![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/abraham-kot-1.png\")
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Ho-Iat-Seng-Legislative-Assembly1-150x150.jpg\")
\n[Updated]
\n\n\n\nMacau Chief Executive (CE) Ho Iat Seng has prolonged his annual leave until July 29, according to an executive order published in the Official Gazette on Saturday.
\n\n\n\nThis comes after a previous 16-day extension which ended on Friday, July 19. Ho has been on a long annual leave period since June 21. Secretary for Administration and Justice Andr\u00e9 Cheong will continue to assume his duties during the CE\u2019s absence, the executive order signed by Ho Iat Seng indicates.
\n\n\n\nThe Government Information Bureau (GCS) meanwhile issued a statement on Saturday indicating that during the ongoing holiday period the CE “underwent a routine medical examination and received necessary diagnostic and therapeutic care, and is currently in good health.”
\n\n\n\nThe statement came “in response to recent media requests for information regarding the Chief Executive’s annual leave,” GCS said.
\n\n\n\nIn total, the CE\u2019s break will be 39 days. The extensions have led to questions about Ho’s health condition and whether he would be standing in the upcoming CE election. After the announcement of the previous extension, on July 7 sources told MNA that he was planning to announce his bid for a second term as head of the SAR Government following the election for the CE Election Committee members scheduled for August 11. The same sources noted that this was the first effective annual leave period he has taken since assuming office as Chief Executive on December 20, 2019.
\n\n\n\nFollowing the visit to Macau in May by Xia Baolong, Beijing\u2019s top official in charge of Macau and Hong Kong affairs, Ho said the upcoming CE election had not been addressed in the meetings. He added that, at the time, May 19, he didn\u2019t have anything to share with the public yet.
\n\n\n\nThe August 11 election will select the 400 electors from different sectors of local society who will be choosing the CE. Existing electoral rules mandate that the two elections should be at least 60 days apart, indicating that the CE election could be held on October 13 at the earliest, as it is the first Sunday after the 60-day period. CE elections have consistently taken place on Sundays.
\n\n\n\nHo Iat Seng\u2019s predecessors, Edmund Ho and Chui Sai On, both served two five-year terms. With the exception of the first CE election, held in 1999, there has always been only one candidate on the ballot. Local businessman Jorge Chiang announced earlier this month his intention to run in this year\u2019s CE election.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/bernardo-alves-abraham-kot-3-150x150.png\")
\nBy Jos\u00e9 Carlos Matias
\n\n\n\nPhotos by Lei Heong Ieong
\n\n\n\nThe city\u2019s first locally registered money market open fund solely denominated in patacas has been launched. It\u2019s the brainchild of Bernardo Alves and Abraham Kot, who are looking to make a splash in the city\u2019s financial industry.
\n\n\n\nA&P Investment Fund Management Company Limited received approval in early May from the Monetary Authority of Macau and secured a special license\u2014the first of its kind\u2014to establish the \u201cA&P Macau Patacas Money Market Fund,\u201d which was launched on July 3.
\n\n\n\nIn an exclusive interview with Macau Business and Business Intelligence, A&P\u2019s chairman and founder, Bernardo Alves, and CEO, Abraham Kot, discuss the rationale behind launching their new fund, the city\u2019s nascent fund industry, and the prospects for modernizing Macau\u2019s financial services. The fund leverages Alves\u2019 nearly two decades of experience in public and private equity investments, and Kot\u2019s over three decades of experience across retail, commercial, and corporate banking, as well as investment fund management.
\n\n\n\nTell us about the backstory behind setting up this investment fund.
\n\n\n\nAbraham Kot: First of all, I think that Bernardo Alves and I share the same idea about how to approach people’s wealth management in Macau. In 2016, I was coming from banking, and we realised something really important and astonishing at that time. Clients told us that it was difficult to find a responsible investment fund manager. As you know, most of the public funds are created in Hong Kong, and every time issues arise, people seem to struggle to see a response from them.
\n\n\n\nSo, I said, why not create something for the local people? I believe that Bernardo and I really wanted to create something at that time. We wanted to develop tailor-made investment products for locals.
