Macao strives to regain economy growth in next five years

Macao will strive to resume its economic growth in its first five-year plan, a senior government official said on Tuesday.

The SAR Chief Executive's office adviser Lei Ngan Leng told a press conference that although there is no specific figure or spectrum about Macao's economic growth in this five-year plan, the government will try its best to regain growth during 2016-2020 period.

The SAR government issued the draft plan on Tuesday to the public for their suggestions and opinions in the next two months. It is the first time for Macao to make such a plan to set out comprehensive targets of economic and social development.

The draft aims to turn Macao into a world tourism and leisure hub. It also emphasizes the development of diversified industries and people's welfare. "Macao's economy in future will not seek high growth rate. Instead, it will change the mode of development to seek quality, efficiency and balance," the draft plan says.

The draft plan sets out seven major targets, including maintaining stable economic growth, improving the structure of industries, improving its role as an international tourist city, raising the life quality of the residents and the quality of education, protecting environment, and strengthening the efficiency of the government and deepening the building of the legal system.

The drat plan also prioritizes infrastructure projects for next five years, such as the construction of a light railway network, a fourth bridge between Macao and Taipa, expanding a waste incinerator, and building an electronic surveillance system.

Macao's Gross Domestic Product (GDP) shrank by 20.3 percent in real terms last year, with a 22.8 percent contraction in the first half, and a smaller slump of 17.7 percent in the second half.