Sam Hou Fai, Chief Executive of China's Macao Special Administrative Region (SAR), delivered his inaugural policy address on Monday, outlining ambitious plans to stabilize and diversify Macao's economy while deepening cooperation with the Chinese mainland.
The 2025 fiscal year blueprint targets four governance priorities: enhancing economic diversification, improving residents' livelihoods, strengthening governance efficiency, and accelerating integration into national development strategies. A key focus is advancing the Guangdong-Macao In-Depth Cooperation Zone in Hengqin – a joint initiative to expand Macao's development space beyond its 33 km2 territory.
Addressing Challenges Through Strategic Reforms
Recognizing structural economic challenges exacerbated by global uncertainties, the policy speech emphasized 'grounding solutions in Macao's realities' through three pillars: stabilizing core industries like tourism, fostering new growth sectors, and improving public expectation management.
'We must approach transformation proactively and scientifically,' stated Sam, highlighting plans to streamline cross-border logistics with Hengqin and develop emerging industries including big health, modern finance, and high-tech manufacturing.
Blueprint for Cross-Regional Synergy
The address dedicated significant attention to improving coordination mechanisms with mainland counterparts, particularly in the Greater Bay Area. Five key policy areas were identified as operational priorities for 2025, though specific details remain under deliberation.
Analysts view the emphasis on Hengqin integration as pivotal for reducing Macao's economic reliance on gaming while creating new opportunities for businesses and residents alike. The plan comes as Macao celebrates recent economic recovery indicators, with tourist arrivals reaching 83% of pre-pandemic levels in Q2 2024.
