MACAO, June 30  -- Chui Sai On, the incumbent chief executive of China's Macao Special Administrative Region (SAR), announced on Monday that the election for the region's fourth-term chief executive will be held on Aug. 31.

Chui made the announcement in an executive order published by the region's government which also sets a ceiling of campaign fund of no more than 5.77 million patacas (about 722,754 U.S. dollars) for each candidate.

According to the Basic Law of the Macao SAR, the chief executive shall be elected by a broadly representative Election Committee in accordance with the law and appointed by China's central government.

All the 400 members of the Election Committee for the region's fourth-term chief executive were selected on Sunday.

All candidates for the chief executive election should be nominated 30 days before the election day, according to the region 's law on the election for the chief executive.