News

According to statistics published today by the Monetary Authority of Macao, on a monthly basis, deposits in banks recorded a slight drop. Although domestic credit to the private sector continued to grow, public sector deposits rose at a faster pace, resulting in a marked decline in total domestic credit (domestic credit to the private sector + credit to the public sector – public sector deposits). Money supply
Attributed to the increases of currency in circulation and demand deposits, M1 grew 10.5% month-to-month. Meanwhile, quasi-monetary liabilities rose 0.8%. The sum of these two items, i.e. M2, increased 2.0% to MOP190.1 billion. On an annual basis, M1 and M2 rose 20.5% and 4.9% respectively. In terms of currency structure, the shares of Pataca (MOP) and Hong Kong Dollar (HKD) in M2 stood at 27.8% and 51.8%, down by 0.4 percentage points and 0.5 percentage points over a month ago respectively. Compared with a year earlier, the share of MOP increased by 0.3 percentage points whereas the share of HKD declined by 1.9 percentage points. Deposits
Resident deposits increased by 2.0% month-to-month to MOP185.9 billion; of which, MOP deposits, HKD deposits and other foreign currency deposits rose at respective rates of 0.6%, 1.0% and 6.7%. On the other hand, non-resident deposits amounted to MOP69.4 billion, down 6.9%. As a result, total deposits with Macao banks dropped by 0.6%. The shares of MOP and HKD in total deposits were 20.0% and 45.4% respectively. The value of MOP deposits was MOP51.2 billion, while that of HKD deposits was MOP116.0 billion. Net foreign assets
Net foreign assets held by the Monetary Authority of Macao (AMCM) at end-August 2008 reached MOP134.6 billion, up 1.5% month-to-month or 28.3% year-on-year. At the same time, net foreign assets of local banks rose 3.5% from the previous month to MOP92.3 billion.
Domestic credit Domestic credit to the private sector increased 1.0% month-to-month to MOP89.0 billion. With regard to currency denomination, domestic credit to the private sector in MOP and HKD increased 0.3% and 1.8%, to MOP18.0 billion and MOP62.4 billion respectively, while that of other foreign currencies dropped 3.2% to MOP8.6 billion. Public sector deposits placed with banks and the AMCM totalled MOP87.2 billion, equivalent to an increase of MOP2.0 billion from July 2008. Total domestic credit, after deducting public sector deposits, shrank to MOP1.7 billion in August 2008. At end-August 2008, the loan-to-deposit ratio for the resident sector dropped by 0.5 percentage points monthto-
month to 44.9% while the ratio for both the resident and non-resident sectors stood at 61.3%, down 1.5
percentage points.
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Information from the Statistics and Census Service indicated that a total of 82 hotels and similar establishments were in operation in 2007, including 52 hotels and 30 guest-houses. In view of opening of 3 large-scale hotels in 2007, the number of guest rooms increased by 25.1% from 12,915 in 2006 to 16,152 in 2007. At the end of 2007, the hotel sector had 23,377 persons engaged, up significantly by 65.1% compared with 2006. Among them, 23,247 (99.3% of the total) were working in hotels, and guest-houses had just 130 workers. Gross Fixed Capital Formation of the hotel sector, spurred by the openings of new hotels, amounted to MOP 14.23 billion in 2007, up notably by 48.2% over 2006. Total Receipts of the sector surged remarkably by 86.6% year-on-year to MOP 6.97 billion, of which Receipts from Room Sales, Sales of Food & Beverages, and Rent Received amounted to MOP 3.02 billion, MOP 1.47 billion and MOP 1.01 billion respectively, accounting for 78.9% of the Total Receipts. Total Expenditure of the hotel sector increased significantly by 88.3% over 2006 to MOP 9.39 billion, with Operating Expenses (MOP 3.53 billion), Compensation of Employees (MOP 2.78 billion) and Depreciation (MOP 1.56 billion) taking up 83.8% of the total. Gross Value Added, measuring the sectoral contribution to the economy, soared by 50.1% over 2006 to MOP 2.38 billion.
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The Government tonight held its fifth consultation session on the draft of the proposed National Security law, gathering opinions from civil servant associations and some other organisations. The Government announced the consultation for the bill last Wednesday. Tonight’s session was attended by more than 437 representatives from 65 entities. As with the previous consultations, the Chief Executive, Mr Edmund Ho Hau Wah, introduced the need for the legislation. The Secretary for Administration and Justice, Ms Florinda Chan, and the Director of Legal Reform Office, Ms Chu Lam Lam, also gave details of the bill. The session was attended by senior officials, including the Chief of the Office of the Chief Executive, Mr Ho Veng On; the Chief of the Office of the Secretary for Administration and Justice, Ms Cheong Chui Ling; the Director of Public Administration and Civil Service Bureau, Mr José Chu; Advisor of the Office of the Secretary for Administration and Justice, Mr Zhu Lin and Mr Zhao Xiangyang. The Government will hold a session for the general public next Wednesday (5 November), from 7 p.m. to 9 p.m. Residents may register for the session by calling 28750680, fax 28750813, or by e-milling consultation@gri.gov.mo. Copies of the proposed law are also available at the Public Service and Information Centre and the service points of the Civic and Municipal Affairs Bureau.
