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The Statistics and Census Service (DSEC) announced that time series data on employment have been revised according to the results of the 2011 Population Census; the unemployment rate for October-December 2011 was revised from 2.1% to 2.2%, and the underemployment rate was revised from 0.9% to 0.8%. Results of the latest Employment Survey indicated that the unemployment rate for November 2011-January 2012 was 2.1%, down by 0.1 percentage point compared with the revised figure of 2.2% in October-December 2011; meanwhile, the underemployment rate stayed unchanged at 0.8%. Total labour force was 345,000 in November 2011-January 2012 and the labour force participation rate held stable as the previous period, at 73.2%. Total employment was 338,000, up by 1,300 from 337,000 in the previous period. Analyzed by industry, employment of the Gaming Sector; Transport, Storage & Communications Sector; and the Construction Sector saw increase. Number of the unemployed totalled 7,400, down by 200 from 7,600 in the previous period, with 12.7% being fresh labour force entrants searching for their first job. In comparison with November 2010-January 2011, the unemployment rate and the underemployment rate decreased by 0.6 and 0.9 percentage point respectively; meanwhile, the labour force participation rate rose by 1.3 percentage points.
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24 Feburary 2012, the University of Macau (UM) held a Doctor honoris causa Lecture entitled "Reminiscences of the Founding of HKUST: An Old Returnee's Story". Keynote speaker Prof. Chia-Wei Woo is a world-renowned physicist, educator, and doctor honoris causa of UM. He shared with the audience the founding of the Hong Kong University of Science and Technology (HKUST) as well as his several decades of experiences in education and research. In his speech, UM Rector Wei Zhao praised Prof. Woo for his commitment to advancing science, technology and education in south China, saying that even after Prof. Woo resigned as the president of HKUST in 2001, his effort in this regard continued. Prof. Woo is a member on the International Advisory Committee of UM, sharing his wisdom about development strategies. In recognition of his contributions to education, UM conferred a Degree of Doctor of Social Sciences honoris causa upon him in 2011. Prof. Woo shared with the audience the founding of HKUST and higher education development in Hong Kong, interspersing his speech with witty remarks. He thinks it imperative that higher education be diversified to satisfy the different needs of different students, and to reflect the changes in society and time. In discussing which academic programmes a university should offer, Prof. Woo thinks consideration should be given to three factors: the programme's role in the economic development of a society, the possibility of recruiting the top people in the field, and the availability of funding. Not only is Prof. Woo the founding president of HKUST, he is also a world-famous physicist and educator. For decades, he has tirelessly advanced the development of science and technology and educated the next generation, unwittingly practicing the teaching of an old adage that, "Nothing benefits a person more than education." Prof. Woo grew up in Hong Kong, and after graduating from secondary school, he went to the U.S. to pursue further studies. He obtained his bachelor degree in physics and mathematics from Georgetown College, and his master and PhD degrees in physics from Washington University. In 1983, at the age of forty-five, he became president of San Francisco State University, the first Chinese American to head a major university in the U.S. Since 1964 Prof. Woo has published a hundred and twenty papers and books in various fields of physics, including quantum many-body theory, statistical mechanics, liquid crystals, low temperature physics, and surface physics. Under his supervision, twenty-five doctoral students and postdoctoral staff completed their theses and research projects.
