The Macau SAR has announced plans to build a Sino-Portuguese financial service platform during the Forum for Economic and Trade Cooperation between China and Portuguese speaking countries, which is part of the Outline Development Plan for the Greater Bay Area. According to the Hong Kong Monetary Authority (HKMA), the plan will improve infrastructure for RMB clearance, build liquid assets for an RMB market in Macau and augment financial channels to further foreign investment in Macau. The SAR is also seeking to bolster national innovation by attracting qualified mainland and Portuguese institutions to issue bonds in Macau and investments in financing businesses. HKMA said that it is prepared to build a Central Securities Depository System that will connect Macau to international financial markets and open up bonds to international investors. The project will strengthen financial ties between mainland China and Lusophone countries.
Unemployment rate on the rise
The general unemployment rate from May to July 2020 stood at 2.7%, and the unemployment rate of local residents is 3.8%, which is an increase of 0.2 and 0.3 respectively from the previous period (April to June 2020). According to data provided by the Statistics and Census Bureau the underemployment rate fell slightly by 0.1 percentage point to 3.3%. Total labor force was 406,500 and the labor force participation rate was 70.5%. Total employment decreased by 6,500 from the previous period to 395,400, on account of a drop in number of non-resident workers living in the SAR. Number of employed residents totaled 277,700, down by 1,600.
Typhoon Higos damages over 1,000 trees
The recent typhoon Higos has felled some 1,000 trees around Macau, according to data released by the Municipal Affairs Bureau (IAM) to TDM Radio Macau. IAM estimates that about 300 tons of firewood and 130 trees were damaged by the Typhoon Signal No. 10. The Civil Protection Operations Centre previously reported that it recorded 61 items falling, including construction materials, street lamps, trees, 16 scaffolding structures, cranes, and other structures related to construction sites, among other minor incidents. However, Macau has been spared severe damage, injuries, and casualties during the overnight passage of typhoon Higos. Although many incidents were reported and accounted for some property damage, the category 10 typhoon found Macau otherwise well-prepared. Compared with the last major tropical storm in 2017, Hato, 20,000 trees were damaged and around 10,000 were uprooted.