Roundup: Macao chief executive highlights diversified development, people's livelihood in 2015 policy address

Chui Sai On, chief executive of China's Macao Special Administrative Region (SAR) said the region is poised to speed up "appropriate diversification" of the local economy by boosting non-gaming industries while stabilizing the development of the gaming industry.

In a policy address delivered at the Legislative Council, Chui stressed that appropriate diversification is Macao's overall economic trend, while reckoning the local gaming industry has slowed down after a decade of robust growth.

Firstly legalized in the mid-19th century, Macao's casino gaming has developed a very close relationship with the tourism industry and become a pillar of local economy.

With 35 casinos, 5,716 gaming tables and 12,873 slot machines, Macao overtook Las Vegas in terms of gaming revenue nearly a decade ago.

The gaming industry contributed over 76 percent of the Macao SAR government's revenues. However, its revenue has fallen markedly since last year.

Chui, who started his second five-year term as Macao's chief executive late last year, said the Macao government will come up with measures to adjust the gaming industry, while at the same time boosting emerging industries through exploiting diversified tourist market, supporting international convention and exhibition programs in Macao, boosting cultural and creative industry and traditional Chinese medicine, and fostering the environmental- protection sector.

The government will create room for middle and small-sized enterprises to grow, help them to expand the regional market, and offer them better business environment. "We will continue to help the distinctive old restaurants and shops to get more business opportunities," Chui said.

The chief executive also pledged to study the establishment of investment development fund and a lasting fiscal surplus allocation framework, adding further efforts will be made to strengthen financial supervision as well.

Meanwhile, the Macao SAR government will take a series of measures to safeguard employment rights and promote employment competitiveness, including the overall implementation of minimum wage in an orderly way and optimization of relevant laws and regulations.

The government is also determined to expand external exchange and deepen regional cooperation, including the cooperation with mainland regions, Chui said in his address.

Chui said promoting the appropriately diversified economy has obtained the phased goals in recent years, which has laid an important foundation for the steady economic development.

According to the policy address, Macao's gross revenue of gaming industry was 350 billion patacas (45.5 billion U.S. dollars) in 2014, while the gross avenue of the non-gaming industries, including wholesale and retail, hotel, catering services, construction and finance, exceeded 190 billion patacas ( 23.79 billion dollars).

Macao's fiscal reserve has reached 432.43 billion patacas (54. 13 billion dollars), the foreign exchange reserve is 133.34 billion patacas (16.69 billion dollars), and the unemployment rate is still at a low level "in terms of the economic outlook in 2015, " Chui said.

"We will keep the attitude that be prepared for danger in times of safety and be cautiously optimistic," he added.

The Macao government will accelerate the construction of a livable city as part of building a "global tourism and leisure hub. "

In the policy address, Chui announced a series of measures to improve people's livelihood, such as raising the subsidies to students and disabled people, and increasing the old-aged pension.

Chui said the housing, transportation and environmental protection will be the priorities in his policy proposals. "The government will keep the appropriate and steady supply of public housing from many aspects," he said.

Calling the city's safety an important condition of a livable city, he said the government has been making efforts to build a police force with superior quality, high efficiency and strict discipline.

Apart from the public security, Chui also mentioned the efforts that the government has made and will make to prevent the infectious diseases and quarantine the food security. "We will pay close attention to all aspects of security of our citizens," he said.

Humanities building is another important condition of a livable city. "The government attaches great importance to the balance of urban development and heritage conservation," Chui said. "We will spare no efforts to protect the historic urban area of Macao and make the world cultural heritage to show its vigor in the modern life."

As a service platform for economic and trade cooperation between China and Portuguese-speaking countries, Macao has its advantage with a multiculture, he noted.

"The native Portuguese and those who residing in Macao have played a very important role in promoting cultural exchanges and Macao's development," Chui said. "We should make the spirit of mutual respect, inclusive and rationality to achieve more fruitful results."

Chui went on that the government would speed up the construction of a long-acting social security mechanism, and take measures to alleviate inflation pressures on local residents.

Meanwhile, Chui said the government has paid close attention to the population aging problem and would continue to adopt measures to ensure that the elderly people will be looked after carefully.

He also stressed the importance of the education and development of the young people. "The future of Macao belongs to the young people, the hope of Macao is placed on them, " said the chief executive, adding the government thinks highly of the youth education and it is fundamental to the prosperity of Macao.

In his address, Chui vowed to improve Macao's medical care system via building more hospitals and training more qualified medical care workers. Endi