News

The Monetary Authority of Macao announced today that the preliminary estimate of Macao SAR’s foreign exchange reserves amounted to MOP156.8 billion (USD19.62 billion) at the end of January 2017. The reserves increased by 0.7% from the revised value of MOP155.7 billion (USD19.49 billion) for the previous month. Macao SAR’s foreign exchange reserves at end-January 2017 represented 12 times the currency in circulation or 96.2% of Pataca M2 at end-December 2016.The trade-weighted effective exchange rate index for the pataca dropped 0.60 points month-to-month and rose 1.96 points year-on-year to 109.6 in January 2017, implying that overall speaking, the exchange rate of the pataca declined against the currencies of Macao’s major trading partners on a monthly basis but increased on an annual basis.
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The Heritage Foundation released today its 2017 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the ninth consecutive year. The SAR’s overall score of economic freedom is 70.7, well above the world and regional averages, making its economy the 32^ndfreest among 180 economies. In the Asia-Pacific region, Macao is ranked 8^th out of 43 economies, up one place from a year ago, just behind Hong Kong, Singapore, New Zealand, Australia, Chinese Taiwan, South Korea and Malaysia. Based on 12 attributes, the Report assesses the degree of economic freedom of individual economies around the world. Macao receives relatively high score in attributes such as fiscal health, government spending, trade freedom, investment freedom, tax burden, monetary freedom and financial freedom.The Foundation’s 2017 Report says that as a free port, Macao has long benefited from global trade and investment. The entrepreneurial environment is generally efficient and streamlined, and property rights are generally well respected. Taxation is low and relatively efficient. Since opening up the gaming industry in 2002, Macao has attracted more foreign investment.
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The Heritage Foundation released today its 2017 Report on the Index of Economic Freedom, rating Macao’s economy as “mostly free” for the ninth consecutive year. The SAR’s overall score of economic freedom is 70.7, well above the world and regional averages, making its economy the 32^ndfreest among 180 economies. In the Asia-Pacific region, Macao is ranked 8^th out of 43 economies, up one place from a year ago, just behind Hong Kong, Singapore, New Zealand, Australia, Chinese Taiwan, South Korea and Malaysia.
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The International Monetary Fund (IMF) concluded the 2016 Article IV Consultation with Macao Special Administrative Region (Macao SAR) and published its Staff Report today (14 February, 2017, US time; 15 February, 2017, Macao time). This comprehensive report reinforces the IMF Staff Mission’s preliminary assessment of Macao’s macroeconomic and financial positions in the end-of mission statement released by the IMF on 15 November, 2016.The IMF Mission commended Macao SAR’s strengthening fiscal and external financial positions, credible linked exchange rate system, strong financial system, and remarkable macroeconomic resilience. Macao SAR is entering a transition to a more diversified economic model from a position of strength with large fiscal and external buffers. On economic outlook, the Mission concluded that the SAR economy had bottomed out and upwardly revised its forecast to 2.8% for 2017 from its previous forecast of 0.2%. Macao SAR is well-positioned to achieve relatively stable growth of low to mid-single digits in the medium term.The IMF recognised a strengthening position of Macao SAR’s fiscal and external financial buffers. On the fiscal side, the SAR has zero gross public debt and sizable Fiscal Reserve, due mainly to the Macao SAR Government’s prudent fiscal policy. On the external financial front, the SAR is a net foreign creditor. The Mission estimated that Macao SAR’s net foreign assets were equivalent to about 280% of GDP at end-2015. As a result, the Mission concluded that these buffers would continue to underpin Macao SAR for a transition to a new and more diversified economic model.The Mission concurred the SAR Government’s plan to diversify the sources of economic growth over the medium term, sensibly via setting three types of diversification objectives: 1) from high-end VIP gaming business to mass-market gaming business, 2) from gaming tourism to non-gaming tourism and 3) from tourism to financial services.The IMF reaffirmed its support for the linked exchange rate between the MOP and the HKD under a credible currency board regime, which continues to serve Macao SAR well. The success of the currency board is in large part due to steady application of the necessary supportive policies: adequate foreign exchange coverage, a liquid and well-capitalised banking sector, prudent fiscal policy and flexible labour markets. In addition, the downward tourist price flexibility, as displayed recently by the hotel sector, has warranted the SAR’s external competitiveness and has been increasingly important alongside the strengthening of the MOP.The IMF complimented Macao SAR’s sound financial sector, reflecting the prudence of regulations. The financial soundness indicators regarding asset quality, earnings, and liquidity remain remarkably robust. There is no clear need to loosen macroprudential regulations with respect to the real estate market based on the current information, such as healthy bank balance sheets and recovering housing prices.The Mission also noted Macao SAR’s solid macroeconomic resilience, hence, the spillover of the economic contraction, especially over employment, in recent years had been limited. Unemployment is around 2.0%, close to the historical low in 2014. Meanwhile, in the financial sector, the nonperforming loan ratio is largely unchanged at around 0.1%. In particular, the resilience in the tourism sector’s demand for labour has helped contain the fall in domestic consumption and deterioration in bank asset quality.The IMF Mission visited Macao SAR during 3-14 November, 2016 to conduct the 2016 IMF Article IV Consultation and its end-of-mission press release was published on 15 November 2016. The Staff Report was considered and endorsed by the IMF Executive Board on 13 February, 2017. The next IMF Article IV Consultation with Macao SAR will take place on the standard 24-month cycle.Links to the relevant press release and Staff Report of the 2016 Article IV Consultation with Macao SAR, as endorsed by the IMF Executive Board, are listed below:

1. Staff Report of the 2016 Article IV Consultation with Macao SAR:

http://www.imf.org/en/Publications/CR/Issues/2017/02/14/People-s-Republic-of-China-Macao-Special-Administrative-Region-2016-Article-IV-Consultation-44661

1. Press release of the IMF Executive Board conclusion:

http://www.imf.org/en/News/Articles/2017/02/14/PR1748-Macao-IMF-Executive-Board-Concludes-2016-Article-IV-ConsultationUnder Article IV of the IMF’s Articles of Agreement, the international organisation holds bilateral macroeconomic discussions with individual members on a regular basis. A staff team visits the member country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to the headquarters, the staff prepares a report, which forms the basis for discussion and conclusion by the IMF Executive Board. The IMF conducts separate Article IV Consultation with the Mainland, Hong Kong SAR and Macao SAR under the membership of China.
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For the implementation of Section 2b), Article 10, Law 4/95/M of 12 June, Consumer Council collects prices of fresh pork from wet markets and supermarkets for consumers’ reference on 14 February. The mentioned data collected during 8 February to 14 February are used for comparing the average selling price of the same products from Zhuhai and Hong Kong. The relevant data has been uploaded to the Council’s website for consumers’ reference.fThe specific price surveys on fresh pork and vegetables are now available on the Council’s website (www.consumer.gov.mo), iPhone & Android ‘Supermarket Price Information Platform’ app, and the Council’s WeChat Account page. The relevant surveys include the average selling prices of local fresh pork and vegetables, and comparison on the respective the average selling prices rom Zhuhai, HK, and Macao.For enquiry, please call 8988 9315.
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For the implementation of Section 2b), Article 10, Law 4/95/M of 12 June, Consumer Council collects prices of fresh pork from wet markets and supermarkets for consumers’ reference on 14 February. The mentioned data collected during 8 February to 14 February are used for comparing the average selling price of the same products from Zhuhai and Hong Kong. The relevant data has been uploaded to the Council’s website for consumers’ reference.
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The Health Bureau would cautiously analyse relevant suggestions and results arising from a survey commissioned by the six local gaming operators. It concerned gaming employees’ opinions on, respectively, smoking in casinos and technical standards for casino smoking lounge.The Bureau noted in a press release issued on Monday (13 February) that the six gaming operators had also jointly commissioned air quality tests inside the casinos. The findings of the survey and the results of the air quality tests would be a reference point when the Government formulated relevant policy, stated the Bureau.The Government is committed to a tobacco-smoke-free Macao, as recommended for places worldwide by the World Health Organization. The banning of smoking in all indoor public spaces is a major goal regarding smoking control efforts in Macao.The Government would mull suggestions regarding the possible retention of existing smoking lounges in local casinos and whether new lounges could be established. It would take into account technical standards of smoking lounges in other countries, in order further to protect the health of casino employees.On Monday, the findings of the survey regarding gaming employees’ opinions on smoking in casinos – conducted by the University of Macau – and the results of the air quality tests inside casinos – conducted by the Hong Kong Polytechnic University – were released.The survey regarding gaming employees’ opinions on smoking in casinos showed a total of 55 percent of interviewees were in favour of smoking lounges in casinos. The survey interviewed a total of 14,301 casino employees, 73 percent of them having worked in gaming roles in the six months prior to the survey.The Bureau noted an academic institution conducted the survey; questionnaires seem not to be biased; it had interviewed a representative sample of interviewees; and interviewees participated voluntarily and their respective identities had been kept confidential.In addition, the six gaming operators submitted some suggestions for the design of smoking lounges in casinos. The Bureau noted the suggestions listed requirements additional to those contained in Executive Order 141/2014. The Bureau also noted the suggestions implied the introduction of higher technical standards, and were deemed by the Bureau as feasible.Currently, smoking is banned in major public areas in casinos, including mass gaming floors, under the New Regime on Tobacco Prevention and Control.The New Regime became effective on 1 January 2012, banning smoking in public indoor areas such as schools, health institutes, workplaces and factories, all bars, dance halls, saunas and massage parlours.