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The Government tonight held its fourth consultation session on the draft of the proposed National Security law, gathering opinions from the transport, real estate, technology and energy and some other sectors. The Government announced the consultation for the bill last Wednesday. Tonight’s session was attended by more than 250 representatives from 45 entities. The fifth session will be held tomorrow evening and will be attended by representatives from civil servant associations and some other organisations. As with the previous consultations, the Chief Executive, Mr Edmund Ho Hau Wah, introduced the need for the legislation. The Secretary for Administration and Justice, Ms Florinda Chan, and the Director of Legal Reform Office, Ms Chu Lam Lam, also gave details of the bill. The session was attended by senior officials, including the Secretary for Transport and Public Works, Mr Lau Si Io; Chief of the Office of the Chief Executive, Mr Ho Veng On; the Chief of the Office of the Secretary for Administration and Justice, Ms Cheong Chui Ling; the Chief of the Office of the Secretary for Transport and Public Works, Mr Wong Chan Dong; Advisor of the Office of the Secretary for Administration and Justice, Mr Zhu Lin, Mr Zhao Xiangyang and Mr Marques da Silva, and Advisor of the Office of the Secretary for Transport and Public Works, Ms Francisca Vong Iok Ip. The Government will hold a session for the general public next Wednesday (5 November), from 7 p.m. to 9 p.m. Residents may register for the session by calling 28750680, fax 28750813, or by e-milling consultation@gri.gov.mo. Copies of the proposed law are also available at the Public Service and Information Centre and the service points of the Civic and Municipal Affairs Bureau.
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The Chief Executive, Mr Edmund Ho Hau Wah, today attended the 1st West China International Cooperation Forum and 9th Western China International Economy and Trade Fair in Chengdu, Sichuan. Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier, Mr Li Keqiang, gave a speech in the forum. Mr Ho toured Macao’s pavilion at the fair before the opening ceremony, and posed for a group photo with Macao’s businesspeople who were taking part in the fair. Later, Mr Ho officiated the opening ceremony of Macao Trade and Investment Promotion Institute’s liaison office in Chengdu. The ceremony was also attended by Deputy Director of Liaison Office of the Central People’s Government in Macao, Ms Gao Yan; the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen; Chairman of China Council for the Promotion of International Trade, Mr Wan Jifei; Vice Governor of Sichuan, Mr Wei Hong, and the President of Macao Trade and Investment Promotion Institute, Mr Lee Peng Hong. Mr Ho returned to Macao in the afternoon.
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Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier, Mr Li Keqiang, met the Chief Executive, Mr Edmund Ho Hau Wah, in Sichuan today, when he arrived in to attend tomorrow’s opening of the 9th Western China International Economy and Trade Fair. During the meeting, Mr Li said he attached much attention to the social and economic development of Macao in the face of global financial turmoil, and he reiterated that the Central Government would continue to support Macao as usual. In response, Mr Ho briefed Mr Li on the recent developments of Macao. The Secretary of the CPC Sichuan Committee, Mr Liu Qibao, and the Deputy Director of Hong Kong and Macao Affairs Office of the State Council, Mr Zhou Bo, also attended the meeting. Earlier, Mr Ho met Sichuan’s Governor, Mr Jiang Jufeng, who told Mr Ho about the reconstruction and redevelopment efforts of the province following the devastatings earthquake in May. Mr Ho extended the regards of Macao’s residents to the Sichuan people. He said that the Secretary for Social Affairs and Culture, Mr Chui Sai On, would visit Sichuan this week and follow up on the reconstruction projects supported by Macao. Speaking on the trade fair to be opened tomorrow, Mr Ho said that it would be a good platform for Macao’s businesspeople to engage in opportunities in Sichuan and Western China. He said the liaison office of the Macao Trade and Investment Promotion Institute in Chengdu, which would be officially opened tomorrow, would facilitate co-operation between businesspeople in Macao and Sichuan. After the meeting with Mr Jiang and Mr Li, Mr Ho attended a reception hosted by the Sichuan Provincial Government. Mr Ho is scheduled to attend the opening ceremony of the trade fair and officiate the opening of the liaison office, before returning to Macao in the afternoon.
