News

The Heritage Foundation has released today its 2010 Report on the Index of Economic Freedom. Macao’s overall score has improved slightly by 0.5 from a year earlier to 72.5, making the SAR the 20th freest among 179 economies worldwide, up one place from the year before. Macao is ranked 6th in the Asia-Pacific region while its overall score is well above the world and regional averages. The study covers economies in different regions across the world, which have been assessed with 10 factors of economic freedom. Macao ranks relatively high in factors such as trade freedom, investment freedom, fiscal freedom, monetary freedom and financial freedom. The Foundation’s 2010 Report says that Macao, as a free port, has long been benefitting from global trade and investment. The overall entrepreneurial environment incorporates high efficiency and low-tax, while property rights are well respected. Foreign investors can conduct business on the same terms as locals. Sound regulatory regime assures free flows of financial resources. Since the open-up of the gaming industry in 2002, Macao has attracted more foreign investors, spurring tourism and overall consumption. Other areas of growth include finance, insurance, and real estate. In the Asia-Pacific region, Macao just ranks behind Hong Kong, Singapore, Australia, New Zealand and Japan. In the global ranking of economic freedom, Macao ranks 20th and has been classified as “mostly free”. According to the Heritage Foundation, economic freedom is strongly related to economic performance. Per capita incomes are much higher in societies that are economically free.
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Boosted by strong rebound in the third and fourth quarters, Macau could get a positive growth in the Gross Domestic Products for the past year. Speaking to reporters after he attended an event about Shanghai World Expo 2010 today, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said the global financial turmoil and economic downturn hindered Macao’s economic growth in the first half of 2009 and cast doubts on a year-on-year growth, Mr Tam said. However latest data showed a double digit growth for the fourth quarter, which made the Government expect a small GDP growth for the whole year. Speaking on gaming revenue, Mr Tam said the overall gaming tax exceeded 120 billion patacas, a year-on-year growth of more than 10 per cent. As global economy showed signs of recovery, Mr Tam said he expected a favourable economic growth in the first half of 2010.
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The Chief Executive, Mr Chui Sai On, met the Roman Catholic Bishop of Macao, José Lai, at Government Headquarters today. Bishop Lai gave Mr Chui the message offered by Pope Benedict XVI in celebration of the World Day of Peace on 1 January 2010, and expressed his best wishes for progress and harmony in society and a smooth administration for the new government. Mr Chui exchanged views with Bishop Lai on education in Macao, as the Catholic Church operates a large number of schools and makes a significant contribution in nurturing Macao’s young talent. The Chief Executive said that the Government would continue to support the operations of Catholic schools.
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Jointly organized by the Macao Trade and Investment Promotion Institute (IPIM), Taiwan External Trade Development Council and Taiwan Design Center, and co-organized by the Industrial Association of Macau and the Macau Businesswomen Association, Taiwan and Macao Seminar on the Developmenty of Creative Industries (the “Seminar”) will be held at the Macao Business Support Center (MBSC) (Alameda Dr. Carlos d´Assumpção, No. 263, China Civil Plaza, 19th Floor), on 25 January, 2010, from 10:00 a.m. to 12:30 p.m. Mr. Tony K. M. Chang, CEO of Taiwan Design Center, will be the keynote speaker. The Seminar will be conducted in the form of information exchange and discussion forum. To coincide with the elevation to a new level of the cooperation between Mainland China and Taiwan and to seek business opportunities for the Macao´s industrial and commercial sectors, a business delegation from Macao made an inspection visit to Taiwan on 1 November, 2009, during which a cooperation agreement was entered into between IPIM and Taiwan External Trade Development Council, on behalf of the Taipei World Trade Center. Per terms of the said agreement, in addition to actively organize trade missions for mutual visits, the two parties shall also focus on the development of the MICE industry and the exchange of trade information, including the joint organization of seminars and forums and personnel exchanges, as a mean to expand the depth and breadth of the cooperation while continuing to create business opportunities for enterprises based in the two territories. In order to actively implement the content of the above-mentioned Agreement, and taking into account the deep interest expressed by the Macao business delegation, during their inspection visit, on the structure and role of the Taiwan Design Center, IPIM has specifically invited Taiwan External Trade Developm×ent Council and Taiwan Design Center to jointly organize this Seminar, during which Mr. Tony K. M. Chang, CEO of the Taiwan Design Center will talk about the operation and coordination mechanism of the Center and share with the audience the success stories and experience of the Center in assisting to promote creative design, the elevation of the creative ability of talents, advancement in the exchange of international design, enhancement of industrial competitiveness and the laying of foundation for the enterprises to develop their own brands. Mr. Chang will also discuss and explore with the audience on the effective path for the development of the creative industries in Macao and explore cooperation prospects between the Center and Macao’s business community and organizations, to open up business opportunities for Macao’s creative industries. Enterpreneurs desiring to enhance the added value of their existing products and/or their own brands, operators engaged in the development and operation of cultural and creative industries as well as persons in the field of products innovation and brand design are welcome to participate in the Seminar. For registration, interested parties need only submit their personal information (including their name, occupation, e-mail address, fax number and correspondence address) by fax to IPIM (fax no.: +853 2871 0304) before 22 January, 2010. For further information, please call Mr. Tse (+853 8798 9225) or Ms. Pou (+853 8798 9168).