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According to statistics released today by the Monetary Authority of Macao, new SME lending approved by Macao banks grew significantly in the second half of 2011. Concurrently, the utilisation of SME credit in proportion to the credit limit approved by banks witnessed a slight decrease. New Lending Approved In the second half of 2011, new SME credit limit approved by Macao banks totalled MOP16.9 billion, up by 55.1% from the first half year or 98.2% from the same period of 2010. The collateralised ratio, which indicates the proportion of credit limit with tangible assets pledged, was 60.7%, up 7.0 percentage points when compared with the last survey period but down by 3.1 percentage points when compared with the same period of 2010. Credit Utilisation As at end-December 2011, the outstanding value of total SME loans grew 9.8% from end-June or 34.9% from a year earlier to MOP33.6 billion. When compared with end-June 2011, SME loans to "restaurants, hotels and similar activities", "transport, warehouse and communications", "non-monetary financial institutions" and "construction and public works" increased at respective rates of 34.8%, 23.6%, 17.0% and 16.7%, whereas those to "information technology" dropped 8.6%. The utilisation rate, defined as the proportion of outstanding credit balance to the credit limit granted, dropped slightly by 0.6 percentage points from six months ago to 59.7%. Delinquent Loans At the end of December 2011, the outstanding balance of delinquent SME loans increased by 19.8% from six months ago to MOP515.2 million. Compared to a year ago, the balance dropped by 2.1%. Consequently, the delinquency ratio, a ratio of delinquent loans outstanding balance to total SME loans outstanding, rose 0.13 percentage points from end-June 2011 but dropped 0.58 percentage points from a year earlier to 1.53%. For enquiry, please contact:
Research and Statistics Department, Monetary Authority of Macao
(Tel：83952532; Fax：28353042)
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Carrying on the fine tradition of love and respect for the elders and care for the weak, the SAR Government will continue to enhance the mechanism and devote more resources to support the disadvantaged, the Chief Executive, Mr Chui Sai On, said today. Accompanied by the Secretary for Social Affairs and Culture, Mr Cheong U, the Chief of the Office of the Chief Executive, Mr Tam Chon Weng, and officials from social affairs and education, Mr Chui this afternoon visited two social service agencies for the elders and children who needed special care. Mr Chui firstly visited a day centre for the elders where he was briefed on the daily activities the elders performed and the kind of medical treatment they are having. He then was introduced to the facilities in the physical therapy room, occupational therapy room and the multi-function room. Then he proceeded to the agency for the children, where he was introduced to the services and the facilities there. Mr Chui talked with the teachers to further understand the different problems the children faced. After the two visits, the Chief Executive held a meeting with members from the Social Services Committee and the Senior Citizen Affairs Committee, and listened to their views on problems and challenges such as the lack of human resources to provide services and supporting measures that the disadvantaged faced. Members from the Senior Citizen Affairs Committee also expressed their ideas and suggestion on the long term development of the Committee. Mr Chui said that the elderly have made a great contribution to Macao's economic development and they should be respected and looked after. He said the SAR Government will shoulder the responsibility in looking after them and promised to devote more resources via various channels. On the question of human resources, the Chief Executive said that aside from enhancing training courses, the Government will study the feasibility of introducing foreign care givers to look after the elders. Mr Chui thanked the members' comments and suggestions and said the related departments would study them seriously. He said the Government would try to put these opinions in the policy address so as to serve the disadvantaged better.
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At the invitation of the University of Macau (UM), Nobel laureate in economic sciences Prof. Robert A. Mundell today (23 February 2012) gave a seminar at UM on the European Debt Dilemma and Its Impact on East Asia and World Economy. The seminar attracted over a thousand and two hundred people, including journalists, teachers and students from local universities and secondary schools, practitioners from the financial and banking sectors, government officials, and representatives from various organizations. The seminar was organized by UM's Asia-Pacific Academy of Economics and Management, with assistance from UM's Faculty of Business Administration. It is part of a series of UM-organized academic events from January to March this year. During his welcome speech, UM's Vice Rector (Academic Affairs) Prof. Simon Ho shared some background information about Prof. Mundell. Prof. Mundell has published many books and papers on the history of international monetary system and theories of international economics. He played such a pivotal role in the introduction of the Euro that he is considered "the father of the Euro" and "the father of the theory of optimum currency areas". He won the Nobel Memorial Prize in Economic Sciences in 1999 for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas. At the seminar, Prof. Mundell analyzed the global financial landscape, and explained the causes and effects of financial crises from a historical point of view, with a wealth of background data on many countries. He also proposed solutions and envisioned the economic future of China, Europe and the U.S. In his opinion, countries around the world should work together to establish an international monetary system to promote world peace and offer a good framework for world economy. He cited the example of Renminbi, saying that China should consider forming a monetary alliance with Europe and the U.S. in order to maintain a stable foreign exchange rate of Renminbi and alleviate instability in the exchange rates between MOP and HKD on the one hand, and foreign currencies on the other. Many audiences seized the rare opportunity to ask questions during the Q&A session. The seminar was preceded by a special session called "Dialogues between Nobel Laureate in Economic Sciences and Post-secondary Students from Zhuhai and Macao". Prof. Mundell patiently answered questions from the students. Participating students described the opportunity to discuss questions face-to-face with a Nobel laureate as excitingly "rare", saying that Prof. Mundell's insightful views on the development of world economy have expanded their international perspective.
