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At the invitation of the University of Macau (UM), Nobel laureate in economic sciences Prof. Robert A. Mundell today (23 February 2012) gave a seminar at UM on the European Debt Dilemma and Its Impact on East Asia and World Economy. The seminar attracted over a thousand and two hundred people, including journalists, teachers and students from local universities and secondary schools, practitioners from the financial and banking sectors, government officials, and representatives from various organizations. The seminar was organized by UM's Asia-Pacific Academy of Economics and Management, with assistance from UM's Faculty of Business Administration. It is part of a series of UM-organized academic events from January to March this year. During his welcome speech, UM's Vice Rector (Academic Affairs) Prof. Simon Ho shared some background information about Prof. Mundell. Prof. Mundell has published many books and papers on the history of international monetary system and theories of international economics. He played such a pivotal role in the introduction of the Euro that he is considered "the father of the Euro" and "the father of the theory of optimum currency areas". He won the Nobel Memorial Prize in Economic Sciences in 1999 for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas. At the seminar, Prof. Mundell analyzed the global financial landscape, and explained the causes and effects of financial crises from a historical point of view, with a wealth of background data on many countries. He also proposed solutions and envisioned the economic future of China, Europe and the U.S. In his opinion, countries around the world should work together to establish an international monetary system to promote world peace and offer a good framework for world economy. He cited the example of Renminbi, saying that China should consider forming a monetary alliance with Europe and the U.S. in order to maintain a stable foreign exchange rate of Renminbi and alleviate instability in the exchange rates between MOP and HKD on the one hand, and foreign currencies on the other. Many audiences seized the rare opportunity to ask questions during the Q&A session. The seminar was preceded by a special session called "Dialogues between Nobel Laureate in Economic Sciences and Post-secondary Students from Zhuhai and Macao". Prof. Mundell patiently answered questions from the students. Participating students described the opportunity to discuss questions face-to-face with a Nobel laureate as excitingly "rare", saying that Prof. Mundell's insightful views on the development of world economy have expanded their international perspective.
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Consumer Council enhances its work on surveying commodity prices and includes seasonings and dairy products as surveyed items to its specific price survey. The first specific price survey on seasonings revealed great price discrepancies in the 13 items sold in different retail outlets, most seasonings recorded a difference in price of around 20% to 30%. Prices of foods in Macao are affected by peripheral issues and are expected to rise. One of the key tasks of Consumer Council is to better its work on collecting and providing comprehensive information to consumers for making price comparisons and saving daily expenses. Two more product categories have been added to the Council's specific price survey pool to make a total of six categories, the Council will continue to adjust related projects according to requests of consumers and market changes. The two categories added are seasonings and dairy products. The Council's first survey on prices of seasonings dated 20th February recorded prices of 13 items, including soy sauce, salt, and sugar, etc., from 22 retail outlets. Survey results revealed a difference of around 20% to 30% in the selling prices of the same product sold in various outlets, the highest price discrepancy being recorded was over 50% . Consumer Council indicated that selling prices of seasonings usually ranged from a few dollars to around 10 dollars, though prices differed for only MOP2.00 to MOP3.00, the percentage difference was relatively high. For example, prices of 'Tai Yang Hua Brand Table Salt (1lb)' in different retail spots varied for up to MOP1.50, which equaled to a percentage difference of 60%. Price differences and comparisons can be accessed on the 'Specific product price information platform' on the Council's website. The latest specific price survey on seasonings is now available online on the Council's official website (www.consumer.gov.mo). For enquiries, please call 8988 9315.
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In view of providing detailed information on visitor arrivals, the Statistics and Census Service (DSEC) releases statistics on the length of stay of visitors starting from January 2012 and the corresponding data for 2011 to facilitate comparison. In January 2012, total visitor arrivals surged by 18.6% year-on-year to 2,461,640 attributable to the Lunar New Year holidays. Same-day visitors (1,371,090) accounted for 55.7% of the total. The average length of stay of visitors decreased by 0.2 day year-on-year to 0.9 day, and that of overnight visitors and same-day visitors stood at 1.8 days and 0.2 day respectively. Analyzed by place of residence, in January 2012, visitors from Mainland China increased by 22.5% year-on-year to 1,494,877 (60.7% of total), mostly from Guangdong Province (777,564), Fujian Province (65,966) and Zhejiang Province (51,549), with same-day visitors (847,993) surging by 27.5%. Mainland visitors travelling to Macao under the Individual Visit Scheme (IVS) totalled 711,475, up substantially by 32.2% year-on-year. The average length of stay of Mainland visitors was 0.9 day, with that of same-day visitors at 0.2 day. Visitors from Hong Kong (638,032) and the Republic of Korea (46,176) went up by 20.5% and 9.6% respectively year-on-year; the average length of stay of Hong Kong visitors stood at 0.7 day. However, those from Taiwan, China (85,546) and Japan (31,669) decreased by 7.1% and 12.4% respectively. Meanwhile, visitors from Americas (25,047), Europe (21,575) and Oceania (15,185) rose by 5.8%, 14.5% and 11.2% respectively year-on-year. Analyzed by mode of transport, the majority of visitors arrived by land, an increase of 14.7% year-on-year to 1,360,648, which was followed by visitor arrivals by sea (960,822) and by air (140,170), up by 25.0% and 15.6% respectively.
