Experts hail Xi's plan for Macao

Experts from various sectors on Sunday unanimously said President Xi Jinping's remarks during his three-day visit to Macao have charted a clear course for the special administrative region to diversify its economy in the future.

They believe it could be achieved by further integrating into the nation's development.

They made the comments after Xi wrapped up his tour in Macao on Friday, marking the 20th anniversary of Macao's handover to the motherland. During his trip, Xi praised the city's achievements and economic growth made over the past two decades, urging the SAR government to further diversify its economy and secure a better life for its people.

Pitching in her thoughts, Macao's lawmaker Lei Cheng-i said the SAR, which has been gaming-oriented, should boost tourism and finance sectors to diversify its economy, taking advantage of the city's unique resources.

Gaming industry still plays a dominant role in Macao's economy, which, the lawmaker said, is not a healthy development model.

The unique resources Lei referred to include strict implementation of the "one country, two systems", which is the key to Macao's success for the past two decades.

The city's economy has expanded seven times since 1999, and the city's GDP per capita is now the second highest in the world.

But, she cautioned, although Macao has seen stunning economic growth in the past 20 years, there's still a long way to go to ensure sustainable development.

In the eyes of Zhou Xingting, chairman of Nam Yue (Group) Co Ltd, a State-owned enterprise registered in Guangdong province and based in Macao, Macao's achievements stem from a firm support from the central government and a synergy from regional cooperation.

For example, Macao's tourism hit a historic high with over 33 million visitors traveling to the city as of this October, Zhou said, adding that exhibition industry has also found its way in Macao.

"Nowadays it could be quite hard for a company to find a vacant conference room in Macao for holding exhibitions within a short time," Zhou said.

Another new growth engine, derived from the collaboration between Macao and Zhuhai, a city in Guangdong province, is the traditional Chinese medicine business, Zhou said.

He said a total of 10 billion yuan has been invested in the Traditional Chinese Medicine Science and Technology Industrial Park of Cooperation, located in the Hengqin New Area in Zhuhai, which borders Macao.

Guo Wanda, executive vice-president of the Shenzhen-based think tank China Development Institute, suggested that Macao also tap into newly rising innovative markets such as exploring 5G technology and developing smart economy.

He said Macao could make good use of rich talent pool and highend technology provided by the Guangdong-Hong Kong-Macao Greater Bay Area and secure a stable and prosperous future.

Zhang Yuge, director of the Center for Hong Kong and Macao Studies at the China Development Institute, said Macao's development should center on its positioning as "One Center, One Platform, One Base", which is a world center of tourism and leisure, a commercial and trade cooperation service platform between China and Portuguese-speaking countries, and a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.

With a population of over 600,000, he said that Macao has relatively limited resources compared with Shenzhen and Hong Kong, which are other two cities included in the Greater Bay Area.

"So Macao should seek cooperation with its neighboring cities for a complementary development strategy," he said.