News

The Monetary Authority of Macao released today the credit card statistics for the first quarter of 2010. The total number of personal credit cards in circulation was 368,124 at the end of March 2010, up 2.47% from the previous quarter. The numbers of Pataca (MOP) cards, Hong Kong Dollar (HKD) cards and Renminbi (RMB) cards were 294,462, 56,149 and 17,513 respectively. MOP cards, HKD cards and RMB cards witnessed respective increases of 2.56%, 0.15% and 8.99% quarter-to-quarter. Compared with a year earlier, RMB cards surged 99.97% while MOP cards and HKD cards grew 10.30% and 2.07% respectively. The introduction of MOP/RMB dual currency credit cards by local banks in the second half of 2009 largely accounted for the marked increase of RMB cards.
As at the end of March 2010, credit card credit limit granted by banks in Macao amounted to MOP6.66 billion, up 2.52% from end-December 2009. Credit card receivables reached MOP1.03 billion while the rollover amount totalled MOP0.42 billion, accounting for 41.01% of credit card receivables. The delinquency ratio, i.e. the ratio of delinquent amount overdue for more than three months to credit card receivables, was 1.22%.
In the first quarter of 2010, the credit card turnover decreased by 1.61% quarter-to-quarter to MOP1.81 billion. The cash advance turnover amounted to MOP0.12 billion, accounting for 6.37% of total credit card turnover. Credit card repayments, in which payments for interest and fees are included, grew 11.79% from last quarter to MOP1.98 billion.
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The themed seminar series on the exhibition Traveller’s Home: Masterworks by George Chinnery opened to the public last Saturday in the Macao Museum Auditorium. The forthcoming second and third seminars are not to be missed if you failed to catch last week’s first installment! The first seminar, ‘George Chinnery and Macao’, was hosted by respected Macao scholar Dr. Chan Kai Chon, and focused on Chinnery’s background, his family life and his travels from London to India, via Dublin. In 1825, Chinnery travelled from India to Macao by ship and he thereafter resided in Macao until his death in 1852. He is now buried in the Macao Protestant Cemetery. In order to enable the public to gain a deeper understanding of George Chinnery’s life, Dr. Chan made use of a variety of historical data and pictures to analyse and explain the value and significance of his work in the history of Macao. In addition to vividly capturing Macao’s landscape, Chinnery’s works also bear witness to a number of historical figures at the time. More than 50 people, including art enthusiasts, local residents, teachers and students, attended the first seminar. The seminar was well-spirited and enjoyable, and all participants were keen to ask questions about the experiences of this foreign painter who spent much of his life in Macao and the influence that his work had on China and Macao, which Dr. Chan answered one by one. The second seminar, ‘George Chinnery - A European Artist in the East’ (in English, with Cantonese interpretation), will be hosted by English scholar Dr. Patrick Conner at 3:00 pm - 5:00pm on Saturday 5th June 2010. The third seminar, ‘Macao, Guangzhou and Hong Kong in the Era of Chinnery (1825-1852)’ (in Cantonese), will be hosted by Hong Kong scholar Dr. Joseph Ting Sun Pao at 3:00pm - 5:00pm on Saturday 19th June 2010. In order to reserve a seat, interested parties may contact Ms. Wu on 83941210 or Mr. Ho on 83941217 during office hours. Seats are limited and registered on a first-come, first-serve basis. For more information about the exhibition and the seminar series, please visit the Macao Museum website: www.macaumuseum.gov.mo.
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The Chief Executive, Mr Chui Sai On, said in Shantou today he noticed that the city has huge growth potentials and he hoped it could co-operate further with Macao so both cities could benefit. Mr Chui said this when he exchanged views on the latest developments in the two cities, at a meeting with the Secretary of CPC Shantou Municipal Committee, Mr Li Feng. Mr Li praised for Mr Chui., who was in Shantou leading a big delegation of officials and businessmen on a visit to enhance co-operation. He said similar with Macao, Shantou was one of the special economic zones in China, and Macao’s success in logistic, tourism, educational and cultural development would be valuable for Shantou. And Shantou would actively join hands with Macao to implement the Reform of the Pearl River Delta Development Plan (2008-2020), Mr Li said. Mr Chui said Shantou had great potentials and Macao would step up co-operation based on past experience. He also affirmed Shantou’s contribution to Macao’s economic growth. Mr Chui and Mr Li attended a business promotional conference and presided over a contract-signing ceremony between the Macao and Shantou entrepreneurs. Mr Chui also visited the East Shantou City Economic Belt, the University of Shantou, and an urban planning showroom. Mr Chui and the delegation will travel on to Chaozhou tomorrow.