\n\n\n\nIn 2021, Bernardo and I thought, why not apply to create an investment fund management company in Macau, according to the local regulations? The company was eventually established in early 2023, with the special registration from the Monetary Authority of Macau (AMCM) being granted in June 2023.
\n\n\n\nIt then took another three months to complete our application for the first public fund.
\n\n\n\nWe submitted the application to AMCM in October 2023, and in May 2024, we secured the permit.
\n\n\n\n
\u201cI truly believe that we are not competitors to the banks’ income. We are their partners\u201d – Abraham Kot
This [having a locally registered MOP-denominated open public investment fund] is something entirely new for the city. How would you describe the whole process and the main challenges you faced throughout this process?
\n\n\n\nA.K.: When we recall the year 2022, it was a time of financial turmoil. In the property market in China, equities and bonds nosedived. As you know, we are very close to the local banking sector. We heard numerous negative investment stories. People were afraid of making investments. They believed that high risk would not translate into high returns.
\n\n\n\nSo, we were struggling a lot. Finally, we made a decision. We tried to model our fund after well-known, stable, and reliable ones. We searched for the most popular public funds, particularly money market investment funds. Then we identified a very stable model, one that is good for the city\u2019s local residents.
\n\n\n\nWhy start with a public money market investment fund and not, let\u2019s say, a private fund? What\u2019s the rationale behind this approach?
\n\n\n\nA.K.: First of all, we believe that a private fund shouldn\u2019t be our first project. The competition is very fierce in Hong Kong and Macau, and I don\u2019t believe that it\u2019s the right move for A&P to start with a private fund.
\n\n\n\nSecondly, given the complicated financial situation in 2022, we had to find something very safe in everybody\u2019s eyes, where transparency is very high, and it\u2019s easy for people to understand the portfolio and how they can see their investment returns.
\n\n\n\nWhat exactly are the components of a money market fund, and of your fund in particular?
\n\n\n\nA.K.: Basically, money market funds are very simple. They’re just like a savings product. We collect the investors’ money and deposit it into the fund, and then we place the money as large-scale deposits into big banks that can offer us a very attractive interbank interest rate.
\n\n\n\nBernardo and I thought about something a little bit creative. By 2022, the US Federal Reserve had started to increase interest rates. By that time, we noticed the interest rate gap between the US dollar and the Hong Kong dollar. We also saw from AMCM information that the composite interest rate for MOP is substantially lower than that of the HKD. So, we took a bet: why not attract MOP deposits?
\n\n\n\nOf course, there’s one criterion that we have to explain to our investors very carefully. Do you have confidence in the peg system between the US dollar, the Hong Kong dollar, and the Macau pataca? If yes, that would be a fantastic financial plan for your money.
\n\n\n\nSome people think: What am I going to do with the salary I receive every month (in MOP)? Many people exchange it to HKD and then put it in an HKD deposit account. Some are even smarter: they change it into US dollars.
\n\n\n\nThat\u2019s why we are going to create a portfolio, bringing together bank deposits and one more item: US Treasury bills. The trading volume of these US Treasury bills is huge. You can easily invest and recover your money.
\n\n\n\n
\u201cA&P can play a crucial role in redefining the relationship with capital\u201d \u2013 Bernardo Alves
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/bernardo-alves-1.png\")
What\u2019s the significance of having an MOP-denominated investment fund, the very first one? Is it also a kind of stance?
\n\n\n\nBernardo Alves: Well, I think so. We could have constituted a fund of this kind since late 1999 [when the law governing the establishment of investment funds was enacted], but funds have always been constituted mostly in Hong Kong and denominated in HKD and USD.
\n\n\n\nI think it goes back to the mentality of Macau and its population.
\n\n\n\nWhen it comes to basic purchases, we all use MOP, but for big investments in our lives, most of which are in real estate, we use Hong Kong dollars. Naturally, there has been a predisposition for investment funds and insurance products to be quoted in Hong Kong dollars. Therefore, I understand the reasoning behind using HKD.
\n\n\n\nFor us to be an investment fund company in Macau and not use MOP would\u2019ve been a bit of a shame.
