Macau able to weather economic downs, says Secretary

The Secretary for Economy and Finance, Lionel Leong, said that Macau is capable of enduring fluctuations in the health of the world eceonomy, according to a statement released by the Office of the Secretary for Economy and Finance.

Since last month, Leong has been leading other government principal officials within his secretariat, visiting approximately 30 associations that include business, youth, women and other sectors.

Moreover, they have also been meeting with some of the city’s scholars and experts in the aforementioned fields.

Several industry representatives pointed out that the trade war between China and the U.S. is causing fluctuations in the global financial market, and that since Macau’s economy is highly export- oriented, it can easily be influenced by external economies.

In view of this, the representatives further suggested to Leong that the SAR government should prepare to embrace the changes occurring in the financial market.

In turn, the Secretary expressed his agreement, stressing that Macau’s economy had just entered a stable phase and is currently enjoying favorable conditions, following a prolonged economic adjustment period over the past 26 months. However, the Secretary noted that this trend may be subject to variations due to external factors.

Leong believes that the Macau SAR government has a solid financial capacity, good income and expenditure, a reliable indexation system and a stable financial system, which allow both the Macau SAR government and its financial system to cope with fluctuations in the financial markets.

Leong added that, in view of the current uncertainties in the world economy, the MSAR government and all social sectors have been working to strengthen the sense of alertness.

Given that adequate diversification of Macau’s economy has always been a priority, the Secretary pointed out that fostering organic synergy between adequate diversification of the local economy and participation in the national construction, as the principle of “responding to national needs and enhancing the advantages of Macau” is a major task for the Secretary for Economy and Finance, with emphasis on the role of Macau as a service platform for trade co-operation between China and Portuguese- speaking countries.