Economic revival high on Macao's future agenda

The Macao Special Administrative Region is on the threshold of social and economic recovery after three years battling COVID-19, said Chief Executive Ho Iat-seng at a reception on Tuesday to mark the 23rd anniversary of the SAR's return to the motherland.

In the post-pandemic era, the city will double its efforts on the new anti-pandemic focus on medical treatment, and invest greater resources to develop a more diversified economy, Ho said.

Ho said the most difficult days are over and the city should be out of the woods next year. The chief executive planned to visit Beijing on Wednesday and report to State leaders on the work over the past year and administrative priorities for next year.

Although the protracted pandemic has severely hit the SAR in the past three years, Ho said the city's infection rate and death toll have been relatively low. This has laid a solid foundation for Macao to align itself with the nation's latest anti-pandemic policies and shift the focus from infection control to medical treatment. It is also part of the efforts to get the economy going again, Ho said.

With the resumption of normal cross-boundary travel, along with the massive non-gambling investment projects to be undertaken by the city's casino operators in the following decade, Ho hopes Macao will further diversify its economy and enter a new stage of development in the post-pandemic era.

As part of the efforts to advance economic diversification, the city's six casino giants have committed to pour over 100 billion patacas ($12.5 billion) to develop non-gambling projects in the coming decade, including building theme parks and hosting more artistic and sports events.

Besides the reception, which was attended by about 350 officials and society leaders, the Macao SAR also held a series of celebrations to mark the return anniversary. A national-flag-raising ceremony was held at the city's landmark Golden Lotus Square on Tuesday morning, attended by SAR and central government officials, and representatives from various sectors.

The SAR's General Post Office also launched anniversary-themed envelopes and offered a special service for residents and tourists to collect a commemorative postmark to mark the day.