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According to the statistics released today by the Monetary Authority of Macao, the proportion of international business in the local banking sector dropped slightly in the fourth quarter of 2011. At end-2011, the share of international assets in total banking assets decreased to 84.8% from 86.1% at end-September 2011, while the share of international liabilities in total banking liabilities also dropped to 79.7% from 80.3%. Foreign currencies remained as the dominant denomination in international banking transactions. At end-2011, the shares of Pataca (MOP) in total international assets and total international liabilities were 0.4% and 3.1% respectively. Hong Kong Dollar (HKD) and Other Foreign Currencies (OFCs) accounted for 42.5% and 57.1% of total international assets as well as 44.3% and 52.5% of total international liabilities respectively. International Banking Assets
At end-2011, total international assets grew by 3.6% from a quarter ago or 20.1% from a year earlier to MOP557.2 billion (USD69.6 billion). Within this total, external assets and local assets in foreign currencies expanded year-on-year by 16.7% to MOP422.3 billion and 31.9% to MOP134.9 billion respectively. As a major component of international assets, external loans & deposits increased by 16.6% to MOP392.7 billion. In particular, loans to overseas non-bank customers expanded by 33.9%. International Banking Liabilities
Total international liabilities went up by 4.4% from three months ago or 23.3% from one year earlier to MOP523.8 billion (USD65.4 billion). Of this total, external liabilities and local liabilities in foreign currencies grew year-on-year by 22.4% to MOP279.6 billion and 24.5% to MOP244.2 billion respectively. Foreign currency deposits held by residents continued to form a major component of international liabilities. This type of deposits grew by 26.3% to MOP231.2 billion at end-2011 from MOP183.1 billion at end-2010. Concurrently, overseas interbank liabilities increased by 24.5%. Breakdown of External Banking Assets and Liabilities by Region
The majority of external assets and liabilities were related to the regions of Asia and Europe. At end-2011, claims on Hong Kong and Mainland China occupied 38.4% and 18.1% of total external assets respectively, while claims on Portugal and the United Kingdom took up 12.9% and 3.9% correspondingly. On external liabilities, Hong Kong and Mainland China occupied 41.7% and 20.3% of the total respectively while Portugal and France took up respective shares of 7.5% and 5.7%. The compilation of International Banking Statistics follows the methodology advocated by the Bank for International Settlements in order to facilitate Macao SAR's participation in the "Locational International Banking Statistics" project of the international organisation. For enquiry, please contact:
Research and Statistics Department, Monetary Authority of Macao
(Tel：83952532; Fax：28353042)
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Macau Government Tourist Office paired up with 10 local trade entities to promote Macau's tourism business and the Incentive Travel Stimulation Program to the participants and incentive activities organizers at the AIME 2012 (Asia-Pacific Incentives and Meetings Expo) to draw more incentive events to Macau. Held on February 21 and 22 at the Melbourne Convention and Exhibition Center, AIME 2012 is a premier meetings and incentives gathering in the Asia-Pacific region. Industry delegates from around the world visited MGTO's booth, themed with its new slogan "Touching Moments Experience Macau", to learn more about the latest development of Macau's business tourism and products, including venues, hotels, attractions, restaurants, activities and the newly launched Incentive Travel Stimulation Program. On the MGTO booth were representatives from The Westin Resort Macau, Wynn Macau, Grand Emperor Hotel, Able Tours Limited Macau, Macau Fisherman's Wharf Convention & Exhibition Center, Coastal International Exhibition (Macau) Co., Ltd, DOC DMC Macau, Ltd, Macau Expo Group, Off Site Conexos - Conferencias (Macau) Ltd and Powerhouse Convention & Exhibition Ltd. In addition to its presence at AIME, Macau hosted a cocktail reception for over 60 industry figures and media at its booth on the first day of the event. Almost 800 exhibitors attended AIME 2012, and over 500 hosted buyers participated, a 15% increase compared to 2011. About half of these buyers were new to AIME.