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The Chief Executive Mr Chui Sai On said today Macao would strengthen trading, tourism, cultural and educational co-operation with Shantou, Chaozhou and Jieyang. He said this in the morning as left with an official delegation to visit the three places. Before his departure, Mr Chui was asked by the media if Macao would increase air links to the three places. He said transportation was an important factor in the development of tourism and was sure that if there were adequate and sustainable demand, carriers would increase flights. When asked about the property market, Mr Chui said the government was closely monitoring the situation. It was in the process of reviewing the relevant laws and regulations and appropriate measures would be introduced if and when necessary. Members of the delegation included Deputy Director of the Liaison Office of the Central People’s Government in the MSAR Mr Li Benjun, Secretary for Social Affairs and Culture Mr Cheong U, members of the Executive Council, Mr Leong Heng Teng, Cheang Chi Keong, Leong Vai Tac and Chan Meng Kam, the Chief of the Office of the Chief Executive, Mr Tam Chon Weng, the Secretary-General of the Executive Council and the Advisor of the Office of Chief Executive, Ms O Lam, Director of the Government Information Bureau Mr Chan Chi Ping, President of the Macao Trade and Investment Promotion Institute Mr Cheong Chou Weng, advisors of the Office of Chief Executive Mr Fung Sio Weng and Kou Chin Hung. Meanwhile, a business delegation comprising more than 100 members, organised by the Macao Trade and Investment Promotion Institute, are taking part in the same visit. The Secretary for Administration and Justice Ms Florinda Chan will be acting Chief Executive while Mr Chui is away.
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The Chief Executive, Mr Chui Sai On, is to leave for Shanghai tomorrow, leading the highest ranking officials and representatives of associations in Macao, to visit Shanghai 2010 World Expo. The delegation is scheduled to visit the China pavilion, the Macao pavilion and the Hong Kong pavilion during its two days in the city. Included in the delegation are the President of the Legislative Assembly, Mr Lau Cheok Va; President of the Court of Final Appeal, Mr Sam Hou Fai; Secretary for Economy and Finance, Mr Tam Pak Yuen; Secretary for Social Affairs and Culture, Mr Cheong U; Secretary for Transport and Public Works, Mr Lau Si Io; Prosecutor General, Mr Ho Chio Meng; the Commissioner Against Corruption, Mr Fong Man Chong; Commissioner of Audit, Mr Ho Veng On; Commissioner General of the Unitary Police Service, Mr José Proença Branco; Director-General of the Macao Customs Services, Mr Choi Lai Hang; President of the Court of First Instance and the Administrative Court, Mr Ho Wai Neng; Chief of the Office of the Chief Executive, Mr Tam Chon Weng; members of the Executive Council, the Legislative Assembly, representatives of the National People Congress, the National Committee of the Chinese People’s Political Consulative Conference, leaders of Macao’s associations. The delegation will return Macao on 26 May. Ms Florinda Chan will be Acting Chief Executive while Mr Chui is away.
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The Chief Executive, Mr Chui Sai On is scheduled to visit Shantou, Chaozhou and Jieyang from 3-5 June. Mr Chui is scheduled to meet leaders of the three places and visit the large-scale infrastructure, educational facilities, heritage places, and business organisations. The Macao Trade and Investment Promotion Institute has organised more then 100 entrepreneurs to participate in this tour. Members of the delegation would include Deputy Director of the Liaison Office of the Central People’s Government in the MSAR Mr Li Benjun, Secretary for Social Affairs and Culture Mr Cheong U, members of the Executive Council, Mr Leong Heng Teng, Cheang Chi Keong, Leong Vai Tac and Chan Meng Kam, the Chief of the Office of the Chief Executive, Mr Tam Chon Weng, the Secretary-General of the Executive Council and the Advisor of the Office of Chief Executive, Ms O Lam, Director of the Government Information Bureau Mr Chan Chi Ping, President of the Macao Trade and Investment Promotion Institute Mr Cheong Chou Weng, advisors of the Office of Chief Executive Mr Fung Sio Weng and Kou Chin Hung. The Secretary for Administration and Justice Ms Florinda Chan will be acting Chief Executive while Mr Chui is away.
