久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Structural reform can drive Macao's growth

By Shu Youjun and Ding Meng | China Daily | Updated: 2019-12-03 08:12
Share
Share - WeChat
Tourists take photos at Ruins of St. Paul's in Macao. [Photo/IC]

In the two decades since its return to the motherland, the Macao Special Administrative Region's economy has made great achievements thanks in no small measure to the Chinese mainland's expanding economy, the central government's preferential policies and the efforts of hardworking Macao residents.

Macao's economy has grown rapidly, especially after the mainland joined the World Trade Organization in 2001, launched the Individual Visit Scheme for Hong Kong and Macao in 2003, and began opening up the gambling industry in the SAR and launched the yuan's internationalization process.

In the two decades preceding its return to China, Macao's average GDP growth rate was 4.9 percent, while the average GDP growth rate in the two decades since its return has been as high as 8.1 percent. Macao's GDP grew from 103.4 billion Macao patacas ($12.82 billion) in 1999 to 416.2 billion Macao patacas in 2018. And at the end of last year, Macao's per capita GDP was $82,000, second highest in the world, with the International Monetary Fund saying it could be the highest by next year.

Macao's rapid economic growth has led to a sharp decline in its unemployment rate-from 6.3 percent before its return to China to 1.8 percent this year-and accumulation of huge fiscal and foreign exchange reserves, which respectively accounted for 122 percent and 39 percent of its GDP in 2018.

Moreover, Macao's public debt is zero, and its financial and real estate markets, and external account have all remained stable, which has been praised by the IMF.

In its Article IV consultation report on the SAR in May, the IMF commended Macao's macroeconomic performance over the years, which has made its per capita income the second highest in the world. The report also said prudent macroeconomic policies and high reserves provide strong buffers against shocks for the SAR.

Expecting Macao's financial sector to remain sound with healthy liquidity and asset quality, the IMF report said the current macro-prudential housing stance and related fiscal measures appear generally appropriate, and systemic risks in the housing market seem broadly contained. It also said the exchange rate peg has provided monetary stability, continues to serve the SAR well, and should be maintained.

In the IMF's assessment, Macao's external position is substantially stronger than indicated by the medium-term fundamentals. Such high praise from the IMF is not easy for an economy that centers on the gambling industry to get.

No matter which economic index we use, Macao has achieved a miracle in terms of economic growth since its return to China. And thanks to the rapid economic growth, the SAR government has decided to improve Macao residents' livelihoods by adopting a series of re-distribution policies including cash sharing, tax cuts, fiscal subsidy and affordable housing. Macao has set a good example of a small but affluent economy in China.

Yet Macao's economic growth still faces many challenges, and moderate and diversified economic development is necessary for its sustainable and healthy economic growth. So Macao should focus on three aspects to achieve sustainable development.

First, it should have a foolproof plan on how best to utilize its limited land area, especially since the lack of land is restricting its development. Macao's total land area is only 31 square kilometers, but it has a population of 670,000, which makes the Macao peninsula one of the most densely populated places in the world. So how to deal with its limited land problem should be Macao's top priority.

Second, the ratio of the gambling industry in the SAR's industrial structure is very high, which means its economy is highly vulnerable to economic fluctuations. Since its fiscal revenue greatly depends on the gambling industry, the Macao government should enhance the SAR's economic structural diversification, and promote emerging industries such as the conference and exhibition sector.

Third, Macao's aging population has become a serious problem, which could lead to declining productivity and create a heavier economic burden on the SAR government. As such, the Macao government should take appropriate measures to overcome the negative impacts of the aging population.

Maintaining rapid and high-quality growth is of great significance to not only Macao but also the entire country and the success of "one country, two systems". In this context, Macao can maintain the pace and quality of its economic growth by helping build the Guangdong-Hong Kong-Macao Greater Bay Area, because experts believe the SAR's economy will step into a new era of high-quality development after the greater bay area is constructed.

Shu Youjun is office director of the Bank of China, Macao branch, and Ding Meng is a senior analyst with the Bank of China, Macao branch. The views don't necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 精品videosex性欧美 | 欧美一级别 | 国产成人在线免费 | 精品久久久久久免费影院 | 91精品欧美综合在线观看 | 日韩二区三区 | 欧美一区二区三区激情视频 | 久草热视频 | 欧美成人免费午夜影视 | 欧美性群另类交 | 日本www在线播放 | 一级视频在线观看 | 欧美成人艳星在线播放 | 欧美另类亚洲一区二区 | 日本a级毛片免费视频播放 日本a级三级三级三级久久 | 国产深夜福利视频观看 | 欧洲免费无线码一二区 | 久久全国免费久久青青小草 | 亚洲欧美自拍偷拍 | 亚洲国产天堂久久综合图区 | 窝窝午夜精品一区二区 | 成人禁在线观看午夜亚洲 | 国产丝袜不卡一区二区 | 一级成人毛片免费观看欧美 | 午夜日b视频 | 欧美成人性动漫在线观看 | 米奇精品一区二区三区 | 日韩精品首页 | 久久性妇女精品免费 | 亚洲欧美精品国产一区色综合 | 亚洲成人午夜影院 | 99国产精品视频久久久久 | 做爰成人五级在线视频| 欧美a级在线 | 三级免费网站 | 国产精品正在播放 | 日韩一级免费毛片 | 欧洲亚洲一区 | 日韩美一区二区 | 男女朋友做爽爽爽免费视频网 | 亚洲综合天堂网 |