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Information from the Statistics and Census Service indicated that value of retail sales for the fourth quarter of 2011 reached MOP 12.55 billion, up by 44% year-on-year. Retail sales of Watches, Clocks & Jewellery amounted to MOP 3.81 billion (30% of total), which was followed by retail sales of Goods in Department Stores (15%), Leather Goods (11%), Adults' Clothing (9%) and Motor Vehicles (7%). Value of retail sales for the fourth quarter of 2011 increased by 15% compared with the revised figure (MOP 10.95 billion) of the third quarter, with notable increase being observed in sales of Watches, Clocks & Jewellery (+24%), Adults' Clothing (+19%), Leather Goods (+16%) and Goods in Department Stores (+16%). Value of retail sales for the whole year of 2011 reached MOP 43.34 billion, up substantially by 42% compared with MOP 30.59 billion in 2010, with noticeable increase in the retail sales of Watches, Clocks & Jewellery (+58%) and Leather Goods (+54%). After removing the effect of price changes, volume of retail sales for the fourth quarter of 2011 surged by 30% year-on-year, of which sales of Communication Equipment soared by 62%, Watches, Clocks & Jewellery by 44%, Leather Goods by 37%, Motor Vehicles by 35%, Goods in Pharmacies by 34% and Goods in Department Stores by 34%. For the whole year of 2011, volume of retail sales surged by 28% year-on-year, of which retail sales volume of Communication Equipment soared by 60% from 2010. Volume of retail sales increased by 11% quarter-to-quarter, with significant increase in sales of Watches, Clocks & Jewellery (+18%), Leather Goods (+15%) and Adults' Clothing (+14%), however, sales volume of Automotive Fuels registered a decrease of 2% quarter-to-quarter. In respect of the comments of the retailers, about 80% stated that sales volume in the fourth quarter of 2011 held stable or increased over the previous quarter, up by 12 percentage points compared with those holding the same sentiment in the third quarter; however, 20% reported a decrease in sales volume. In terms of the retail prices, about 63% reported stable prices, 24% stated an increase and 13% reported a decrease. In comparison with the same quarter of 2010, about 70% expressed that the stock level was normal in the fourth quarter of 2011, while 12% indicated that the stock level was low. As regards the business outlook for the first quarter of 2012, about 65% anticipate that sales volume will increase or remain stable from the fourth quarter of 2011, while 35% expect a decrease. Concurrently, about 21% predict an increase in retail prices, 67% expect stable prices and 12% expect a decrease.
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According to statistics released today by the Monetary Authority of Macao, new approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) dropped in the fourth quarter of 2011. With regard to outstanding balance, however, both RMLs and CRELs witnessed varied degrees of increase. New Lending Approved For the fourth quarter of 2011, new RMLs approved by Macao banks fell 27.7% quarter-to-quarter to MOP4.6 billion; of which, 91.0% was extended to residents. In terms of approved value, new RMLs to residents dropped 31.5% whereas those to non-residents rose 65.6% respectively. When compared with the same period of 2010, new approvals of RMLs also dropped by 55.6%. New RMLs collateralised by uncompleted units (i.e. equitable mortgage) dropped 49.9% quarter-to-quarter to MOP124 million. All newly approved equitable mortgage was extended to residents. When compared with the same period of 2010, this type of bank mortgage contracted by 90.5%. After registering increase in the previous quarter, new CRELs approved declined by 24.9% quarter-to-quarter to MOP10.5 billion; of which, 93.5% was granted to residents. In terms of approved value, new CRELs to residents contracted 27.9% whereas those to non-residents rose 85.2%. On an annual basis, new approvals of CRELs grew 39.1%. Outstanding Balances As at end-December 2011, the outstanding value of RMLs reached MOP76.2 billion, an increase of 2.6% from three months earlier or 24.5% from a year ago. The resident component made up 91.8% of the total. Outstanding RMLs to residents and non-residents grew by 2.4% and 4.2% respectively when compared with three months earlier. Concurrently, the outstanding value of CRELs rose 6.5% from end-September 2011 or 28.1% from end-December 2010 to MOP62.7 billion. Residents accounted for 91.0% of the loans. Compared with three months earlier, outstanding CRELs to residents rose 7.8% whereas those to non-residents dropped 5.0%. Delinquency Ratios At the end of December 2011, the delinquency ratio for RMLs stood at 0.09%, up 0.03 percentage points from three months earlier or down 0.01 percentage point from a year ago. The ratio for CRELs went down 0.01 percentage point from end-September 2011 or 0.07 percentage points from end-December 2010, to 0.10%. For enquiry, please contact:
Research and Statistics Department Monetary Authority of Macao
(Tel：83952532; Fax：28353042)
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Today (21 February 2012), the 2-day International Forum on University Governance: Keys to Competitiveness, co-organized by the University of Macau (UM) and the Tertiary Education Services Office of Macao SAR, kicked off at the Macao Science Centre. Experts from around the world attended the forum and had in-depth discussions on a range of issues, including university governance, autonomy, accountability and strategic planning. The purpose of the forum is to help the Macao SAR government contemplate the issue of university governance so as to enhance UM's international competitiveness and find a suitable governance model that can better support the future development of UM and higher education in Macao. Officiating guests at the opening ceremony included Secretary for Social Affairs and Culture of Macao SAR Mr. Cheong U; Director-General of the Department of International Cooperation and Exchanges and Director