Anton Tai urges appropriate economic diversification for long-term stability

Secretary for Economy and Finance Anton Tai has called for appropriate economic diversification to tackle socio-economic challenges and secure the city’s long-term stability, as the city’s economy shows steady improvement.

Macau’s gross domestic product (GDP) grew by 5.1% year over year in the second quarter, with Tai noting that the economy is shifting from recovery-driven growth to high-quality development, reflecting a clear trend of steady improvement.

According to a statement from the Economic and Technological Development Bureau (DSEDT), Tai made these remarks while addressing a seminar on the “Appropriate Diversification of Macau’s Economy and Economic Security” late last week.

In the statement, the Secretary emphasized at the seminar that the government aims to build a practical and sustainable industrial structure, enhance the economy’s resilience to risks, align with the national “14th Five-Year Plan” promote high-level development of the Guangdong-Macau In-depth Cooperation Zone, and strengthen institutional frameworks for industrial linkage and rule alignment between Macau and Hengqin.

As stated, the seminar, co-organized by the DSEDT and the Macao Youth Association of Patriotic Education, featured opening remarks from President Wong Ka Lon, who expressed hope that the event would offer new ideas and directions for the development of Macau’s economy.

At the meeting, according to the DSEDT statement, a keynote speaker emphasized the necessity of appropriate economic diversification for Macau, highlighting that the region’s historically single-sector economy faces various risks and challenges, which have constrained diversification efforts.

The speaker suggested that strengthening economic cooperation and coordinated development with mainland China and neighboring regions could leverage complementary resources and synergies, enhancing the economy’s growth momentum and resilience to risks, thus achieving high-quality, sustainable development.

The seminar also stressed that Macau should pursue economic development in a phased and targeted manner within the ‘One country, two systems’ framework.