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Hosted by the Monetary Authority of Macao (“AMCM”) and co-organized jointly by the Financial Stability Institute (“FSI”) and the South East Asia New Zealand Australia (“SEANZA”) group of central banks, the regional seminar on “Stress Testing Practices and Techniques” was held on 25th -27th May in Macao. This was the second time that FSI and SEANZA held a regional seminar in Macao since the one entitled “Corporation Governance for Banks” held in 2008. FSI was founded in 1999 by the Bank for International Settlements and the Basel Committee on Banking Supervision to assist global financial supervisory authorities to reinforce their supervision on financial system through training, publication and exchange of information. SEANZA is an organization of financial supervisory authorities organized by central banks of South East Asia, Australia and New Zealand in 1956. AMCM became a member in 1998. Besides delegates from AMCM, the seminar was attended by delegates from central banks and supervisory authorities of the Mainland of China, Hong Kong, India, Japan, Korea, Malaysia, the Philippines, Singapore, Sri Lanka and Thailand. Topics covered in the seminar included the latest development of international standards of stress testing, experience acquired from stress testing carried out in the EU, Italy, Spain, Switzerland, Australia and the Asia/Pacific region as well as related capital requirements and provisioning measures. Guest speakers were experts from FSI, European Central Bank, Banca d’ Italia, Banco de España, Swiss Financial Market Supervisory Authority, Australia Prudential Regulatory Authority, HSBC and Standard & Poor’s . In its welcome remark, AMCM introduced briefly the economic and financial development of Macao after the international financial tsunami and pointed out that stress testing has become an essential measure in bank risk management and supervision. The results of stress testing over a long period of time have fully indicated the continued sturdiness of the Macao banking system.
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Guangdong and Macao today signed a number of agreements to further enhance co-operation, as delegates met at the Guangdong-Macao Joint Co-operation Conference. The Conference, held at the Macao Government Headquarter, was presided over by the Chief Executive, Mr Chui Sai On, and the Governor of Guangdong Province, Mr Huang Hua Hua. The heads of governments gave keynote speeches before the Secretary for Transport and Public Works, Mr Lau Si Io, and the Deputy Governor of the Guangdong Province, Mr Wan Qin Liang concluded by highlighting the fruitful results of the latest bilateral co-operation. Under “One country two systems”, “Reform and Development of the Pearl River Delta Plan (2008-2020), and “Hengqin Overall Development Plan” auspices, both sides agreed to strengthen co-operation in opening up Hengqin Island to tailor-make a new tourism route between Guangdong, Macao and Taiwan, strengthen international tourism promotions, and enhance co-operation on business tourism. The two governments signed an agreement on tourism co-operation and two memorandums on further co-operation and on studying the feasibility of building facilities to studying Chinese medicine. Both sides also discussed topics such as cross-border infrastructure, transportation planning, co-operations on business, and education.
