Macau’s Economic Crossroads: Diversification and Support from Beijing

Chinas paramount official, Zhang Dejiang, underscored the significance of Macau broadening its financial activities to maintain expansion, assuring increased backing from the mainland. Throughout his three-day trip, he also committed to simplifying visa procedures, facilitating travel between Macau and mainland China.

Addressing a gathering in Macau’s East Asian Games Dome, Zhang emphasized Macau’s strategic value and commended its accomplishments since its handover to China in 1999. He recognized, nonetheless, that Macau stands at a critical point and must reshape its growth paradigm.

Although he refrained from directly referencing the gambling sector, Beijing has previously urged Macau to evolve into a global tourism and recreation center. This implies a wish to witness the city reduce its dependence on gaming income, which presently constitutes approximately half of its GDP. To illustrate, Macau’s gaming revenue experienced a substantial year-over-year surge in April, reaching 20.2 billion patacas (approximately 2.52 billion USD).