The Bank of China's Macao branch recently published in its China Economic Research report a prediction that Macao's economy will sustain up to 13% in growth. This growth has been spurred by investments in the tourism and leisure industry.
The study shows that, under the guidance of the tourism and leisure industry, six Macao lottery companies began business by the end of last year; and the tourism industry cluster effect is becoming more apparent. Fixed assets investment's contribution to Macao's economic growth has surpassed 30 percent for the first time. Preliminary statistics show that, in addition to the hotel extension project, in these two or three years, Macao still requires an investment of 100 billion Macao dollars to continue projects or begin planned fixed-asset investment projects. This is still the main highlight in Macao's economic growth.
The report predicted that in 2008, Macao's real estate market will continue to have a good year. Currently there are almost 10,000 projects under construction; and 25,000 projects are pending application. By 2012, there will be 19,000 public housing units. At the same time, the direct income from Macao's exhibition industry is expected to increase every year; and Macao will be the city with the fastest growing exhibition industry in the Asia-Pacific region. In addition, Macao's exhibition industry will help related industries to increase profits. The profits are expected to enlarge nine times over previous years; and to prompt the hotel, restaurant, shopping, and entertainment industries to stimulate the economy.
By People's Daily Online
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