\n\n\n\nIt also revolves around my belief that A&P can play a crucial role in redefining the relationship with capital. Since this is the first time an investment fund manager is locally based and we are doing something different, I think that it is a stance in a sense.
\n\n\n\nComing back to your main point, yes, it is the objective of the company to make a statement. Something I wholeheartedly believe is that we, as a society and as locals, need the ability to invest in the currency in which we earn our salaries. It’s natural. So we are going to test this market.
\n\n\n\nA.K.: Local people are very conservative. Actually, I think we are shaking and shaping the local financial ecosystem, particularly the fund industry, by creating the first MOP money market fund. What is the meaning behind this? One crucial aspect is that the relationship between the investor and the fund manager has never been closer. We are a local company, so anytime any investor or person who wants to talk, share their wishes, or ask for advice about their money can come to our office.
\n\n\n\n
\u201cWe are shaking and shaping the local finance industry, particularly the fund industry, by creating the first MOP money market fund\u201d –\u00a0Abraham Kot
\u201cThere have always been complaints that there’s no innovation. Let’s try to do something different in the financial industry\u201d \u2013 Bernardo Alves
![\"\"](\"https://www.macaubusiness.com/wp-content/uploads/2024/07/bernardo-alves-abraham-kot-1.png\")
Customer service plays a key role here, right?
\n\n\n\nA.K.: Exactly.
\n\n\n\nB.A.: Investment is psychological. To be close to the investor, or for the investor to feel or need an understanding of the investments themselves, is also very soothing, I would say.
\n\n\n\nThe relationship we had with funds in Macau has been the opposite. When the fund is performing well, the fund managers come and show; when the fund is not performing so well, it\u2019s natural that they don\u2019t come.
\n\n\n\nThat’s also a potential breach of transparency.
\n\n\n\nIt’s all about the communication channel and the availability to say, ‘Look, we are here.’ We can talk about and explain the results. I think the explanation is the key part that will differentiate us from other companies.
\n\n\n\nAs you are the very first locally licensed investment fund management company, are you expecting any kind of first-mover advantage?
\n\n\n\nB.A.: The fund\u2019s application wasn\u2019t easy. I don\u2019t think any non-local company could have come here and tried to apply for it because, firstly, there was no precedent case. And when there\u2019s no precedent, there is no timeline. This is an investment, and capital abhors uncertainty, of course.
\n\n\n\nWe have been called pioneers. We\u2019ve been called white lab rats. It\u2019s natural. If there\u2019s a first-mover advantage, it\u2019s incidental.
\n\n\n\nI really wanted to develop this, and I found this fire in Abraham too, which was, \u201cLet\u2019s try to do something different in the financial industry.\u201d There have always been complaints that there\u2019s no innovation. Okay, let\u2019s try something innovative.
\n\n\n\nYou are working with Bank of China, the two Macau licenses.
\n\n\n\nA.K. – Yes, Bank of China Macau Branch is our custodian and also provides the administrator of the unit of the fund. We are also working with Bank of China (Macau) which is our distributor, to sell our fund to customers. The other banks are our counterparty.
\n\n\n\nB.A. \u2013 When we constitute the fund there\u2019s a whole infrastructure behind it that supports the fund. One of these pillars is the depositary [custodian]. But both of them are extremely valuable because they control the assets of the fund too, and they supervise the transactions of the fund, whereas we control the investors and the investment. So this relationship is symbiotic. So we were lucky to have Bank of China be innovative.
\n\n\n\nAnd of course, we have an auditor and all the legal contracts behind us. So just the single movement of a new company that germinated in the industry created a shockwave along the industries in Macau. So that’s development. The objective of development is to try and push one company and see how other companies will also have to reinvest or maybe have to invest in new mechanisms that will hopefully propel our industry a little bit forward, and hopefully attract more capital. Because I believe the success of A&P is also the success of Macau in terms of showing that it’s indeed possible to develop a new idea and the conceptualization of an idea into the practicality of it.
\n\n\n\nYou are, to some extent, in competition with the banking and insurance sectors. How do you address this?
