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DAGONG MAINTAINS MACAU’S RATING
China’s domestic rating agency expects Macau’s economic growth to reach 16 percent in 2012
China’s domestic rating agency Dagong Global Credit Rating Co. Ltd. decided last month to maintain the credit rating of Macau at AA+ with a stable outlook. Given strong domestic demand and the relatively stable outlook for
gaming, Dagong estimated that the economic growth rate of the city in 2011 would reach 21 percent, dropping to 16 percent in 2012, Xinhua of cial news agency reported. Dagong expects the scal surplus of Macau in 2011 and 2012 will be
equal to 22.1 percent and 18.4 percent of domestic gross domestic product, respectively. However, Dagong warned that a lack of core competitiveness, the high
dependence of leading industries on external economies and tightening labour conditions are likely to restrict Macau’s growth in the long term.
MONETARY AUTHORITY BOOSTS
INTERNATIONAL COOPERATION The Monetary Authority of Macau has become the 20th regulator to join the multilateral memorandum of understanding of the International Association of Insurance Supervisors, it was announced last month. The document governs the basic cooperation requirements relating to the exchange of con dential information and the assurance that such information will only be deployed in the process of supervision. The International Association of Insurance Supervisors was founded in 1994. Its members come from 140 countries covering over 190 jurisdictions.
JANUARY 2012
NEED TO IMPROVE
ACCOUNTING STANDARDS Macau needs to improve its audit and accounting standards, upgrading them to match the international standards in this area, the Macau Society of Registered Auditors says. For new standards to be adopted, rms must be willing to reveal more data on their business, said Denis Vong Hou Piu, the association’s chairman of the board of directors, quoted by TDM. “The requirements for international nancial standards are higher as more information has to be revealed. In other words, we need more experienced accountants or of cers,” he added.
NO MAJOR CHANGES IN
CORRUPTION PERCEPTION Macau continues ranked in 46th position in the 2011 Corruption Perceptions Index, issued last month by Transparency International. Macau’s score rose to 5.1 points from 5.0 last year. The SAR is one of only eight countries and regions in Asia awarded a positive mark. Results show that the country perceived as the least corrupt in the world is New Zealand, with a score of 9.5, while Denmark and Finland rank the second, both with a score of 9.4. Singapore ranks fth, scoring 9.2. Hong Kong and the mainland rank 12th and the 75th, scoring 8.4 and 3.6 respectively. The ranking includes a total of 183 jurisdictions.
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