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Information from the Statistics and Census Service (DSEC) indicated that the value of total merchandise export for April 2010 increased slightly by 0.1% year-on-year to MOP694 million, attributable to a 12.6% increase of re-exports (MOP506 million); meanwhile, value of domestic exports fell by 22.9% to MOP188 million. The value of total merchandise import amounted to MOP3.53 billion, up by 19.3% year-on-year. A trade deficit of MOP2.83 billion was recorded for April 2010. In the first four months of 2010, total value of merchandise export fell by 7.0% year-on-year to MOP2.52 billion, of which the value of domestic exports declined by 36.3%, but that of re-exports expanded by 15.5%; meanwhile, total value of merchandise import grew by 19.3% to MOP13.40 billion. The trade deficit from January to April 2010 widened by 27.7% year-on-year to MOP10.88 billion; the exports/imports ratio went down by 5.3 percentage points year-on-year to 18.8%. Analyzed by destination of exports, value of merchandise export to Hong Kong (MOP1.19 billion) and Mainland China (MOP387 million) from January to April 2010 increased by 24.7% and 0.3% respectively year-on-year, while that to the USA (MOP266 million) and the EU (MOP128 million) decreased by 56.5% and 47.8% respectively. Exports of Textile & garment amounted to MOP514 million, down substantially by 51.7% year-on-year to account for 20.4% of the total merchandise export; however, value of Non-textile exports (MOP2.01 billion) grew by 21.9%, with that of Copper & articles thereof and Jewellery rising notably by 139.4% and 119.1% respectively. Regarding the country of origin of imported goods, in the first four months of 2010, value of merchandise import from Mainland China (MOP4.12 billion) and the EU (MOP2.92 billion) expanded by 21.7% and 20.7% respectively year-on-year. The value of imports of Consumer goods rose by 40.8% year-on-year, with that of Motor cars & motorcycles growing significantly by 115.2%; nevertheless, the value of imports of Capital goods and Raw materials & semi-manufactures fell by 18.9% and 3.4% respectively. From January to April 2010, total value of merchandise import and export amounted to MOP15.92 billion, up by 14.2% compared with MOP13.94 billion in the first four months of 2009.
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The Statistics and Census Service (DSEC) released summary of the GDP for the first quarter of 2010. The rates of change refer to the year-on-year change in real terms, unless otherwise specified. The gaming and tourism sector saw vibrant growth in the first quarter of 2010, with gross gaming revenue (excluding gratuities) soaring by 57.1% year-on-year in nominal terms, and total visitor spending (excluding gaming expenses) rising further from a 0.8% increase in the fourth quarter of 2009 to 14.3%; decline in merchandise exports tapered off from 41.8% in the previous quarter to 12.8%; however, gross fixed capital formation shrank continuously to post a decrease of 38.9%. Integrating the respective information, GDP for the first quarter of 2010 expanded by 30.1% in real terms, up from the 27.4% growth in the fourth quarter of 2009. As regards major GDP components, private consumption expenditure rose by 2.3% in the first quarter of 2010, moderating from the 4.8% increase in the previous quarter. Household final consumption expenditure in the domestic market grew by 7.0%, while that abroad dropped by 2.1%, with the expenditure in Mainland China amounting to MOP 763 million. Government final consumption expenditure increased by 1.7%, lower than the 9.2% growth in the previous quarter, with compensation of employees rising by 5.3% whereas net purchases of goods and services declining by 16.9%. As a gauge of investment, gross fixed capital formation contracted by 38.9%, slackening further from the 34.9% decrease in the fourth quarter of 2009. Total private investment shrank by 39.2%, with construction and equipment investment decreasing by 55.6% and 2.6% respectively. Total government investment went down by 15.8%, in which construction investment rose by 17.4%, while that of equipment fell by 60.5%. Integrating data of both sectors, overall construction investment plunged further from 41.2% in the fourth quarter of 2009 to 55.0%; however, decrease in overall equipment investment narrowed from 12.6% in the previous quarter to 3.3%. In terms of visible trade, decrease in the total value of merchandise exports tapered off substantially from the previous quarter to decline by 9.4% in nominal terms or 12.8% in real terms. Analyzed by destination, merchandise exports to the United States, the European Union and Mainland China decreased by 58.8%, 48.2% and 7.2% respectively in nominal terms, while merchandise exports to Hong Kong and Taiwan, China rose by 24.6% and 40.7% respectively. Total value of merchandise imports rose by 20.0% in nominal terms or 16.5% in real terms, putting an end to the protracted decline since 2008. As regards invisible trade (exports of services), exports of gaming services soared by 58.5%; total visitor spending (excluding gaming expenses) also increased by 14.3% upon 12.1% rise in visitor arrivals and the 9% growth of the per-capita spending. Integrating the principal data on exports of services, overall exports of services expanded by 51.3%, up from the 41.6% increase in the previous quarter; meanwhile, imports of services accelerated significantly from an increase of 16.4% in the previous quarter to 53.9%.
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