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The Monetary Authority of Macao announced today that the preliminary estimate of Macao SAR’s foreign exchange reserves amounted to MOP146.6 billion (USD18.35 billion) at the end of December 2009. The reserves rose by 0.5% from the revised value of MOP145.8 billion (USD18.26 billion) for the previous month. When compared with the same period last year, the reserves increased by MOP19.4 billion or 15.3%. Macao SAR’s foreign exchange reserves at end-December 2009 represented 30 times the currency in circulation or 247.0% of Pataca M2 at end-November 2009. The trade-weighted effective exchange rate index for the pataca, a gauge of the domestic currency’s exchange rates against the currencies of Macao’s major trading partners, rose by 0.45 points month-to-month but fell by 2.74 points year-on-year to 89.24 in December 2009.
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A página electrónica da Comissão de Acompanhamento das Medidas de Dissuasão do Tráfico de Pessoas já entrou em funcionamento no mês corrente(www.anti-tip.gov.mo). Ao longo dos anos, o Governo da RAEM tem sido reforçado no combate ao tráfico de pessoas, e mediante a criação desta página electrónica, a Comissão pretende aumentar a transparência dos seus trabalhos e ao mesmo tempo, fornecer um meio mais conveniente ao público para melhor conhecer os respectivos trabalhos de Macau no âmbito de combate ao tráfico de pessoas, tudo isto com vista a elevar o conhecimento dos cidadãos relativo ao tráfico de pessoas. Esta página electrónica é feita por 4 línguas, cujo os conteúdos se incluem: a apresentação da Comissão, a Lei do Combate ao Tráfico de Pessoas, as actividades, as formações e o número de casos, as medidas de protecção das vítimas, bem como a divulgação e a promoção. Poderá ainda, mediante o correio electrónico(info@anti-tip.gov.mo), informar ou apresentar queixa relativa à actividade do tráfico de pessoas.
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Our First Decade, a special publication by the Government Information Bureau (GCS) of Macao to commemorate the 10th anniversary of the city’s return to China, will be given out to the general public for free starting from tomorrow. Compiled in Chinese, Portuguese and English languages, the 125-page publication is enriched by 208 photographs, and consists of six parts: Message from the Chief Executive; Our Joys; Loving Our Country; Building a Home Together; Our Everyday Lives; and Our Heritage. The publication makes use of pictures to tell the story of Macao’s growth in political, economic and social terms based on the principles of “One Country, Two Systems”, “Macao people governing Macao” and a high degree of autonomy. A total of 5,000 copies are available for free distribution on a ‘first come, first served’ basis. Each person is entitled to one copy while stocks last. The general public is welcome to go to the following places to get a copy of Our First Decade to share in the stories of Macao and its people: Public Information Centre (2,000 copies)
Address: Rua do Campo, Nos. 188-198, Vicky Plaza, Macao IACM Northern District Services Centre (2,000 copies)
Address: Rua Nova da Areia Preta, No.52, Macao IACM Islands District Services Centre (1,000 copies)
Address: Rua da Ponte Negra, Bairro Social da Taipa, No. 75K, Taipa The opening hours of the three places are from 09:00 am to 6:00 pm (including noon time) from Mondays to Fridays; they are closed on weekends and public holidays.
