The government will be introducing a five-year plan to diversify Macau’s economy
The government will be using part of its financial reserves to create an investment fund, the Chief Executive (CE) announced yesterday in his 2015 Policy Address. While announcing a series of measures to facilitate the development of the local economy, Chui Sai On reiterated that the government is optimistic yet cautious about Macau’s economic development.
The investment fund has been previously mentioned and yesterday Chui confirmed it will most likely become a reality. The fund is intended to boost the MSAR’s financial investments and to increase its profitability.
Delivering a speech at yesterday’s Legislative Assembly plenary meeting, Chui acknowledged that Macau currently faces greater challenges in economic development compared to previous years, but its economy “is well-grounded and its tendency to grow remains.”
“The recent slowdown in our economic development [will help] accelerate the economic diversification process,” said Chui (see also page 10).
Despite a nine-month consecutive decline in gaming revenue, the Chief Executive reiterated that the MSAR’s financial situation remains stable and presents “a budget surplus of MOP134.327 million and an extra financial reserve comprising of MOP207.804 million.” He added that the “budget balance for the 2014 fiscal year reached MOP90.296 million.” Chui concluded that the government will remain “alert, optimistic and cautious when it comes to [the region’s] current economic situation.”
Announcing several measures to ensure positive growth, the Chief Executive revealed the government is considering the introduction of a new long-term mechanism to distribute Macau’s surplus. The government will be launching a study on the financial reserves scheme, which will therefore create a “ceiling for excess reserves seeking to ensure a sufficient amount of surplus to back welfare programs addressing Macau’s population while also allowing a just, rational and institutionalized distribution of social wealth.”
In striving to boost economic diversification, Chui said that the government is committed to perfecting legislation related to the gaming industry while stressing the importance of monitoring practices. “We will be implementing measures regarding accommodation and transport to non-resident workers, [which should be] provided by gaming operators,” he added.
Moreover, he said that the government will be introducing a five-year plan to diversify the local economy. A specialized committee tasked with building a “World Center of Tourism and Leisure” will be created. Presided over by the Chief Executive himself, the committee will be responsible for designing five-year plans covering a wide range of sectors.
Mr Chui also revealed that a study on the repositioning of Macau’s industries will be launched to support the manufacturing of products locally. In addition, further subsidies will be in place to stimulate the creation of cultural items. The Cultural Industries Fund will consider creating an award scheme for cultural industries which aim to provide further support to companies, individuals and associations providing relevant services to society.
Other priorities highlighted yesterday by the Chief Executive include the effective management of traffic congestion, one of the population greatest concerns.
He pledged to launch a series of diversified measures to control the increase in the number of vehicles. Mr Chui also promised to reinforce supervision measures over taxi services and to adjust the number of taxis available in town.
The Chief Executive also told the AL that a study will be launched on the introduction of eco-vehicles and on the decline of emissions, which will also take place through a revision of existing legislation. Finally, he pledged to optimize the shuttle bus scheme, regulating the amount of buses and routes operated by casino concessionaires.
On the social welfare side, Mr Chui announced an increase to a set of subsidies provided to more vulnerable members of society.
The CE also pledged to continuously “improve the quality of democratic elections, promoting a healthy elections culture, while listening to society’s requirements about political development.” He reiterated that the government will be seeking to reach a social consensus, promoting “the democratic development in a stable way”.
Municipal body with no political power to be created
In his 2015 Policy Address yesterday, Chief Executive Chui Sai On announced that the government will be launching a study on the creation of a municipal body that holds no political power. Chui said that this inter-departmental group, to be established this year, would be tasked with launching a public consultation and the creation of a municipal body, to be devoid of political power until 2017. The Chief Executive did not elaborate on whether this body will be embedded in the Civic and Municipal Affairs Bureau (IACM), or even its intended purposes. At a press conference held after the Address, Chui recalled that Macau has previously had municipal bodies aiming to serve the population, and that the government is now considering the creation of one “in compliance with the Basic Law.” Before Macau’s handover there were two city halls.
A new public housing ‘concept and scheme’ to be planned
Macau’s government is planning to establish a new public housing concept and scheme, Chief Executive Chui Sai On announced yesterday. Housing, transport and environmental protection, he stressed, are priorities in this year’s Policy Address.
The government will review public housing policies in order to create a new concept and scheme, since “today there are residents who are not able to acquire a house within the private market, but do not meet [all requirements] to apply for a social housing unit [either.]” Therefore, the government is considering the introduction of a different public housing scheme, aimed at helping residents overcome difficulties in acquiring a housing unit.
Chui said that the Macau government is committed to creating an effective long-term mechanism to address housing issues. He pledged to conduct “a full revision of the public housing policy” this year, while also perfecting legislation on the matter. “After launching public consultation, we will be partially reviewing the affordable housing laws aiming at improving administrative efficiency. The revision of the law is already underway. Based on urban planning and land laws, the government will define a long-term strategy for public housing,” he reiterated.
Chui promised to encourage the recovery of unused land. He revealed that, out of 48 unused land lots, twenty-two have already entered the final stage of expired concession declarations.
The chief executive likewise promised to accelerate the grants process for public housing units. He stressed that the government intends to fulfill its promise to provide 28,000 public housing units within the new reclamation land Zone A. The administration will also revise and assess plans for the new reclamation land Zones B, C and D.
He added that the government is this year introducing the concept of “urban renewal,” and will promote the redevelopment of old neighborhoods.
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