21
Kicking in
T
he economy is expected to show the first signs
of recovery in the second half of this year when it
is expected that the measures to tackle the finan-
cial crisis will kick in.
“The second half of the year will be marked by
many celebrations pertaining to the first decade of the
Observers say the Macau SAR
MSAR. The central government is likely to engender
an environment of optimism in support of the new chief
10
th
anniversary celebrations
executive and launch new policies to aid Macau’s eco-
and the feel-good factor
nomic recovery,’’ predicts Henry Lei, coordinator of
of a new chief executive
the economy and Finances degree at the University of
Macau.
should revitalise the economy One of these measures might, in Lei’s view, be the
removal of restrictions on mainland travel to Macau to
create an environment of harmony in Macau.
Six measures
In December, Beijing announced six measures to
help the local economy. The plan included reinforcing
financial cooperation with the MSAR; the promotion
of projects where the territory is involved (such as the
Hong Kong-Zhuhai-Macau Bridge); added backing to
Small and Medium enterprises and the diversification
of the economy.
The signing with the executive of the VI comple-
mentary agreement of CePA to promote the opening up
of the services sector to Macau was also seen as part of
the economic stimulus package.
“The central government has already said that
MOP7 billion per month in gaming revenue is more
than enough for Macau,’’ says Lei.
Albano Martins has yet to reach a conclusion on
Beijing’s plan: “It’s quite vague. The delineated objec-
tives don’t have specific targets. If the measures are
implemented they may aid Macau’s economy but we
do not know how they will be carried out,’’ says the
economist.
Much vaunted economic diversification has also
creeped into the political ether of the last year without
“ever being implemented,” Martins notes.
M
Other measures from Beijing include the expansion,
O
.
C
on a trial basis, of yuan financial services. It should
OTO
have been introduced at another time, as when the cur-
H
P
K
rency increased in value against the US dollar.
C
“It’s speculation. It’s going to be a quite popular
TO
S
U
measure but it won’t help significantly towards eco-
A
C
A
nomic growth. Macau’s population is quite used to the
.
M
financial markets. The yuan is not as enticing as it was
W
W
two years ago,’’ says another analyst.
:
W
Notwithstanding, the same analyst adds, it may be
OTO
H
beneficial for the corporate economy and for those who
P
trade with the mainland.
february 2009
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