MOP23.7b to be put toward public wellbeing, tax reduction measures

Macau’s economic recovery is evident, and market confidence and expectations are recovering, said Lei Wai Nong, the Secretary for Economy and Finance.

Lei considers 2023 has had a good opening for the Macau economy as the restrictions on cross-border movements has been lifted.

MOP23.7 billion will be put toward a series of public wellbeing and tax reduction measures.

According to Lei, MOP1.65 billion of secondary consumption has been generated by the citywide consumption carnival co-organized by the Office of the Secretary for Economy and Finance and the Macao Chamber of Commerce.

During Lei’s speech in the business community forum organized by the Macao Chinese Chamber of Commerce, he said there was a surge in the number of incoming passengers during January and February, which is around three million, a 1.2-fold annual increase. Among them, are 880,000 Hong Kong tourists and 412,000 Taiwan tourists. The number of Hong Kong tourists has risen more than nine times.

Gambling revenue from January to March was MOP34.6 billion, a 94.4% rise compared to the same time period last year.

Chui Sai Cheong, president of the Macao Chamber of Commerce, said the chamber will devote MOP2 million to community leisure and relaxation activities from April to July, with federations of industry and commerce in three other regions and hopes the “Tourism +” mode can drive the development of other industries.

Lei said that a proactive fiscal policy will continue to be adopted to boost social confidence and expand internal demand. Integrated tourism and leisure industries should be improved to amplify the impetus for economic recovery.

Macau and Hengqin will cooperate to build the four major industries and further moderate economic diversification.

Chui referred to China’s government work report and said that the Chinese government pays high attention to the development of Macau and Hong Kong, with support for economic development and livelihood wellbeing for better stability and prosperity. He suggests that the business community should seize the chance of the gate reopening to make full use of the policies and measures to benefit Macau and provide solutions. Staff Reporter