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Dec 20, 2024

China's Xi Jinping Urges Casino Hub Macau to Diversify its Economy

Bloomberg Television - China's Xi Jinping Urges Casino Hub Macau to Diversify its Economy

Chinese President Xi Jinping's speech in Macao reiterated the success of the 'one country, two systems' policy, emphasizing Macao's progress in areas like medical services, social security, cultural tourism, and the gaming sector. He highlighted Macao as a model of stability and social harmony, asserting that this demonstrates the effectiveness of the policy. Xi's visit underscores China's sovereignty over territories like Macao and Hong Kong, discouraging external interference. The new chief executive, Sam Hole Fei, aims to integrate Macao further into China's national strategy, focusing on economic diversification beyond its reliance on the gambling sector. He plans to support young people and small businesses, and promote sectors like traditional Chinese medicine and technology to transform Macao into a hub for commerce and international events.

Key Points:

  • Xi Jinping emphasized the 'one country, two systems' policy's success in Macao.
  • Macao has made significant progress in medical services, social security, and tourism.
  • The new chief executive aims to diversify Macao's economy beyond gambling.
  • Xi's visit highlights China's sovereignty over Macao and Hong Kong.
  • Macao plans to develop sectors like traditional Chinese medicine and technology.
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