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The 3-day “Zhejiang’s China Time-honoured Brands and Zhejiang Macao Branded Products Fair 2010 (the Fair)”, organised jointly by the Department of Commerce of Zhejiang Province and Macao Trade and Investment Promotion Institute (IPIM) comes to a close today (17 January). Results of Business Talks and Deals Within Expectation
The main purpose of organising the Fair is to help the exhibitors from Zhejiang and Macao find business partners. The Organiser has received a total of 217 business matching projects before and during the Fair period. As at 6:00 pm on 17 January, the 3-day event has conducted 251 sessions of business matching, 95% of which were participated by small and medium-sized enterprises (SMEs). Over 50% of them are local enterprises. A total of 15 agreements were signed, which included 3 agreements, 6 letters of intent, 4 contracts and 2 memorandums. Among them, there are 3 items of branded product distribution, 9 investment cooperation projects and 3 items of other categories. The agreements signed included: a memorandum of cooperation between the Department of Commerce of Zhejiang Province, IPIM and the commercial and industrial sectors for the Macao Hall in “Yiwu International Trade City”; a memorandum of cooperation between Zhejiang Tourist Bureau and Macao Government Tourist Office; a joint venture agreement to establish Zhejiang Brand (Macao) Trade & Exhibition Centre Co. Ltd.; a letter of intent to promote cooperation between time-honoured and famous brands of Zhejiang and Macao; an agreement between a travel corporation of Zhejiang and an airline of Macao to foster closer cooperation and exchange; a Zhejiang Danshan investment project for coal washing; an agreement for manufacturing precision molds and simulation models; a contract for application of industrialization of the new membrane separation technology in aloe vera series of cosmetics; the setting of a travel agency in Zhejiang; a letter of intent to produce high class solid wood doors; a letter of intent to distribute Wufangzhai brand products; a letter of intent to commission the production of pharmaceutical goods of “Bao He Tang” and “Bao An Tang”; and a letter of intent to commission the production of pharmaceutical goods of “lion city orchard”, “SAPAIN”, “VATICAN”, “SAO PAULA” AND “KALATA”; a sole agent agreement for distributing “Huiji Hill Shaoxing Wine” series products in Macao; and a letter of intent to distribute Zhejiang’s time-honoured cereals, oils and foodstuffs. The enterprises that participated in the business talks came from Macao and 11 cities of Zhejiang Province, including Hangzhou, Ningbo, Shaoxing and Jinhua, etc. There were also trade visitors from overseas. The main areas of their business talks included consumer goods, food products, daily necessities, electronic goods and apparel, etc. As at 5:00 pm on 17 January, the 3-day Fair has recorded a total of more than 30,000 visits. In the past two days of the weekend, especially today (Sunday), the visitors flow has peaked. The venue has been filled with innumerous local residents who came for shopping and entrepreneurs who carried out their business talks and negotiations. The satisfactory on site retailing results have reinforced the confidence of Zhejiang’s exhibitors in the Macao market. Many Zhejiang products have sold better than expected. The Zhejiang’s time honoured food items, apparel, arts and crafts have been very much sought after by consumers. The famous products of Macao have also been the targets of the purchasing delegations from Zhejiang. Cultural Shows and Performance of Traditional Skills of Long-Established Brands Much Appreciated by Visitors
During the Fair, the Organiser has arranged cultural performances to take place on the stage inside the exhibition hall, which included the playing of music of the south of Yangzi River and classical dramas. Besides, there were also live performances of traditional skills by the long-established brands such as Shaoyongfang Cakes, Southern Song Dynasty’s Ge Kiln, Hu Qingyu Tang Chinese Traditional Medicine, Taichi Tea art and Zhangxiaoquan Scissors, which were greeted with loud applause of the audience. Governments of Both Regions to Broaden Scope of Cooperation
The Zhejiang’s China Time-honoured Brands and Zhejiang Macao Branded Products Fair 2010, supported by the People’s Government of Zhejiang Province and the Macao SAR Government and co-organised by the Department of Commerce of Zhejiang Province and IPIM, has the objective of deepening the trade and economic cooperation of Zhejiang and Macao to create a new growing point for the economic development of both regions. The Fair has given full play to Macao’s role as a commercial and trade service platform. It has targeted at both local residents and overseas trade visitors, to promote Macao’s economy and help both Zhejiang and Macao’s famous products to enter the local market more quickly and to be promoted to overseas markets, and assist the enterprises in Macao and in the region to seize business opportunities. Meanwhile, it has also helped Zhejiang Province open up a new path to explore the Portuguese speaking countries markets. Promotion of Zhejiang and Macao’s Branded Products Continues
The Fair has turned over a new page in the exchange between the branded products of Macao and Zhejiang Province. The related promotional work will continue to be carried out. In particular, the “Zhejiang Brand (Macao) Trade & Exhibition Centre” was already opened on 15 January. There are 75 Zhejiang’s time-honoured brands and branded products on permanent display at the Centre, totaling 150 booths. By way of “brand promotion, display and sale, retail and wholesale” modes of operation, the Centre has become a new channel for Zhejiang brands to enter the Macao market. Besides, preparations for the Macao Hall in “Yiwu International Trade City” are also in progress.
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According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 witnessed a slight increase in November. As loans grew at a faster pace than deposits, the loan-to-deposit ratio continued to rise.
