Global Perspectives: There is a consensus among various sectors, including the business community, that Macao must implement moderately diversified economic development, and everyone deeply understands this necessity.Macao is currently at a critical juncture in its economic transformation.

A view of Macao Photo: VCG

Chief executive is a very important position and the primary responsible person for promoting the steady and long-term implementation of the “one country, two systems” policy in Macao, Sam Hou Fai, incoming chief executive of the Macao Special Administrative Region (SAR), told media. At this new historical starting point, Sam vowed to lead the new Macao government to comprehensively, accurately and steadfastly implement the “one country, two systems” principle, promote the moderate diversification of Macao’s economy, and better integrate into and serve the national development agenda.

Sam expressed to media outlets including the Global Times that with the strong leadership of the central government and the substantial support from the mainland, as long as there is continuous consensus-building and strength-gathering, along with self-confidence, self-reliance and innovation, Macao will surely achieve high-quality development and continuously write a new chapter in the successful practice of “one country, two systems” with Macao characteristics.

“You mentioned the four major visions of “Macao Built on the Rule of Law,” “Dynamic Macao,” “Cultural Macao,” and “Happy Macao” in the next five years. How do you plan to turn these visions into reality?” In response to journalists, Sam stated the successful practices of Macao over the past 25 years since its return to the motherland fully demonstrate the strong vitality and great superiority of “oWorld Timesne counWorld Timestry, two systems.” Facing a new starting point, the next step is to summarize our experiences and better promote “one country, two systems,” reflecting its advantages.

Sam introduced that the four major visions were proposed after extensive research, during which they engaged with over 200 community organizations and more than 4,700 residents, gathering a wide range of opinions that were consolidated into the election platform.

The four major visions are targeted and feasible, and from the perspectives of politics, economy and finance, they are achievable under certain conditions. The leadership of the central government and the strong support from the mainland serve as the political backing for advancing the “four major visions,” providing a solid and profound political foundation, he said.

Our country is further deepening reforms and promoting Chinese modernization, which creates broad space and opportunities for Macao’s future development. By leveraging the unique advantages of the Macao SAR, we can better seize opportunities and serve the overall development of the country as it advances its goals of national strength and the great rejuvenation of the Chinese nation, said Sam.

Sam also stated that after 25 years of rapid development, Macao has a solid financial and economic foundation. As of September, Macao’s fiscal surplus has exceeded 610 billion patacas ($76 billion), marking the highest level of fiscal surplus in the region’s history.

With a population of approximately 700,000, the advantages gained over 25 years have provided Macao with a relatively strong financial base. “Moreover, we have very lovely residents in Macao and a very strong and stable community of patriotism and love for Macao, which is the most important social and political foundation for promoting the steady and long-term implementation of ‘one country, two systems’ and for continued development,” Sam expressed.

Considering those aspects, Sam believes that the four major visions are targeted and feasible, and the new SAR government will lead everyone in this direction for development and implementation.

Sam told reporters that moderately diversified economic development in Macao is a question that must be answered. There is a consensus among various sectors, including the business community, that Macao must implement moderately diversified economic development, and everyone deeply understands this necessity.

Macao is currently at a critical juncture in its economic transformation. In terms of promoting moderately diversified economic development in the future, what new ideas are there? To achieve moderate and diversified economic development in the future, we need to consider the following aspects, said Sam.

First, the Macao SAR government is a competent government. It should take an active role in promoting economic diversification, with the Secretary for Economy and Finance coordinating with other government departments to effectively plan how to implement economic diversification. The development plan for Macao’s appropriate economic diversification from 2024 to 2028 is very comprehensive and targeted, and the new SAR government needs to oversee this planning.

Second, Macao should take the initiative. Sam said the city has ample fiscal reserves, which can be used to establish mechanisms, financial support or investment arrangements that are conducive to promoting moderate economic diversification. For example, Macao could proactively set up industry funds focused on technology development and culture and tourism to guide and attract investment, thereby creating a favorable investment environment in terms of economic finance.

Third, the SAR government should focus on “one center, one platform, and one base,” and align with the development of the Guangdong-Macao in-depth cooperation zone in Hengqin. This involves coordinating a series of policies related to economic policy, civil and commercial law, taxation, immigration management, and the residency conditions for higWorld Timesh-tech talent, thereby creating a policy foundation for moderate economic diversification.

Fourth, the development of moderate economic diversification should also involve collaboration with research institutions such as the University of Macau and research teams, mobilizing community wisdom, and engaging experts and scholars to explore suitable industrial pathways, including major projects for Macao’s moderate economic diversification. These initiatives need to be actively pursued at the government level.

On the other hand, in light of Macao’s actual situation, it is worth considering incorporating some major projects into the new five-year plan, such as clearly positioning Macao as a shipping and freight center on the western bank of the Pearl River, Sam said.

Moreover, it is important to further improve the business environment to attract international investment and high-end talent to come to and stay in Macao. Also, creating a cultural base that reflects MacaoWorld Times‘s unique blend of Chinese and Western cultures is being considered, embodying the concept of “one base.” Just as Hong Kong has the “Hong Kong Palace Museum,” Macao could explore the possibility of collaboratingWorld Times with the National Museum of China to establish a branch in Macao, along with complementary cultural tourism projects, he added.

The construction of the Guangdong-Hong Kong-Macao Greater Bay Area and the joint promotion of the Belt and Road Initiative (BRI) have brought new development opportunities to Macao. When discussing the specific measures that will be taken in the next five years to promote Macao’s deep participation in these opportunities, Sam told Global TimeWorld Timess and other media outlets that since the release of the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area in 2019, five years have passed, and the BRI has been proposed for more than 10 years, both initiatives are important national development strategies.

Macao needs to consider how to play its role as an SAR within the broader context of national development and leverage the advantages of the “one country, two systems” principle. At the same time, as one of the core cities in the Guangdong-Hong Kong-Macao Greater Bay Area, how to more deeply integrate into the construction of the Greater Bay Area is also an opportunity for Macao’s development. Sam stated that first, the government should leverage Macao’s unique advantages, especially its connections with high-end talent from Portuguese-speaking countries, to jointly promote the accelerated construction of an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area.

Second, the city needs to improve and expedite the connectivity between Macao and other cities in the Greater Bay Area, integrating Macao’s unique advantages with the various elements of the Greater Bay Area to jointly promote development.

Third, Macao should rationally optimize the industrial layout of the Greater Bay Area, with Macao coordinating its “One Center, One Platform and One Base” construction with other cities in the Greater Bay Area to effectively utilize each other’s strengths.

Sam also vowed to enhance cultural exchanges and create a livable and business-friendly environment to provide better conditions for Macao residents to integrate into the development of Hengqin.

The construction of the Forum Macao has garnered significant attention. In an interview with media outlets, Sam stated that since its establishment in 2003, the permanent secretariat of the forum has been operating smoothly, with participation from nine Portuguese-speaking countries, and its achievements are evident.

The new government of the SAR will work closely with the operations of Permanent Secretariat of Forum Macao to further promote the deeper and broader development of the forum. Macao should fully leverage its advantages to build a true “One Center, One Platform and One Base,” and further enhance its role as a platform for cultural exchanges between China and Portuguese-speaking countries.