Macao saw its economy unleashed by the booming gaming industry in the past eight years, but further development requires a more diversified economic pattern, said a Macao legislator in an interview with Xinhua on Monday.
"Historically speaking, the special administrative region (SAR) is at the best of times for its economic development in the lightof its rapid growth in the past eight years," said Ieong Tou Hong, a member of Legislative Assembly of the Macao SAR and BoardChairman of Macao Association of Economy Promotion.
Official statistics show that Macao's annual GDP growth averaged 12.1 percent in the past seven years with per capita GDP exceeding 28,000 U.S. dollars, while foreign direct investmen treached 51.94 billion patacas (around 6.4925 billion U.S. dollars) by the end of 2006.
Under the Basic Law, the SAR has maintained its policies ofopen port and low tax rates, since Macao's official return to China in 1999, Ieong said, adding that the SAR government has fulfilled its goals of rapid economic growth, high employment rates and relatively low inflation in the past eight years.
However, He pointed out that the booming economy also created some new problems like inflation pressures and highlighted Macao's shortages of lands, labor forces and high-level talents.Therefore, "the government's macro-economic policy and gamingindustry regulation need to be further improved."
Following the liberalization of Macao's gaming industry in2002, the SAR has attracted large amounts of investments in itsgaming, hotel, retail, property and financial industries.
In 2006, Macao's investment and total gaming income increased by 39.5 percent and 22 percent respectively compared with 2005, according to official statistics. The signing of Closer Economic Partnership Arrangement in 2003 has also boosted Macao's tourismindustry, as visiting tourist number reached 22 million in 2006.
He said, "Macao has a small-scale economy led by its gamingindustry... This has inclined Macao's industry development to asingle mode. Therefore, the central government has clarified in its 11th Five-Year Program that Macao should properly diversify its economic development."
Ieong proposed that to diversify the economic development, Macao should improve its cross-border and local transportation invarious forms, enhance its cultural industry based on itshistorical heritage and provide professional services likefinancing, insurance, accounting, conference and expo, so as tobuild up the platform for trade and business.
Despite some new issues in Macao's economy, Ieong is still confident that Macao will sustain its rapid development in the future, since investment and tourist arrivals keep increasing and the new round of regional cooperation will bring in new markets and business opportunities to the SAR.
Source:Xinhua
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