of the Office for Hong Kong, Macao and Taiwan Affairs, Ministry of Education, PRC, Ms. Zhang Xiuqin; Director of the Department of Education and Culture, Liaison Office of the Central People's Government in Macao SAR, Mr. Liu Xiaohang; UM's University Council Chair and UM Charter Revision Task Force Chair Dr. Tse Chi Wai; Director of the Tertiary Education Services Office of Macao SAR Mr. Sou Chio Fai; UM Rector Wei Zhao; and Consul General of Portugal in Macao & Hong Kong Dr. Manuel Carvalho. Government officials of higher education (HE), university heads and council members, and senior HE scholars and management personnel from mainland China, Hong Kong, Taiwan, South Korea, Singapore, Portugal, Austria and North America, as well as local government officials, members of the local Executive Council, members of the local Legislative Assembly, members of UM Charter Revision Task Force, members of UM's University Assembly and University Council, and representatives from local tertiary institutions and other educational institutions also attended the forum. In his speech, Dr. Tse Chi Wai noted that higher education is becoming increasingly globalized, and so is competition; only those universities with sufficient flexibility can develop their innate strengths and potential to the fullest extent, maintain their local competitiveness, and nurture graduates with international competitiveness. He added that while granting necessary autonomy to universities, a well-defined legal framework within which universities define their conduct of operation should be established to safeguard the interests of the societies from which universities derive their support, and that mechanisms of accountability must be visible for public scrutiny. He said that UM needs the valuable experience of international experts and government officials in helping it to carry out reforms based on Macao's local conditions and also needs their assistance in overcoming the inevitable difficulties in the process. Director-General of the Department of International Cooperation and Exchanges and Director of the Office for Hong Kong, Macao and Taiwan Affairs, Ministry of Education, PRC, Ms. Zhang Xiuqin said in her speech that since Macao's return to the motherland, it has attained impressive achievements in higher education, which are mainly reflected in the constant improvement in scope and quality. She said this has led to the supply of a large number of professionals for the economic and social development of Macao. She added that UM is the most influential university in Macao and follows the traditional value of "humanity, integrity, propriety, wisdom and sincerity", with a goal of becoming a world-class institution. She pledged full support from the Ministry of Education of PRC for UM and higher education development in Macao. UM Rector Wei Zhao pointed out three reasons why Macao needs to "elevate its higher education system". "Being the flagship university, our mission is to nurture top-notched talents, and as we have said, we hope that the future Chief Executives of Macao will be one of our graduates. This is the first reason why we need to elevate the higher education system of Macao." said Rector Zhao. "The second reason is to meet the expectation of China and explore a road to the enhancement of higher education for China. The third reason is that nowadays, we notice that there is an universal trend on higher education reform. Macao should not be marginalised in this upgrading process. We should be riding on the crest of the world trend to catch up from behind." He further pointed out that elevating UM takes a long time and in the process difficulties and challenges are inevitable, and different stages require different governance models to enhance its competitiveness, and therefore UM "needs more new ideas, directions and strategies to be prepared for new changes that will help us blaze a new trail for the future development of the university". Director of the Tertiary Education Services Office of Macao SAR Mr. Sou Chio Fai said in his speech: "With a vision to become a world-class university, the University of Macao has established a Charter Revision Task Force to study the revision of the university's legal regime and charter. Meanwhile, the Tertiary Education Services Office is amending the higher education system as we believe that a world-class education system can contribute to the building of world-class higher education institutions." Prof. Wang Zhenmin, dean of the Faculty of Law at Tsinghua University, Beijing, and also one of the keynote speakers, said that experiences of many successful universities have shown that whether or not a university has an independent legal status determines its development, and without an independent legal status, it would be very difficult for a university to become a top institution that can lead society's development. He said that for UM to achieve the goal of becoming a world-class university, it must be granted sufficient autonomy. He added that the relationship between the government and a university should be like the relationship between an industry and commerce administration and a business, in which the administration only interferes when the business is suspected of breaking the law; similarly, the government should not unduly interfere with a university's internal affairs. When asked about how to manifest supervision and accountability, Prof. Wang responded that the government should only carry out post-audit instead of pre-approval. Another keynote speaker Prof. William Mobley, who is Emeritus President at Texas A & M University, U.S., said that a university must have sufficient flexibility and autonomy in order to enhance competitiveness and attract and retain the best people, but a proper balance should be sought between autonomy and accountability. He believes this forum can help UM study experiences from different places and have a greater impact on Macao and the world. This forum is one of a series of UM-organized academic events from January to March.
