CE says ‘pressures and challenges’ may result in economic slowdown

Chui Sai On

The Chinese economy is facing pressures and challenges that could cause a slowdown in growth, the Chief Executive Chui Sai On reported during the ceremony to celebrate the 66th anniversary of the founding of the People’s Republic of China on Thursday. According to Chui Sai On, the Central Government has already taken measures to implement policies which promote strong economic and social development.
Stating that the local economy is currently going through an adjustment period, Chui Sai On recognized that the gaming industry has been suffering as a result of these adjustments. Consequently, budgetary restraints have been introduced and investment has been redirected to other industries in order to diversify the economy.
Mr Chui also stressed that there have been some new dynamics in the economy over the past year, and that the encouragement of regional cooperation has brought about new policies regarding free trade areas and awareness of innovation and business creation.  These new policies have in turn contributed to the desired economic diversification into non-gaming related businesses.
Regarding the gaming industry, Chui said that the MSAR government would continue to support the healthy and sustainable development of this business, taking the opportunity to also announce his reinforcement of the inspection and supervision policies regarding gaming operations, and his determination to boost the growth of non-gaming activities.
Chui stressed also that the improvement of people’s livelihoods was the centerpiece of the administration’s policy changes, saying that expenditure on social welfare and in the Investment and Development Expenditure Scheme would not be affected by the austerity measures that took effect in September.
The CE mentioned that the government would use all of its power to boost economic advancement, to support local SMEs and disadvantaged groups, to secure the employment of local people, and to build long-term systems to address the issues of housing, transport, social security and health care.
The ceremony was held at Macau Tower in the presence of more than a thousand guests, and formed one of a series of celebratory events to mark the National Day, including the traditional flag-raising ceremony at Golden Lotus Square, as well as a sporting event called “Macau People Celebrate the National Day – World Walking Day Fun Run,” comprising a variety show and motorcycle parade.
The Chinese acrobatic show “Nutcracker” and a final pyrotechnic display by Australian and Chinese teams who competed in the 27th Macau International Fireworks Display Contest marked the end of the wide range of events.