\n\n\n\nB.A.: The money market fund, yes. It\u2019s very important for any financial center to have its own products that can be bought as an investment, not only to combat inflation. As a savings mechanism, as a savings idea, it\u2019s important. Not having such a product is problematic for a city like Macau in this instance.
\n\n\n\nThe objective of launching the money market fund is also based on the idea that we need to start to populate certain investment silos, which have their own risk-return profiles in the market.
\n\n\n\nWe could have launched an equity fund, and I would be as happy as everyone, you know, because that\u2019s my expertise. But we realized very early, when we did the application to AMCM, that Macau needed a solid foundation.
\n\n\n\nSo the money market fund is something that is required. This will be called the parking fund. A money market fund is the third-most traded asset class in the world. So naturally, Macau has to have it.
\n\n\n\nA.K.: I truly believe that we are not competitors to the banks\u2019 income. We are their partners.
\n\n\n\nTraditionally, banking activity is mostly about deposits. But A&P and our funds are focusing on the wealth management industry, which is much bigger.
\n\n\n\nDon\u2019t forget that our central government really wants us to move into the Greater Bay Area, which is a huge market for Macau companies and banks as well. So actually, we are partners. We work together, shoulder to shoulder.
\n\n\n\n
\u201cOne crucial aspect is that the relationship between the investor and the fund manager has never been closer. We are a local company\u201d – Abraham Kot
\u201cThere’s always a contrast of what is the speed that we should walk at. For the regulator tomorrow is too early, but for us, the private side, today is too late\u201d \u2013 Bernardo Alves
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/bernardo-alves-abraham-kot-2.png\")
There has been much talk about the GBA Wealth Management Connect scheme. Will you be playing a role in this respect as well?
\n\n\n\nA.K.: That\u2019s why we have designed this fund under a low-risk structure. Only a low-risk public fund will be allowed into the Greater Bay Area.
\n\n\n\nB.A.: We have to be careful because, in terms of legislation, what is considered a risky factor in one jurisdiction might not be in another. I really hope that we can work with AMCM to push this product along in the Greater Bay Area.
\n\n\n\nLooking further down the road, you have a business development plan with regard to having a portfolio of funds. What would be the next steps? Income funds? Bond-based funds? Private equity funds?
\n\n\n\nB.A.: This has to be worked out in conjunction with AMCM. They\u2019re the ones capable of approving certain types of funds. Hopefully, we can tap into the main criteria, which are bonds and equity. I think this is something that is missing, but again, it depends on the financial development of Macau and the city\u2019s financial literacy. And we need a lot of feedback from this first fund to see what worked and what didn\u2019t work. This whole process is very market dependent too.
\n\n\n\nIf everything aligns again, and if we think that the income side is important, then it\u2019s something that we will tap into.
\n\n\n\nRight now, we are launching a prime money market fund, which is based on fixed time deposits and similar money market instruments. Hopefully, in the future, we can launch a government money market fund, which is actually the most popular version of a money market fund, and that\u2019s based on government-issued securities only.
\n\n\n\nThat will also depend on how far the regulator will go in terms of allowing the secondary markets to have access to certain tools, right?
\n\n\n\nB.A.: Well, this relates to M-bills (AMCM issued Monetary Bills) which are being traded in the primary market but not yet tradable in the secondary market. Taking such a step is a great opportunity, not only as a testing ground but also to gauge the depth of an instrument that is based in MOP. So it’s circular. One of my objectives is to see how we can unblock that.
\n\n\n\nA&P\u2019s life has always been about proving people wrong and trying to break barriers. I think M-bills are one barrier, but for me, the money market fund is not done yet. And I think we still, as a population, require a government money market fund, and Monetary Bills perfectly reflect that. So hopefully, we can, in the near future, work with the authorities to try and unblock certain barriers.
\n\n\n\nThis brings us to the wider issue of the overall infrastructure to develop the city\u2019s modern finance industry. Where are we in this respect?