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Consumer Council conducted its third ‘Supermarket price survey’ in February on 14 February for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included supermarkets near Iao Hon Market and the Border Gate area (Portas do Cerco ) in N. Sra. de Fátima Parish.The latest ‘Supermarket Price Survey’ is now available on Consumer Council’s website (www.consumer.gov.mo), ‘Supermarket Price Information Platform’ iPhone and Android apps, and on the Council’s WeChat account page. The survey is also available free of charge at the offices of Consumer Council, IACM’s Iao Hon and S. Domingos Markets, bookstores and libraries.With reference to the local seven parishes and the number of supermarkets in each parish, the Council has divided around 100 supermarkets into 8 areas for price collection. The Council collects prices from these supermarkets for the provision of a more comprehensive database for consumers to check price discrepancies and make price comparisons according to their desired locations.For inquiry, please call 8988 9315.
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The University of Macau’s (UM) State Key Laboratory of Analog and Mixed-Signal VLSI) (AMS-VLSI Lab) contributed two chapters to the first hardware-oriented book on the Internet of Things: Enabling the Internet of Things - from Integrated Circuits to Integrated Systems, published by Springer International. The book was edited by Prof Massimo Alioto from the National University of Singapore, and was officially inaugurated at the IEEE (Institute of Electrical and Electronics Engineers) International Solid-State Circuits Conference (ISSCC) held in San Francisco, United States. The book covers all the fundamental building blocks and levels of abstraction related to the design of Internet of Things (IoT) devices, from circuits to architectures and systems.The two chapters are Chapter 10, titled ‘Power Management Circuit Design for IoT Nodes’, and Chapter 14, titled ‘Circuit Techniques for IoT-Enabling Short-Range ULP Radios’. As a common thread, all chapters conclude with a prospective view on the foreseeable evolution of the related technologies for IoT. The concepts developed throughout the book are exemplified by two IoT node system demonstrations from industry. Chapter contributions come equally from industry and academia.This book offers the first comprehensive view on integrated circuit and system design for the IoT, and in particular for the tiny nodes at its edge. The authors provide a fresh perspective on how the IoT will evolve based on recent and foreseeable trends in the semiconductor industry, highlighting the key challenges as well as the opportunities for circuit and system innovation to address them. This book describes what the IoT really means from the design point of view, and how the constraints imposed by applications translate into integrated circuit requirements and design guidelines.After providing a system perspective on IoT nodes, this book focuses on state-of-the-art design techniques for IoT applications, encompassing the fundamental sub-systems encountered in Systems on Chip for IoT.
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Consumer Council conducted its second ‘Supermarket price survey’ in February on 13 February for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included supermarkets near Areia Preta, Mong Há and Avenida de Venceslau de Morais in N. Sra. de Fátima Parish.The latest ‘Supermarket Price Survey’ is now available on Consumer Council’s website (www.consumer.gov.mo), ‘Supermarket Price Information Platform’ iPhone and Android apps, and on the Council’s WeChat account page. The survey is also available free of charge at the offices of Consumer Council, IACM’s Iao Hon and S. Domingos Markets, bookstores and libraries.With reference to the local seven parishes and the number of supermarkets in each parish, the Council has divided around 100 supermarkets into 8 areas for price collection. The Council collects prices from these supermarkets for the provision of a more comprehensive database for consumers to check price discrepancies and make price comparisons according to their desired locations.For inquiry, please call 8988 9315.
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