Secretary for Economy and Finance, Mr Leong Vai Tac, makes the comments today on the sidelines of a committee meeting of the Legislative Assembly.
The updating of Macao’s boundaries would help create more favourable conditions for developing the local maritime economy and assist the city in its efforts to enhance regional cooperation. The Secretary for Economy and Finance, Mr Leong Vai Tac, made the comments today on the sidelines of a committee meeting of the Legislative Assembly. The State Council approved on Wednesday (16 December) a draft version of a new administrative division map for the Macao SAR. According to the draft, 85 square kilometres of waters surrounding Macao, and an area of land where the Border Gate with Zhuhai is located, will be placed under Macao’s management. Mr Leong said that following the boundary demarcations, Macao could further develop maritime activities, including: maritime-related tourism, such as a proposed scheme to enable pleasure craft to travel between Macao and Zhongshan in Guangdong Province; and maritime-related trade, such as that via the “Dawan area” – a coastal hub for logistics that serves Guangdong Province, Hong Kong and Macao. These initiatives were in line with the “Centre and Platform” approach applied to the development of Macao’s economy he added. The “Centre and Platform” approach is one of the Government’s strategies for achieving an adequate diversification of the local economy. It refers to the transformation of Macao into a world centre of tourism and leisure, and to Macao becoming a commercial and trade cooperation service platform between China and the Portuguese-speaking Countries. The Secretary said the Government would spare no effort in ensuring effective management of the newly demarcated boundaries. He added that the Government would work closely with all sectors regarding the necessary planning for the administration of those areas. In addition, Mr Leong commented on the news that the U.S. Federal Reserve had raised its interest rates. He said the Monetary Authority of Macao would adjust Macao’s base lending rate accordingly, given that Macao’s currency – the pataca – is indirectly pegged to the U.S. dollar via an association with the Hong Kong dollar. With regard the U.S. rate rise, the Government would closely monitor the local housing market and the reaction of the local banking and property development sectors. He advised property buyers to pay close attention to their ability to afford such transactions.