Studies on diversification of Macao’s economy

The Chief Executive, Mr Edmund Ho Hau Wah, has disclosed that the Government had initiated studies on the future diversification of the overall economic structure of Macao. Mr Ho was speaking to reporters during his visit to Hainan to attend the opening session of the Boao Forum for Asia Annual Conference 2006, where he also met with the Vice President, Mr Zheng Qinghong, last Friday. Mr Ho said he had briefed the Vice President on recent developments and the idea to adequately diversify Macao’s economy while maintaining its advantages. He said Mr Zheng told him that the Central Government, with constant support for Macao’s development, also hoped that the whole society, especially the industrial and business sectors, could contribute to the stability and the moderate diversification of Macao’s overall economy. Mr Ho said that the studies could come up with suggestions between six to 12 months and he hoped that a consensus could be reached among different sectors of the society, especially among the industrial and business sectors in capitalising on the Central Government’s support and to make adjustments that would enable the moderate diversification of the economy. He said diversification was a long-term goal and the necessary route for Macao’s sustainable development: the SAR Government anticipated active participation of the industry and business sectors, and would co-ordinate policies and resources to make way for that. He said it would take years for these efforts to bear fruit and this generation should lay the foundation and create necessary conditions for the future. On tourism, Mr Ho said Sanya City had much tourism recourses that were complementary to Macao and, as members of the Pan-Pearl River Delta Region, there were great potentials in tourism co-operation between Macao and Hainan. On Sunday evening, Mr Ho met with the Secretary of CPC Hainan Provincial Committee, Mr Wang Xiaofeng, both sides agreed that Macao and Hainan could complement one another in tourism. During his visit, Mr Ho also met with the Governor of Hainan Province, Mr Wei Liucheng; and the Mayor of Sanya City, Mr Lu Zhiyuan.