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Consumer Council enhances its work on surveying commodity prices and includes seasonings and dairy products as surveyed items to its specific price survey. The first specific price survey on seasonings revealed great price discrepancies in the 13 items sold in different retail outlets, most seasonings recorded a difference in price of around 20% to 30%. Prices of foods in Macao are affected by peripheral issues and are expected to rise. One of the key tasks of Consumer Council is to better its work on collecting and providing comprehensive information to consumers for making price comparisons and saving daily expenses. Two more product categories have been added to the Council's specific price survey pool to make a total of six categories, the Council will continue to adjust related projects according to requests of consumers and market changes. The two categories added are seasonings and dairy products. The Council's first survey on prices of seasonings dated 20th February recorded prices of 13 items, including soy sauce, salt, and sugar, etc., from 22 retail outlets. Survey results revealed a difference of around 20% to 30% in the selling prices of the same product sold in various outlets, the highest price discrepancy being recorded was over 50% . Consumer Council indicated that selling prices of seasonings usually ranged from a few dollars to around 10 dollars, though prices differed for only MOP2.00 to MOP3.00, the percentage difference was relatively high. For example, prices of 'Tai Yang Hua Brand Table Salt (1lb)' in different retail spots varied for up to MOP1.50, which equaled to a percentage difference of 60%. Price differences and comparisons can be accessed on the 'Specific product price information platform' on the Council's website. The latest specific price survey on seasonings is now available online on the Council's official website (www.consumer.gov.mo). For enquiries, please call 8988 9315.
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In view of providing detailed information on visitor arrivals, the Statistics and Census Service (DSEC) releases statistics on the length of stay of visitors starting from January 2012 and the corresponding data for 2011 to facilitate comparison. In January 2012, total visitor arrivals surged by 18.6% year-on-year to 2,461,640 attributable to the Lunar New Year holidays. Same-day visitors (1,371,090) accounted for 55.7% of the total. The average length of stay of visitors decreased by 0.2 day year-on-year to 0.9 day, and that of overnight visitors and same-day visitors stood at 1.8 days and 0.2 day respectively. Analyzed by place of residence, in January 2012, visitors from Mainland China increased by 22.5% year-on-year to 1,494,877 (60.7% of total), mostly from Guangdong Province (777,564), Fujian Province (65,966) and Zhejiang Province (51,549), with same-day visitors (847,993) surging by 27.5%. Mainland visitors travelling to Macao under the Individual Visit Scheme (IVS) totalled 711,475, up substantially by 32.2% year-on-year. The average length of stay of Mainland visitors was 0.9 day, with that of same-day visitors at 0.2 day. Visitors from Hong Kong (638,032) and the Republic of Korea (46,176) went up by 20.5% and 9.6% respectively year-on-year; the average length of stay of Hong Kong visitors stood at 0.7 day. However, those from Taiwan, China (85,546) and Japan (31,669) decreased by 7.1% and 12.4% respectively. Meanwhile, visitors from Americas (25,047), Europe (21,575) and Oceania (15,185) rose by 5.8%, 14.5% and 11.2% respectively year-on-year. Analyzed by mode of transport, the majority of visitors arrived by land, an increase of 14.7% year-on-year to 1,360,648, which was followed by visitor arrivals by sea (960,822) and by air (140,170), up by 25.0% and 15.6% respectively.
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According to the statistics released today by the Monetary Authority of Macao, the proportion of international business in the local banking sector dropped slightly in the fourth quarter of 2011. At end-2011, the share of international assets in total banking assets decreased to 84.8% from 86.1% at end-September 2011, while the share of international liabilities in total banking liabilities also dropped to 79.7% from 80.3%. Foreign currencies remained as the dominant denomination in international banking transactions. At end-2011, the shares of Pataca (MOP) in total international assets and total international liabilities were 0.4% and 3.1% respectively. Hong Kong Dollar (HKD) and Other Foreign Currencies (OFCs) accounted for 42.5% and 57.1% of total international assets as well as 44.3% and 52.5% of total international liabilities respectively. International Banking Assets
At end-2011, total international assets grew by 3.6% from a quarter ago or 20.1% from a year earlier to MOP557.2 billion (USD69.6 billion). Within this total, external assets and local assets in foreign currencies expanded year-on-year by 16.7% to MOP422.3 billion and 31.9% to MOP134.9 billion respectively. As a major component of international assets, external loans & deposits increased by 16.6% to MOP392.7 billion. In particular, loans to overseas non-bank customers expanded by 33.9%. International Banking Liabilities
