Macau deemed to be ‘Miami of the east’

A recent study suggests that Macau has the potential to transform into the “Miami of the East” by enhancing its economic cooperation with Latin American countries. The research, titled “Macao: Rebuilding the Maritime Silk Road to Latin Countries,” emphasizes the need for Macau to leverage its unique linguistic and cultural advantages to establish a China-Latin America Forum, facilitating trade and cultural exchange.

Authored by Wang Hai, a researcher at the Institute of Economics of the Jiangsu Provincial Academy of Social Sciences, the study highlights Macau’s historical role as a pivotal international trade gateway.

In the 16th century, Macau served as a critical hub for trade between China and Latin America, connecting various continents and allowing traditional Chinese products like silk, tea, and porcelain to reach global markets. This historical context underpins the potential for Macau to reclaim its status as a center for international trade.

The study argues that, “similar to Miami”, which is recognized as a major gateway for Chinese businesses entering Latin America, Macau could play a crucial role in fostering economic ties between China and Latin-speaking nations. Wang notes that Macau’s multicultural environment, free port system, and established foreign economic relationships position it uniquely to adapt to the demands of globalization.

To capitalize on these advantages, the researcher proposes the establishment of a permanent economic and trade cooperation mechanism within Macau, which could serve as a bridge connecting China with Latin American countries. This forum would not only enhance trade but also promote cultural exchanges, technology transfer and tourism.

Wang emphasizes that Macau’s strengths in communication and cultural diversity should be harnessed to create networks for various exchanges, including marketing goods, financing, and educational cooperation. By doing so, Macau could effectively facilitate the movement of people, goods, and information across borders, overcoming language and cultural barriers.

The study reiterates that Macau’s historical significance and current capabilities make it an ideal candidate to become a central hub for economic and cultural cooperation between China and Latin America. Nadia Shaw