Money supply
Due to the increases of currency in circulation and demand deposits, M1 rose 5.3% compared with the previous month. Quasi-monetary liabilities edged down by 0.7%. The sum of these two items, i.e. M2, grew slightly by 0.2% to MOP211.4 billion. On an annual basis, M1 and M2 rose 47.2% and 14.2% respectively. The share of Pataca (MOP) in M2 stood at 28.1%. It remained unchanged from the previous month but dropped 0.6 percentage points when compared with a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 54.4%, up 0.6 percentage points month-to-month or 1.8 percentage points year-on-year.
Deposits
Resident deposits edged up 0.2% from the previous month to MOP206.6 billion. Of which, MOP deposits and HKD deposits grew at respective rates of 0.3% and 1.3%, while other foreign currency deposits dropped by 3.5%. Concurrently, non-resident deposits grew 1.3% (to MOP73.7 billion) while public sector deposits with the banking sector dropped 0.4% (to MOP13.3 billion). As a result, total deposits with the banking sector increased 0.4% from the previous month to MOP293.7 billion. The shares of MOP and HKD in total deposits were 22.1% and 45.9% respectively.
Loans
Domestic loans to the private sector expanded 1.7% month-to-month to MOP98.7 billion. Among which, MOP24.8 billion was MOP-denominated and MOP67.2 billion was denominated in HKD, representing 25.1% and 68.0% of the total respectively. Meanwhile, external loans grew 2.1% to MOP81.9 billion; of which, loans denominated in MOP and HKD accounted for 1.2% (MOP1.0 billion) and 47.5% (MOP38.9 billion) of the total respectively.
Loan-to-deposit ratios
As domestic loans to the private sector rose at a faster pace than resident deposits, the loan-to-deposit ratio for the resident sector at end-November 2009 increased by 0.7 percentage points month-to-month to 44.9%. The ratio for residents and non-residents reached 61.5%, up by 0.9 percentage points.
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The Zhejiang’s China Time-honoured Brands and Zhejiang Macao Branded Products Fair 2010 (the Fair), to be held over 3 days, received more trade visitors and sold more products on site on the second day (16 January). On 16 January, a total of 96 business matching sessions were arranged and 2 agreements were signed. Prominent Results in Business Matching
Business talks and negotiations were being held in many areas at the Fair, resulting in a number of cooperation agreements and letters of intent. A total of 96 business matching sessions were arranged and 2 agreements were signed. One of the agreements is related to the establishment of Zhejiang Branded Products Trade Exhibition Centre (Macao) Co. Ltd; the other one is the general distribution agreement for a Macao enterprise to distribute “Huiji Hill Shaoxing Wine” series products in Macao. At the Fair, there is an exhibition area dedicated to Zhejiang’s China Time-honoured Brands and Famous Branded Products and another area for Macao’s featured products. To help exhibitors and trade visitors to open up business opportunities, the Organiser has arranged such activities as business matching and trade talks with an aim to give fuller play to Macao’s advantage as a service platform and enhance the trade and economic cooperation between the two regions and with overseas markets. As the second day fell on the weekend, more local residents visited the Fair and made purchases on site. Some products even went out of stock. Xuefangjiang Ham is a renowned product among the different kinds of Jinhua Ham. Their objective for participating in this Fair is to promote their brand name in Macao. Surprisingly, their hams of various grades and qualities were already sold out on the first day. There are already several Macao trade visitors who seek to distribute the Jinhua Ham products. Dinglianfang’s Qianzhang Buns sold out quickly on the first day. More fresh pork and beancurd sheets had to be replenished for the second day. Caizhizhai’s desserts were welcomed by visiting guests. Blue calico is a characteristic product in the textile industry of Zhejiang and their different types of fabric arts and crafts and decorative items were selling well. Hangzhou’s Xiaoxiangsanxun garments were also attractive to trade visitors. Besides the time-honored brands, Zhejiang’s branded products and Macao’s featured products were also popular buying items for trade visitors. Another highlight of the Fair is the live performance of skills in arts and craft that vividly demonstrative the traditional Chinese culture. In particular, the performance of the art of Taichi Tea, the amazing making of Shaoyongfang Cakes, the carving of exquisite patterns on Zhangxiaoquan Scissors, and the throwing skills for Longquan porcelain were warmly welcomed by visitors. 17 January (Sunday) will be the final day of the Fair, which will open from 10:30 am to 8:00 pm (no entry after 7:30 pm) for trade visitors and residents. Free shuttle bus service is available at the Macao Square, Pak Wai Bus Stop, Royal Supermarket at Areia Preta and the venue. The service hours are from 10:00 am to 7:00 pm at a 30-minute-interval. Free parking space is also available at Exhibition Hall B of the venue and provided on a first-come-first-served basis. For further information, please call 62401584.
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