Macau Business Editorial |September 2023| By José Carlos Matias – Director
There is a famous quote from Deng Xiaoping, late leader and visionary architect of China’s remarkable era of opening up and reform: “If you open the window for fresh air, you have to expect some flies to blow in”. And, while flies are a natural part of our environment that mustn’t be eradicated, too many flies indoors can be a nuisance to say the least. Does that mean we ought to swiftly close the window again? Absolutely not. Our current leaders are hopefully aware of the grave mistake in making such a move.
Nonetheless, the three-year closure brought on by the pandemic has provided a setback to openness. And despite repeated commitments and moves to embracing an effective return to normalcy, substantial results have yet to materialise in some ways. On a macro level, not only do the oft-heard “de-coupling” and “self-reliance” mantras offer no viable solutions for a more balanced international political economy, they entail a multitude of risks.
In our city, the current Zeitgeist (spirit of our times) is palpable, even as we undo the pandemic’s closures and endeavour to reverse their effects. As a small and open economy, Macau is susceptible to a wide array of exogenous factors that make forecasting and planning a formidable challenge. Nevertheless, there is a perplexing apparent contradiction between the wisdom and vision of the five-year plans and long-term blueprints handed down, and the often short-term, reactive approaches adopted by the local authorities to some matters.
Tangible results will require bold strategies, not a piecemeal approach, and the sooner, the better. Though Macau has indeed experienced a remarkable post-pandemic recovery surpassing even the most optimistic of expectations, business as usual without innovation is simply not a viable option for the longer term. It’s a sentiment that has been made explicit or at least implied by the government on multiple occasions.
If we are to move beyond merely paying lip service to lofty slogans, there must be true commitment manifested in concrete actions. When it comes to the new talent-attraction scheme, ensuring mobility between Macau and Hengqin and addressing the needs of local SMEs and Macau’s youth, there is little room for failure.
Ho Iat Seng’s next Policy Address is therefore of paramount importance, as it will be the first delivered from steady, post-pandemic ground and the one that will encompass the last year of his first five-year term.
On the human resources front, we would do well to note the more ambitious line pursued by Hong Kong authorities. The difference in size of the two SARs’ economies notwithstanding, their official figures are impressive: as of last May – already six months into Hong Kong’s new Top Talent Pass Scheme – authorities had already approved 49 thousand applications out of the 84 thousand received. Why doesn’t our city take bolder, more assertive steps to ensure its attractiveness to top talent on a global scale?
Don’t get me wrong; Macau is a pearl, a unique place where many non-locals can have a fruitful and unforgettable life experience. But there is still a huge cache of untapped potential to exploit, if the city can get this right. The truth, no matter how self-evident, remains: it’s all about striking a balance between local and imported labour, between economic growth and sustainable development, between security and openness and innovation.
So throw the windows open and don’t panic about the flies; we need that big breath of fresh air.