\n\n\n\nB.A.: When we say modern, we have to say modern with Macau characteristics. This is a very important idea. Otherwise, many aspects of Macau remain underdeveloped. When we compare ourselves to financial centres abroad, it\u2019s understandable to feel we’re behind. So, when we discuss digital currencies or blockchain, these are significant 21st-century developments. But are we embracing them fully in Macau? That was my initial concern. Our journey to launch this fund has revealed that much of our industry still lags behind. While modern financial developments are a commonplace in Hong Kong and other financial hubs, Macau has a different story.
\n\n\n\nWhen we aim to develop modern finance or a new industry, we need to work closely with the regulator. However, there\u2019s often a discrepancy in the pace we should adopt. Tomorrow might be too early for the regulator, but for us on the private side, today could be too late.
\n\n\n\nSo, we need to find a marriage and a balance. We must test things step by step to see what works and what is viable.
\n\n\n\nIn a broader sense, what are the main drivers and takeaways of this project?
\n\n\n\nB.A.: My idea for A&P is that it’s not just a slogan; it’s really the truth: we are genuinely trying to redefine the capital relationship. And the first chapter is MOP as an investment currency.
\n\n\n\nA.K.: We are trying to connect with people from around the world. Let’s build a team and then roll out more tools and products for Macau, Hong Kong, mainland China, Singapore, or even Portugal and the Portuguese-speaking countries. This is our platform.
\n", "content_text": "By Jos\u00e9 Carlos Matias\n\n\n\nPhotos by Lei Heong Ieong\n\n\n\n\n\n\n\nThe city\u2019s first locally registered money market open fund solely denominated in patacas has been launched. It\u2019s the brainchild of Bernardo Alves and Abraham Kot, who are looking to make a splash in the city\u2019s financial industry.\n\n\n\nA&P Investment Fund Management Company Limited received approval in early May from the Monetary Authority of Macau and secured a special license\u2014the first of its kind\u2014to establish the \u201cA&P Macau Patacas Money Market Fund,\u201d which was launched on July 3.\n\n\n\nIn an exclusive interview with Macau Business and Business Intelligence, A&P\u2019s chairman and founder, Bernardo Alves, and CEO, Abraham Kot, discuss the rationale behind launching their new fund, the city\u2019s nascent fund industry, and the prospects for modernizing Macau\u2019s financial services. The fund leverages Alves\u2019 nearly two decades of experience in public and private equity investments, and Kot\u2019s over three decades of experience across retail, commercial, and corporate banking, as well as investment fund management.\n\n\n\nTell us about the backstory behind setting up this investment fund.\n\n\n\nAbraham Kot: First of all, I think that Bernardo Alves and I share the same idea about how to approach people’s wealth management in Macau. In 2016, I was coming from banking, and we realised something really important and astonishing at that time. Clients told us that it was difficult to find a responsible investment fund manager. As you know, most of the public funds are created in Hong Kong, and every time issues arise, people seem to struggle to see a response from them.\n\n\n\nSo, I said, why not create something for the local people? I believe that Bernardo and I really wanted to create something at that time. We wanted to develop tailor-made investment products for locals.\n\n\n\nIn 2021, Bernardo and I thought, why not apply to create an investment fund management company in Macau, according to the local regulations? The company was eventually established in early 2023, with the special registration from the Monetary Authority of Macau (AMCM) being granted in June 2023.\n\n\n\nIt then took another three months to complete our application for the first public fund.\n\n\n\nWe submitted the application to AMCM in October 2023, and in May 2024, we secured the permit.\n\n\n\n \u201cI truly believe that we are not competitors to the banks’ income. We are their partners\u201d – Abraham Kot \n\n\n\n\n\n\n\nThis [having a locally registered MOP-denominated open public investment fund] is something entirely new for the city. How would you describe the whole process and the main challenges you faced throughout this process?\n\n\n\nA.K.: When we recall the year 2022, it was a time of financial turmoil. In the property market in China, equities and bonds nosedived. As you know, we are very close to the local banking sector. We heard numerous negative investment stories. People were afraid of making investments. They believed that high risk would not translate into high returns.