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The four-day 13th Macao International Trade and Investment Fair (MIF), has come to a close today, 26th October 2008. The 14th Macao International Trade and Investment Fair (MIF) will be held from 22nd to 25th October 2009. Conclusion of activities As at 3:00 PM this afternoon (26th October), approximately 50,000 visitors were registered, of which 5,795 being trade visitors. On this fourth day, 37 agreements were signed, valued at MOP 3.54 billion. On the other hand, 860 sessions of purchase negotiations and business matching were conducted. During the period, a total of 35 forums, conferences and seminars were held with 2,546 attendees. Regarding the exhibitions, there were altogether 886 booths with exhibitors coming from 33 countries and regions. Business matching Prior to and during the 13th MIF, the Organiser has received a total of 2,363 business matching projects(a year-on-year increase of 210.51%), which include 213 procurement projects participated by 39 buyers, 556 sourcing projects, 60 franchised and chain store brands, 167 brand distribution, 1,367 investment projects. During the fair, a total of 860 business matching sessions were held (a year-on-year increase of 41.68%), of which 375 sessions were for procurement (43.6%) and 169 sessions for product/services supply (a year-on-year increase of 19.65%), 212 sessions for franchising and chain store operations (a year-on-year of 24.65%), and 8 sessions for brand distribution (a year-on-year of 0.93%), and 96 sessions for delegation matching (a year-on-year of 11.16%). Agreements reveal the directions of the market The Organiser has received a total of 37 projects for signing agreements valued at MOP 3.54 billion. The agreements signed may be classified as follows: 1) imports & exports from and to the Portuguese-speaking countries; 2) investment projects;3) agency business; 4) franchising, etc. In particular, the imports & exports to and from the Portuguese-speaking countries include solar panels, cables, and TV sets, coffee, minerals, and marine products. Moreover, a franchising cooperation agreement was signed for the first time at MIF. Through MIF, the buyers from Latin America, Mainland China, Taiwan, Hong Kong and Macao had a chance to get together and reach business deals. On the other hand, the Macao SMEs have learnt the procurement requirements of 3 large U.S. corporations in Macao. Higher level of internationalization This year’s MIF has seen a further increase in the number of participating countries and delegations. 33 countries have registered as exhibitors. A total of 274 visiting delegations have come from 57 countries and regions. Besides, this year’s MIF is strongly represented and supported by many international organisations and professional institutions, embodying that MIF is gaining higher recognition internationally. Those institutions include: WAIPA - World Association of Investment Promotion Agencies, IFA – International Franchise Association, AFECA - Asian Federation of Exhibition & Convention Associations, ICOOI - Instituto de Cooperação Internacional, HKVCPEA - Hong Kong Venture Capital and Private Equity Association, HKLFA - Licensing and Franchising Association of Hong Kong, TWTC – Taipei World Trade Center, TCSI – Taiwan Coalition of Service Industries, and more. Serving Macao SMESs The 13th MIF has organized the “SME International Business Days” on 24th & 25th October, which has attracted plenty of SMEs to participate in the associated business matching, seminars and presentations. A total of 623 local enterprises have participated in the business matching. Amongst the many protocol signing projects, 46% of them belong to local SMEs. Meanwhile, the newly introduced product presentation area has attracted local enterprises to bring in a wide range of different products and services for promotion, for which 16 sessions were held. Forums & Conferences The 13th MIF has held a total of 35 sessions of forums and conferences attended by 2,546 participants. Speakers included government officials, business leaders, personages, experts and scholars. Survey Similar to past years, this year’s MIF has entrusted the University of Macao to conduct a survey to collect data for future reference. The report of the survey will be announced shortly.
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Distributors of Lehman Brothers-guaranteed minibonds in Macao should follow the measures taken by their Hong Kong parent companies and buy them back, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today. As most of the parent companies of Macao distributors were in Hong Kong, he said, the sale of minibonds in Macao could be seen as part of the sale in Hong Kong. Therefore, the parent companies should also deal with the complaints of Macao investors and offer them the same solution given to the Hong Kong investors, he said. By adopting the measures provided by the Hong Kong parent companies, minibond investors in Macao could get an early and practical settlement for their investment, he said. He disclosed that there were some 1,200 cases in Macao, involving about 700 million patacas. He pledged that the Government would continue to follow the minibond cases, which might have involved misselling, and urged distributors to take up their responsibilities. Some distributors would meet their clients this week and discuss solutions. The Government would also carry out a full-scale review on the sale of such financial products and would strengthen its supervision on similar products, he said. Mr Tam made these comments when he spoke to reporters at the airport before leaving for Sichuan Province to attend a trade fair. On Macao’s economy, Mr Tam told reporters that most residents had expected the economy would begin to slow down next year. He urged people to work with the Government and prepared themselves for the economic downturn.
