Anton Tai reports MOP110 million boost from consumption campaign, rules out cards

The latest round of a three-month campaign aimed at boosting consumption has reached its midpoint, with the financial secretary yesterday reporting approximately MOP110 million in voucher redemptions over the past three weeks, generating a fourfold increase in consumer spending.

According to Anton Tai, the Secretary for Economy and Finance, authorities will continue to monitor the effects of the current campaign to boost consumption. However, regarding public concerns about other initiatives, such as consumption cards, the government has no immediate plans to implement them.

“For now, we will continue to monitor the impact of the ongoing consumption stimulus program on our neighborhoods, as these measures have shown tangible results over the past few weeks. Consequently, regarding other public concerns, our priority remains the effective implementation of the current program,” he said.

He added, “Our current consumption stimulus program is progressing well and has yielded positive outcomes. We hope this approach will enable government resources to collaborate with local businesses, incentivize resident participation, and stimulate consumption.”

Speaking to the media on the sidelines of the National Day Reception hosted by the Macau Chinese General Chamber of Commerce yesterday, Tai also addressed concerns regarding the progress of the planned technology research industrial park in Macau.

He stated that development is currently proceeding as scheduled, with planning for the park’s functions and positioning underway, alongside research into supporting infrastructure.

The proposed plan will be presented to industry players and relevant stakeholders at an appropriate time to gather feedback on the park’s design. “We have also visited various regions, including areas in mainland China known for advanced logistics and technology development, to learn from their experiences,” he added.

The approximately five-minute media briefing also covered the operational status of small- and medium-sized businesses in the community following the impact of Super Typhoon Ragasa on Macau last week.

The Secretary confirmed the government’s ongoing efforts to assist around 1,400 small- and medium-sized enterprises (SMEs) in their recovery.

“We visited 1,400 businesses in the community. About half were affected, but recovery appears to be progressing relatively quickly. Many operations have already resumed this week.”

According to him, the authorities have expedited the processing of claims for catastrophe insurance purchased by affected businesses, providing immediate compensation to eligible SMEs.

Regarding the local government’s SME assistance mechanism, which offers interest-free loans to help qualifying SMEs cope with force majeure events such as typhoons and flooding, no applications had been received as of yesterday.

Tai speculated that this might be due to small- and medium-sized businesses recovering more quickly, attributing their resilience to the government’s preparations and public appeals prior to the typhoon, along with the timely measures businesses took to minimize losses.