\n\n\n\nSo, we were struggling a lot. Finally, we made a decision. We tried to model our fund after well-known, stable, and reliable ones. We searched for the most popular public funds, particularly money market investment funds. Then we identified a very stable model, one that is good for the city\u2019s local residents.\n\n\n\nWhy start with a public money market investment fund and not, let\u2019s say, a private fund? What\u2019s the rationale behind this approach?\n\n\n\nA.K.: First of all, we believe that a private fund shouldn\u2019t be our first project. The competition is very fierce in Hong Kong and Macau, and I don\u2019t believe that it\u2019s the right move for A&P to start with a private fund.\n\n\n\nSecondly, given the complicated financial situation in 2022, we had to find something very safe in everybody\u2019s eyes, where transparency is very high, and it\u2019s easy for people to understand the portfolio and how they can see their investment returns.\n\n\n\nWhat exactly are the components of a money market fund, and of your fund in particular?\n\n\n\nA.K.: Basically, money market funds are very simple. They’re just like a savings product. We collect the investors’ money and deposit it into the fund, and then we place the money as large-scale deposits into big banks that can offer us a very attractive interbank interest rate.\n\n\n\nBernardo and I thought about something a little bit creative. By 2022, the US Federal Reserve had started to increase interest rates. By that time, we noticed the interest rate gap between the US dollar and the Hong Kong dollar. We also saw from AMCM information that the composite interest rate for MOP is substantially lower than that of the HKD. So, we took a bet: why not attract MOP deposits?\n\n\n\nOf course, there’s one criterion that we have to explain to our investors very carefully. Do you have confidence in the peg system between the US dollar, the Hong Kong dollar, and the Macau pataca? If yes, that would be a fantastic financial plan for your money.\n\n\n\nSome people think: What am I going to do with the salary I receive every month (in MOP)? Many people exchange it to HKD and then put it in an HKD deposit account. Some are even smarter: they change it into US dollars.\n\n\n\nThat\u2019s why we are going to create a portfolio, bringing together bank deposits and one more item: US Treasury bills. The trading volume of these US Treasury bills is huge. You can easily invest and recover your money.\n\n\n\n \u201cA&P can play a crucial role in redefining the relationship with capital\u201d \u2013 Bernardo Alves \n\n\n\n\n\n\n\nWhat\u2019s the significance of having an MOP-denominated investment fund, the very first one? Is it also a kind of stance?\n\n\n\nBernardo Alves: Well, I think so. We could have constituted a fund of this kind since late 1999 [when the law governing the establishment of investment funds was enacted], but funds have always been constituted mostly in Hong Kong and denominated in HKD and USD.\n\n\n\nI think it goes back to the mentality of Macau and its population.\n\n\n\nWhen it comes to basic purchases, we all use MOP, but for big investments in our lives, most of which are in real estate, we use Hong Kong dollars. Naturally, there has been a predisposition for investment funds and insurance products to be quoted in Hong Kong dollars. Therefore, I understand the reasoning behind using HKD.\n\n\n\nFor us to be an investment fund company in Macau and not use MOP would\u2019ve been a bit of a shame.\n\n\n\nIt also revolves around my belief that A&P can play a crucial role in redefining the relationship with capital. Since this is the first time an investment fund manager is locally based and we are doing something different, I think that it is a stance in a sense.\n\n\n\nComing back to your main point, yes, it is the objective of the company to make a statement. Something I wholeheartedly believe is that we, as a society and as locals, need the ability to invest in the currency in which we earn our salaries. It’s natural. So we are going to test this market.\n\n\n\nA.K.: Local people are very conservative. Actually, I think we are shaking and shaping the local financial ecosystem, particularly the fund industry, by creating the first MOP money market fund. What is the meaning behind this? One crucial aspect is that the relationship between the investor and the fund manager has never been closer. We are a local company, so anytime any investor or person who wants to talk, share their wishes, or ask for advice about their money can come to our office.\n\n\n\n \u201cWe are shaking and shaping the local finance industry, particularly the fund industry, by creating the first MOP money market fund\u201d –\u00a0Abraham Kot \n\n\n\n \u201cThere have always been complaints that there’s no innovation. Let’s try to do something different in the financial industry\u201d \u2013 Bernardo Alves \n\n\n\n\n\n\n\nCustomer service plays a key role here, right?