Efforts to foster new sectors bear fruit

I know little about investment, but I always hear people say that it is unwise to put all your eggs in one basket. This week, I came to Macao for the first time. So when I saw the magnificent casino buildings, one after another, standing along the streets here, a question quickly came into my mind: Is it a wise idea, in other words, is it safe, to depend so heavily on a single industry?

As the lifeblood of Macao's economy, the gaming industry had contributed more than half of the region's GDP and about 80 percent of government revenue annually for decades.

Then I found that the COVID-19 pandemic has given the answer to my question: The closing of casinos during the pandemic had indeed led to a dramatic drop in Macao's gaming revenue.

However, the casino losses strengthened the Macao Special Administrative Region government's dedication and determination to diversify Macao's industrial structure in order to reduce its dependence on the gaming sector.

That's why the "1+4" strategy was rolled out last year.

According to the strategy, while the SAR government will keep solidifying Macao's core strength in the tourism and leisure sector, it will also promote four emerging industries — traditional Chinese medicine and healthcare, modern financial services, high-tech industries and cultural, sports and convention services.

So I asked some people I met in Macao how they feel about this latest move, and they told me: Yes, such efforts are gradually paying off.

Chad, a bell attendant working in a lavish hotel in the Taipa area, is a beneficiary of Macao's resurgence in tourism.

The former security guard from the Philippines got this new job three months ago after passing an online interview.

Now, he earns three times what he did back in the Philippines.

The 30-year-old told me that he will get married in January, but his wife is still working in the Philippines and looking for job opportunities in Macao.

"Macao is a beautiful place and I really enjoy working here," he said, adding that he is confident that his wife will find a job and reunite with him in Macao soon.

A taxi driver told me that, thanks to the more convenient customs clearance between Macao and Guangdong province, which is also located near Hong Kong, the region has become a preferred choice for residents from Guangdong and Hong Kong to bring their families to spend the weekend in Macao.

In addition, he has seen more conventions and entertainment events such as concerts being held in Macao.

With the opening of the Galaxy Arena in 2023, the largest indoor arena in Macao with 16,000 seats, the driver said various shows are being held every week in the venue.

But he believes industrial diversification will not be achieved easily.

"As some people joked, opening casinos is like printing money. A quick buck is good, but it's equally important to have sustainable incomes. I think it takes time for changes to happen," he said.