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Information from the Statistics and Census Service (DSEC) indicated that the Composite CPI (114.45) for January 2012 increased by 6.80% year-on-year. The increment was attributable to rising charges for meals bought away from home and outbound package tours. Meanwhile, subsidy on electricity charges and lowered telecommunication charges tapered off part of the increment of the Composite CPI. For the 12 months ended January 2012, the average Composite CPI increased by 5.96% from the preceding period; the average CPI-A and CPI-B rose by 5.66% and 6.16% respectively. In comparison with January 2011, price index of Alcoholic Beverages & Tobacco (+26.50%); Food & Non-Alcoholic Beverages (+10.21%); Recreation & Culture (+10.17%) and Miscellaneous Goods & Services (+9.06%) registered marked increase on account of dearer prices of fresh fish, fresh meat, airfare, gasoline, gold jewellery and soaring tobacco tax, as well as higher charges for meals bought away from home, outbound package tours and hairdressing & grooming services during the Lunar New Year period. On the contrary, price index of Communication decreased by 6.41% year-on-year. The CPI-A (113.48) and CPI-B (115.03) for January 2012 increased by 6.56% and 7.14% respectively year-on-year. The Composite CPI for January 2012 increased by 0.93% month-to-month, of which the price index of Alcoholic Beverages & Tobacco and Recreation & Culture; increased by 13.89% and 4.26% respectively. However, price index of Clothing & Footwear decreased by 3.55% month-to-month on account of seasonal sale of clothing. Meanwhile, the CPI-A and CPI-B increased by 0.89% and 1.11% respectively month-to-month. The 2008/2009-based Composite CPI reflects the impact of price changes on the general population. The CPI-A relates to about 50% of the households, which have an average monthly expenditure of MOP6,000 to MOP18,999. The CPI-B relates to about 30% of the households, which have an average monthly expenditure of MOP19,000 to MOP34,999.
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Consumer Council released its latest 'Supermarket Price Survey' dated 16th February. In comparison with last month's record, prices of many categories of products, mainly canned foods, beverages, snacks, and household cleansing products, recorded slight price increases. Survey result also revealed that price differences of up to 25% existed for the same product being sold in different supermarket chain stores located in different areas of Macao. A total of 305 items were surveyed in the Council's latest 'Supermarket Price Survey' in which average prices of 95 items had dropped and 33 items recorded no change in price. Average prices of 177 items from various categories of products had been raised but most of them recorded an increase of less than 10%, only a few items, such as 'Budweiser King of Beers (330ml)', 'Nestle Ice Cream (Family Pack) (2L)', and 'Shokubutsu Body Foam (750ml)' had an increase of more than 10%. For household cleansing products, average prices of over half of the surveyed items had been increased by 0.01% to 7.39%. For rice, "Gum Ling Gi" Thai Hom Mali Rice (15kg), which was on sale in many retail spots last month, recorded a price increment of almost 47% as it is being sold at the original price level this month. For the 95 items which recorded price decrease, the average drop recorded was less than 0.6%. The Council indicated that as supermarkets change their prices constantly, price discrepancies of products also vary significantly. Among the various supermarket chain stores surveyed by the Council, selling prices of the same product are found to vary for up to 25% in different branches located in different areas in Macao. Consumers are advised to check with the data provided by the Council, especially the 'Top Ten Price Differences' function on its website, and to download the new 'Supermarket price platform' iPhone app for easy reference. The latest 'Supermarket Price Survey'is now available on the Council's website (www.consumer.gov.mo) and the 'Supermarket Price Information Platform' iPhone app. 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. Consumers may also access the resources through WAP channels on their mobile phones. For inquiries, please call 8988 9315.
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