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China's Macao Special Administrative Region (SAR) is poised to speed up "appropriate diversification" of the local economy by boosting non-gaming industries while stabilizing the development of the gaming industry, said Chui Sai On, chief executive of Macao SAR, here on Monday.
In a policy address delivered at the Legislative Council, Chui stressed that appropriate diversification is Macao's overall economic trend, while reckoning the local gaming industry has slowed down after a decade of robust growth.
Firstly legalized in the mid-19th century, Macao's casino gaming has developed a very close relationship with the tourism industry and become a pillar of local economy.
With 35 casinos, 5,716 gaming tables and 12,873 slot machines, Macao overtook Las Vegas in terms of gaming revenue nearly a decade ago.
The gaming industry contributed over 76 percent of the Macao SAR government's revenues. However, its revenue has fallen markedly since last year.
Chui, who started his second five-year term as the Macao SAR chief late last year, said the Macao government will come up with measures to adjust the gaming industry, while at the same time boosting emerging industries through exploiting diversified tourist market, supporting international convention and exhibition programs in Macao, boosting cultural and creative industry and traditional Chinese medicine, and fostering the environmental- protection sector.
The government will create developing spaces for middle and small-sized enterprises, help them to expand the regional market, and offer them better business environment. "We will continue to help the distinctive old restaurants and shops to get more business opportunities," Chui said.
The chief executive also pledged to study the establishment of investment development fund and a lasting surplus allocation framework, adding further efforts will be made to strengthen financial supervision as well.
Meanwhile, the Macao SAR government will take a series of measures to safeguard employment rights and promote employment competitiveness, including the overall implementation of minimum wage in an orderly way and optimization of relevant laws and regulations.
The government is also determined to expand external exchange and deepen regional cooperation, including cooperation with mainland regions, Chui said in his address.
