Opportunities in Macao | With focus on modern finance and high-tech, Macao is on the path to economy

Scrolling down your WeChat Moment, you'll always be able to find someone sharing about their trips to Macao. This tiny city is just a fraction of the size of Zhuhai, yet it houses 16th-century temples, 18th-century private residences, and 20th-century markets, earning it the title of the "world's largest open-air museum". Coupled with Macao's world-renowned gaming industry, tourists keep flocking here in droves.

In the first quarter of 2024, the total number of visitors to Macao reached 8.9 million, a year-on-year increase of 79.4%, with an average hotel occupancy rate exceeding 85%. 

The return of hustle and bustle has led to a rapid recovery of Macao's economy. In the first quarter of 2024, Macao's GDP grew by 25.7% in real terms, and the unemployment rate fell to 2.1%. The median monthly work income of the total employed population increased by MOP$1,000 year-on-year to MOP$18,000. 

However, Macao's rising popularity comes in tandem with hidden concerns. The over-reliance on tourism and gaming sectors has always been a source of "heartache" for Macao. In the Policy Address for 2023, the Macao SAR Government announced a development plan, "1+4" , which aims to achieve economic diversification by promoting four core industries, while reducing dependence on tourism and leisure.

Specifically, over the past year, the Macao SAR Government has followed up on more than 10 investments on high-tech industry, and supported the transformation and application of a number of research findings.

In developing modern finance, Macao has leveraged its "free port" advantage to focus on bonds, wealth management, green finance, financial leasing, and other special finance, leading to a rapid growth in both the size and number of bonds. New financial institutions such as "Micro Connect Exchange", which provides financing services for SMEs, have also established operations in Macao.

Additionally, the establishment of the Guangdong-Macao In-depth Cooperation Zone in Hengqin has provided Macao with more opportunities for diversified development. The development plan for the Cooperation Zone aims to build a Macao brand industrial park, explore and implement "Industry's Going Upstairs", and attract and support local enterprises to settle in the Cooperation Zone.

In 2023, the added value of the "Four New" industries (sci-tech research and high-end manufacturing; traditional Chinese medicine (TCM); cultural tourism, convention and exhibition, and modern finance) in the Cooperation Zone accounted for 46.2% of the region's GDP. As of April this year, the total number of Macao enterprises in the Cooperation Zone reached 6,208, showing a year-on-year growth of 12.3%, and a 33.88% increase since the establishment of the zone in 2021. "Headquarters in Macao, operation in Hengqin" and "Production in Hengqin-Macao, markets overseas" are becoming new models for Macao's industrial development.

Though small in size, Macao carries a significant weight and presents plenty of opportunities. The future of Macao is worth our anticipation.

出品：南财国际传播中心 21新媒体中心 创意互动中心

策划统筹：于晓娜 丁青云

内容统筹：谭婷

执行统筹：黄欣然

文案：黄欣然

责任编辑：谭婷

设计统筹：林军明

视频统筹：白宇航

监制：施诗

英文翻译&配音：李莹亮

海外运营监制: 黄燕淑

海外运营内容统筹: 黄子豪

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审校：陈晶晶 黄志明