuhai, HK, and Macao.For enquiry, please call 8988 9315.
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For the implementation of Section 2b), Article 10, Law 4/95/M of 12 June, Consumer Council collects prices of fresh pork from wet markets and supermarkets for consumers’ reference on 14 February. The mentioned data collected during 8 February to 14 February are used for comparing the average selling price of the same products from Zhuhai and Hong Kong. The relevant data has been uploaded to the Council’s website for consumers’ reference.
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The Health Bureau would cautiously analyse relevant suggestions and results arising from a survey commissioned by the six local gaming operators. It concerned gaming employees’ opinions on, respectively, smoking in casinos and technical standards for casino smoking lounge.The Bureau noted in a press release issued on Monday (13 February) that the six gaming operators had also jointly commissioned air quality tests inside the casinos. The findings of the survey and the results of the air quality tests would be a reference point when the Government formulated relevant policy, stated the Bureau.The Government is committed to a tobacco-smoke-free Macao, as recommended for places worldwide by the World Health Organization. The banning of smoking in all indoor public spaces is a major goal regarding smoking control efforts in Macao.The Government would mull suggestions regarding the possible retention of existing smoking lounges in local casinos and whether new lounges could be established. It would take into account technical standards of smoking lounges in other countries, in order further to protect the health of casino employees.On Monday, the findings of the survey regarding gaming employees’ opinions on smoking in casinos – conducted by the University of Macau – and the results of the air quality tests inside casinos – conducted by the Hong Kong Polytechnic University – were released.The survey regarding gaming employees’ opinions on smoking in casinos showed a total of 55 percent of interviewees were in favour of smoking lounges in casinos. The survey interviewed a total of 14,301 casino employees, 73 percent of them having worked in gaming roles in the six months prior to the survey.The Bureau noted an academic institution conducted the survey; questionnaires seem not to be biased; it had interviewed a representative sample of interviewees; and interviewees participated voluntarily and their respective identities had been kept confidential.In addition, the six gaming operators submitted some suggestions for the design of smoking lounges in casinos. The Bureau noted the suggestions listed requirements additional to those contained in Executive Order 141/2014. The Bureau also noted the suggestions implied the introduction of higher technical standards, and were deemed by the Bureau as feasible.Currently, smoking is banned in major public areas in casinos, including mass gaming floors, under the New Regime on Tobacco Prevention and Control.The New Regime became effective on 1 January 2012, banning smoking in public indoor areas such as schools, health institutes, workplaces and factories, all bars, dance halls, saunas and massage parlours.
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