Total international liabilities went up by 4.4% from three months ago or 23.3% from one year earlier to MOP523.8 billion (USD65.4 billion). Of this total, external liabilities and local liabilities in foreign currencies grew year-on-year by 22.4% to MOP279.6 billion and 24.5% to MOP244.2 billion respectively. Foreign currency deposits held by residents continued to form a major component of international liabilities. This type of deposits grew by 26.3% to MOP231.2 billion at end-2011 from MOP183.1 billion at end-2010. Concurrently, overseas interbank liabilities increased by 24.5%. Breakdown of External Banking Assets and Liabilities by Region
The majority of external assets and liabilities were related to the regions of Asia and Europe. At end-2011, claims on Hong Kong and Mainland China occupied 38.4% and 18.1% of total external assets respectively, while claims on Portugal and the United Kingdom took up 12.9% and 3.9% correspondingly. On external liabilities, Hong Kong and Mainland China occupied 41.7% and 20.3% of the total respectively while Portugal and France took up respective shares of 7.5% and 5.7%. The compilation of International Banking Statistics follows the methodology advocated by the Bank for International Settlements in order to facilitate Macao SAR's participation in the "Locational International Banking Statistics" project of the international organisation. For enquiry, please contact:
Research and Statistics Department, Monetary Authority of Macao
(Tel：83952532; Fax：28353042)
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Macau Government Tourist Office paired up with 10 local trade entities to promote Macau's tourism business and the Incentive Travel Stimulation Program to the participants and incentive activities organizers at the AIME 2012 (Asia-Pacific Incentives and Meetings Expo) to draw more incentive events to Macau. Held on February 21 and 22 at the Melbourne Convention and Exhibition Center, AIME 2012 is a premier meetings and incentives gathering in the Asia-Pacific region. Industry delegates from around the world visited MGTO's booth, themed with its new slogan "Touching Moments Experience Macau", to learn more about the latest development of Macau's business tourism and products, including venues, hotels, attractions, restaurants, activities and the newly launched Incentive Travel Stimulation Program. On the MGTO booth were representatives from The Westin Resort Macau, Wynn Macau, Grand Emperor Hotel, Able Tours Limited Macau, Macau Fisherman's Wharf Convention & Exhibition Center, Coastal International Exhibition (Macau) Co., Ltd, DOC DMC Macau, Ltd, Macau Expo Group, Off Site Conexos - Conferencias (Macau) Ltd and Powerhouse Convention & Exhibition Ltd. In addition to its presence at AIME, Macau hosted a cocktail reception for over 60 industry figures and media at its booth on the first day of the event. Almost 800 exhibitors attended AIME 2012, and over 500 hosted buyers participated, a 15% increase compared to 2011. About half of these buyers were new to AIME.
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Information from the Statistics and Census Service indicated that value of retail sales for the fourth quarter of 2011 reached MOP 12.55 billion, up by 44% year-on-year. Retail sales of Watches, Clocks & Jewellery amounted to MOP 3.81 billion (30% of total), which was followed by retail sales of Goods in Department Stores (15%), Leather Goods (11%), Adults' Clothing (9%) and Motor Vehicles (7%). Value of retail sales for the fourth quarter of 2011 increased by 15% compared with the revised figure (MOP 10.95 billion) of the third quarter, with notable increase being observed in sales of Watches, Clocks & Jewellery (+24%), Adults' Clothing (+19%), Leather Goods (+16%) and Goods in Department Stores (+16%). Value of retail sales for the whole year of 2011 reached MOP 43.34 billion, up substantially by 42% compared with MOP 30.59 billion in 2010, with noticeable increase in the retail sales of Watches, Clocks & Jewellery (+58%) and Leather Goods (+54%). After removing the effect of price changes, volume of retail sales for the fourth quarter of 2011 surged by 30% year-on-year, of which sales of Communication Equipment soared by 62%, Watches, Clocks & Jewellery by 44%, Leather Goods by 37%, Motor Vehicles by 35%, Goods in Pharmacies by 34% and Goods in Department Stores by 34%. For the whole year of 2011, volume of retail sales surged by 28% year-on-year, of which retail sales volume of Communication Equipment soared by 60% from 2010. Volume of retail sales increased by 11% quarter-to-quarter, with significant increase in sales of Watches, Clocks & Jewellery (+18%), Leather Goods (+15%) and Adults' Clothing (+14%), however, sales volume of Automotive Fuels registered a decrease of 2% quarter-to-quarter. In respect of the comments of the retailers, about 80% stated that sales volume in the fourth quarter of 2011 held stable or increased over the previous quarter, up by 12 percentage points compared with those holding the same sentiment in the third quarter; however, 20% reported a decrease in sales volume. In terms of the retail prices, about 63% reported stable prices, 24% stated an increase and 13% reported a decrease. In comparison with the same quarter of 2010, about 70% expressed that the stock level was normal in the fourth quarter of 2011, while 12% indicated that the stock level was low. As regards the business outlook for the first quarter of 2012, about 65% anticipate that sales volume will increase or remain stable from the fourth quarter of 2011, while 35% expect a decrease. Concurrently, about 21% predict an increase in retail prices, 67% expect stable prices and 12% expect a decrease.
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