News

According to the statistics released today by the Monetary Authority of Macao, the proportion of international business in the local banking sector retreated in the third quarter of 2023. At end-September 2023, the share of international assets in total banking assets decreased to 84.0% from 84.7% at end-June 2023, while the share of international liabilities in total banking liabilities fell to 81.8% from 82.5%.
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Industrial structure reflects the relative importance of different economic activities in terms of their respective value-added contribution to the economy. Value added refers to the value created in the process of production of an economic activity (e.g. a sector or an industry), i.e. the value of goods and services produced in the economic activity, less the value of goods and services consumed in the production process. Sectors of industries are classified as primary (e.g. fishing, agriculture and animal husbandry), secondary (e.g. mining & quarrying, industrial production and construction) and tertiary (i.e. service sector, such as wholesale & retail trade, restaurants & similar activities, financial activities and gaming).
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The Municipal Affairs Bureau (IAM) will commence optimisation works from 20 November in Leisure Area of Edif. Ip Heng in Seac Pai Van to improve the drainage and optimise the relevant facilities in the leisure area. The works period is expected to be about 60 days, during which the leisure area will be temporarily closed.
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As the relying unit of the “Tourism Education and Training Base for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)”, Macao Institute for Tourism Studies (IFTM) strives to nurture professional talents for the culture and tourism industry in the GBA, to forge world-class travel destination. From 29 October to 4 November, IFTM arranged a one-week practical exchange for two managerial members from Zhuhai Da Hengqin Sumlodol - IFTM Hengqin Training Base - at the Galaxy Hotel within the Galaxy Entertainment Group in Macao.
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Information from the Statistics and Census Service (DSEC) indicated that Gross Domestic Product (GDP) expanded by 116.1% year-on-year in real terms in the third quarter of 2023, attributable to the thriving exports of services, of which the growth in exports of gaming services and other tourism services accelerated to 781.4% and 255.4% respectively; in addition, domestic demand increased by 15.7% owing to a continued rebound in gross fixed capital formation and private consumption expenditure. All these contributed to the sustained and strong economic recovery of Macao. Imports of goods and services rose by 25.7% and 58.2% respectively, whereas exports of goods reduced by 9.0%. The implicit deflator of GDP, which measures the overall changes in prices, went up by 3.4% year-on-year. For the first three quarters of 2023, GDP surged by 77.7% year-on-year in real terms, and the overall economic output of Macao returned to 77.4% of its level in the same period of 2019.
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To support Macao's “1+4” strategy for moderate economic diversification, the Faculty of Languages and Translation at Macao Polytechnic University invited Wang Zhanglong, a member of the National Technical Committee for Language Standardization and Vice President of iFlytek Co., Ltd., to host an academic lecture entitled “Artificial Intelligence Technology and Its Application in Language Learning and Translation” on November 13. The lecture aimed to provide a comprehensive interpretation of the new opportunities brought about by the era of artificial intelligence in language learning and translation, as well as to offer scientific research support for Macao's high-tech industry. The event was well-attended, with nearly two hundred professionals, and teachers and students from Macao Polytechnic University present.
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During a question-and-answer session at the Legislative Assembly on Wednesday (15 November), the Chief Executive, Mr Ho Iat Seng, stated that the Government continued to be committed to revitalising the economy at community level, and to stimulating small and medium-sized enterprises (SMEs) to improve the quality and quantity of their development. At the same time, in order to support the “Development Plan for Appropriate Economic Diversification of the Macao Special Administrative Region (2024-2028)”, the Government was making every effort to promote the construction of the Guangdong-Macao Intensive Cooperation Zone in Hengqin: all tasks were being implemented in an orderly manner, and a number of services related to supporting people’s well-being in Hengqin were being implemented to align the mode of life there with that in Macao.
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The Chief Executive, Mr Ho Iat Seng, was in the Legislative Assembly on Wednesday (15 November) to answer legislators’ questions regarding the Policy Address for the Fiscal Year 2024. During the session, 31 members raised questions, most of which related to people's livelihoods, including matters affecting the elderly, incentives for people to have more children, medical and health matters, urban planning, and transportation. Mr Ho gave a response to all of the questions.
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In order to further strengthen the cooperation between Macao and Mainland academia, and to promote the development of academic research in humanities and social sciences in the Guangdong-Hong Kong-Macao Greater Bay Area, the grand signing ceremony of the framework agreement on cooperation between Macao Polytechnic University (MPU) and the Chinese Academy of Social Sciences (CASS) was held at MPU on 16 November. The two parties aim to carry out pioneering research in areas such as humanities and social sciences, give full play to Macao’s exemplary and leading role as the “Economic and Trade Co-operation Platform between China and Portuguese-speaking Countries (PSCs)”, promote construction of Macao as "a base for cultural exchange and cooperation with Chinese culture as mainstream and multicultural coexistence", jointly cultivate professional talents, give new impetus to the development of higher education and research in the Greater Bay Area, and contribute to the development of the Greater Bay Area in reaching new milestones and achievements.
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Organised by the Cultural Affairs Bureau (IC, from the Portuguese acronym), the lecture “People, Place, Purpose and Poetry” by internationally renowned architect Francine Houben will be held 28 November (Tuesday), at 7pm, at the Macao Cultural Centre Grand Auditorium, in which the architect will share her unique creative concepts through her works. Registration for the lecture will be available from 18 November and all interested residents are welcome to register through the Macao One Account.
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