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The 13th MIF has come to the third day. The Organiser has organised numerous international conferences as well as trade and economic related seminars and presentations, which have attracted a large number of trade visitors and residents. The aim is to strengthen the efforts in promoting MIF and further deepen Macao’s advantage as a regional business platform. Organised by IPIM and co-organised by Hong Kong Venture Capital and Private Equity Association Ltd. (HKVCA), the Conference on “International Fund Raising and Private Equity Opportunities was held this morning. Commercial chambers and enterprises from the Mainland, U.S. and Hong Kong have delivered their speeches on topics including: “How Venture Capital can create value in your company and how to access Venture Capital”, “Criteria in seeking funding”, “Listing Opportunities in Hong Kong, London and U.S.”, and experience sharing of enterprises’ entry into China market, etc. The aim of the conference is to assist local SMEs to further understand the franchising business model, introduce advanced management concepts and open up more opportunities for development. Another seminar entitled “Meet the Buyers - An Introduction to the AmCham Macau SMEs Cooperative Program” was held also this morning. The representatives from the three large U.S. companies in Macao, namely MGM Grand Macau, The Venetian Macao-Resort-Hotel and Wynn Macau briefed local SMEs on the requirements of their procurement process and gave related suggestions so as to establish potential co-operations. During the “Luncheon Meeting for Foreign Economic Cooperation and Implementation of CEPA6 between Guangzhou and Macao”, Ms. Echo Chan, Executive Director of IPIM said that the CEPA6 agreement signed in July this year had introduced several measures in facilitating service trade and investment. It is believed that with the implementation of the measures, Guangzhou and Macao shall further advance their complementary advantages on the existing foundation of co-operation, and reinforce mutual trade and economic interchange and co-operation. According to Mr. Marc Pacheco, Senator of Massachusetts & International Trade Specialist from U.S. Commercial Service, at present the U.S. and the global economy are encountering a severe period. It is difficult to predict how long such a period is going to last. However, in terms of exports of the U.S. there is still certain growth. It is believed that with the continuous efforts of the enterprises, and by ensuring the entrepreneurs’ access to capital, the difficulties shall be overcome in due course. At the “Seminar on EU Market Business Opportunities and Enterprise Co-operation” held this afternoon, Mr. Wolfgang Ehmann, Board Member of The European Chamber of Commerce in Hong Kong, the Executive Director of German Industry and Commerce HK, and Mr. Sales Marques, President of ENN have delivered their speeches, followed by business matching sessions and ENN corporate service presentation. On the same day, Romania Products Presentation and Wine Tasting was held, in which Mr. Eduard Romulus GOEAN, Consul General of Romania in Hong Kong, introduced the trade and economic environment of Romania. Meanwhile, promotions of Romanian wine and cosmetics were carried out. While enjoying the taste and aroma of Romanian wines, attendees gained a deeper understanding about the economic situation of the country. Other activities held today included: “The credit line of 300 million euros agreed between the Portuguese Republic and the People’s Republic of China to finance trade between China and Portugal--Terms and conditions, eligible projects and application procedures”, “BIPM (Business Intelligence and Project Management) Conference”, “Indonesia as the Base of Production for Overseas Manufacturers”, “Poland as a Gateway to the EU Market”, “Management Strategies in Business Innovation & Diversification”, and “Cultural Industry / Media Forum”. For today, the Organiser has recorded a total of 17,249 visitors and held 217 sessions of purchase negotiations and business matching, in which 83 sessions were related to franchising business. A total of 8 agreements were signed in respect of products/service supplies, branding and distribution as well as investment projects. The four-day event will come to a close tomorrow 26th Oct at 5:00 P.M. On this final day, the seminar entitled: “About eSignTrust, - What is Electronic Certificate? - What is Electronic Signature? - What is Data Encipherment?” will be organised by Macao Post eSignTrust Certification Services. We warmly welcome you all to come and join us at the 13th MIF!
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The Chief Executive, Mr Edmund Ho Hau Wah, will lead an official delegation to Chengdu, Sichuan Province, tomorrow to attend the 9th Western China International Economy and Trade Fair. Upon arrival, Mr Ho is scheduled to meet senior officials of the Sichuan Provincial Government and attend a welcoming reception in the evening. On Monday, Mr Ho will attend the opening ceremony of the fair and officiate the opening of a liaison office of the Macao Trade and Investment Promotion Institute in Sichuan. Mr Ho will be accompanied by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen; the Chief of the Office of the Chief Executive, Mr Ho Veng On; the President of Macao Trade and Investment Promotion Institute, Mr Lee Peng Hong, and some government advisors. The Secretary for Administration and Justice, Ms Florinda Chan will be Acting Chief Executive while Mr Ho is away.
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