Political situation
Written by: Zhou Lixi
2020-04-20 18:21
Last update date: 2020-04-20 18:21Macau Chief Executive He Yicheng announced his first policy address today (20th), marking the first fiscal year since Macao's return. He pointed out that Macau's economy was hit by the epidemic this year, and the gaming industry's revenue was the first to bear. The gross gaming revenue in the first three months of this year fell by 60% year-on-year to only 30.49 billion patacas. In the first two months of this year, there were only about 3 million passengers, a decrease of nearly 57% year-on-year.
He Yicheng said that the Macao government ’s response to the epidemic has exceeded 50 billion patacas. While continuing the original benefit measures, it will increase the corresponding amount according to the mechanism. This year ’s cash sharing plan will be implemented from July to April. At the same time, a total of 8,000 patacas of consumer subsidies will be issued to each resident in two installments to alleviate the residents' difficulty in epidemic and promote local consumption.
He Yicheng said that a total of 8,000 patacas of consumer subsidies will be issued to each resident in two installments to alleviate the residents' difficulty in epidemic and promote local consumption. (Live screenshot from Macau News Bureau)
He Yicheng read the first policy address of his tenure at the Macao Legislative Council. In terms of measures to alleviate the hardships of the people, including raising the percentage and amount of the 2018 occupational tax refund, the fixed deduction ratio for the taxable income of occupational tax was increased to 30 %, Exempt the residential property tax for residential real estate owned by residents in 2019; subsidize the water and electricity bills for residents of Australia from March to May. In this year ’s medical subsidy plan, an additional 600 MOP medical treatment will be issued to each Macao permanent resident Vouchers, additional 2 months of assistance to vulnerable families receiving financial assistance, etc., and then depending on the development of the epidemic, consider whether to take related measures.
He Yicheng also pointed out that in order to boost the economy after the outbreak, Macao will increase public investment, focusing on strengthening urban transportation, public housing, government facilities and other engineering construction, including speeding up the approval and construction of public housing to increase supply; promote comprehensive tourism; The recovery of the leisure industry, encouragement of private investment and assistance to SMEs are also the key points to boost the economy.
Macau's gaming industry revenue plummeted. (Profile picture)
Relying on the unimproved gaming industry to continue the construction of the Guangdong-Hong Kong-Macao Greater Bay Area
As for the issue of industrial simplification, He Yicheng said that maintaining the development of gaming tourism was once the basis and premise for maintaining economic stability. However, if the economy is over-reliant for a long period of time, it will be difficult for the Macau economy to achieve sustainable development. Structural problems and risks need to vigorously promote moderate and diversified economic development in the long run, and lay a solid foundation for the long-term sustainable development of the SAR. He mentioned that the results of the efforts of the previous Macau government for many years are not obvious. For example, the exhibition industry and cultural and creative industries that the government is committed to promote account for less than 1% of GDP, while the gaming industry still accounts for 50%.
Regarding the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, He Yicheng pointed out that Macau will continue to cooperate with the Greater Bay Area cities to promote infrastructure construction, strengthen cross-border infrastructure interconnection, and constantly innovate customs clearance models; and strengthen the integration of laws and management systems with these cities, And policy coordination and planning convergence. He also pointed out that an in-depth cooperation zone between Guangdong and Macao will be built in Hengqin, with reference to international free trade standards, to create a highly international, legal and convenient innovation and entrepreneurship highland and a business environment converging with Macau.
Macau Chief Executive He Yicheng. (Profile picture)
He Yicheng stressed in his concluding remarks that the Macao government will comprehensively and accurately implement the principles of "one country, two systems", "Australian people ruling Macao", and a high degree of autonomy. It will perform its duties in strict accordance with the Constitution and the Macao Basic Law. On the premise of security, development, and development interests, according to the actual conditions of Macao, we will give full play to our advantages and continue to explore in depth to create the road of "one country, two systems" with Macao characteristics.
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