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“It is not only a matter of more money. The government
must analyse case by case the needs of the SMEs’’
Tong Noi Tong
However Tong Noi Tong is sceptical: to spend more money on social welfare. Price Waterhouse Coopers, the question
“It is not only a matter of more money. In a bid to absorb the unemployed, offi- is what kind of recovery we will have.
The government must analyse case by cials are planning to set up “social enter- As the current situation stems from a
case the needs of the SMEs,’’ he says. prises”, a concept not yet fully explained combination of three factors – the credit
Lawmaker Tsui Wai Kwan suggests by the government. crisis, a shortage of labour and visa re-
for each job created, SMEs get a govern- Mr Fung also thinks that now more strictions from the mainland – Green be-
ment subsidy. than ever it is necessary to push for di- lieves once one of these factors is eased,
versification in the economy and he gets the situation will improve.
Intervention support from lawmaker Lau Pun Lap, It is very likely that the Chinese gov-
who is calling on the government to set ernment will soon roll back some of the
Besides boosting support for the up a special fund to help such diversifica- restrictions on individual visas which
SMEs, the government has also pledged tion. will be good news for casino operators,
to increase public expenditure by 25 but other problems may hinder the recov-
percent. In 2009, the public expenditure Bounce back? ery of the gaming sector.
budget is more than MOP10 billion. As VIP revenues represent the lion’s
Fung Kwan believes the authorities Macau will always be heavily de- share of the gaming gains, the problems
need to “spend more, build more public pendent on the gaming industry. In this facing junket operators in getting access
infrastructure in the shape of roads and respect the MSAR could be able to es- to loans – because of the lack of confi-
bridges”. cape the worst ravages of the worlwide dence in the baking sector – may turn
In addition, he says, to help the grass- recession if the casinos bounce back. out to be a much worst headache than
roots – always the most affected in a time But as the old certainties disolve and the issue of the mainland individual visa
of economic downturn – it is important disappear, for analyst David Green of restrictions.
december 2008
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