\n\n\n\nA.K.: Exactly.\n\n\n\nB.A.: Investment is psychological. To be close to the investor, or for the investor to feel or need an understanding of the investments themselves, is also very soothing, I would say.\n\n\n\nThe relationship we had with funds in Macau has been the opposite. When the fund is performing well, the fund managers come and show; when the fund is not performing so well, it\u2019s natural that they don\u2019t come.\n\n\n\nThat’s also a potential breach of transparency.\n\n\n\nIt’s all about the communication channel and the availability to say, ‘Look, we are here.’ We can talk about and explain the results. I think the explanation is the key part that will differentiate us from other companies.\n\n\n\nAs you are the very first locally licensed investment fund management company, are you expecting any kind of first-mover advantage?\n\n\n\nB.A.: The fund\u2019s application wasn\u2019t easy. I don\u2019t think any non-local company could have come here and tried to apply for it because, firstly, there was no precedent case. And when there\u2019s no precedent, there is no timeline. This is an investment, and capital abhors uncertainty, of course.\n\n\n\nWe have been called pioneers. We\u2019ve been called white lab rats. It\u2019s natural. If there\u2019s a first-mover advantage, it\u2019s incidental.\n\n\n\nI really wanted to develop this, and I found this fire in Abraham too, which was, \u201cLet\u2019s try to do something different in the financial industry.\u201d There have always been complaints that there\u2019s no innovation. Okay, let\u2019s try something innovative.\n\n\n\nYou are working with Bank of China, the two Macau licenses. \n\n\n\nA.K. – Yes, Bank of China Macau Branch is our custodian and also provides the administrator of the unit of the fund. We are also working with Bank of China (Macau) which is our distributor, to sell our fund to customers. The other banks are our counterparty. \n\n\n\nB.A. \u2013 When we constitute the fund there\u2019s a whole infrastructure behind it that supports the fund. One of these pillars is the depositary [custodian]. But both of them are extremely valuable because they control the assets of the fund too, and they supervise the transactions of the fund, whereas we control the investors and the investment. So this relationship is symbiotic. So we were lucky to have Bank of China be innovative.\n\n\n\nAnd of course, we have an auditor and all the legal contracts behind us. So just the single movement of a new company that germinated in the industry created a shockwave along the industries in Macau. So that’s development. The objective of development is to try and push one company and see how other companies will also have to reinvest or maybe have to invest in new mechanisms that will hopefully propel our industry a little bit forward, and hopefully attract more capital. Because I believe the success of A&P is also the success of Macau in terms of showing that it’s indeed possible to develop a new idea and the conceptualization of an idea into the practicality of it.\n\n\n\nYou are, to some extent, in competition with the banking and insurance sectors. How do you address this?\n\n\n\nB.A.: The money market fund, yes. It\u2019s very important for any financial center to have its own products that can be bought as an investment, not only to combat inflation. As a savings mechanism, as a savings idea, it\u2019s important. Not having such a product is problematic for a city like Macau in this instance.\n\n\n\nThe objective of launching the money market fund is also based on the idea that we need to start to populate certain investment silos, which have their own risk-return profiles in the market.\n\n\n\nWe could have launched an equity fund, and I would be as happy as everyone, you know, because that\u2019s my expertise. But we realized very early, when we did the application to AMCM, that Macau needed a solid foundation.\n\n\n\nSo the money market fund is something that is required. This will be called the parking fund. A money market fund is the third-most traded asset class in the world. So naturally, Macau has to have it.\n\n\n\nA.K.: I truly believe that we are not competitors to the banks\u2019 income. We are their partners.\n\n\n\nTraditionally, banking activity is mostly about deposits. But A&P and our funds are focusing on the wealth management industry, which is much bigger.\n\n\n\nDon\u2019t forget that our central government really wants us to move into the Greater Bay Area, which is a huge market for Macau companies and banks as well. So actually, we are partners. We work together, shoulder to shoulder.\n\n\n\n \u201cOne crucial aspect is that the relationship between the investor and the fund manager has never been closer. We are a local company\u201d – Abraham Kot \n\n\n\n \u201cThere’s always a contrast of what is the speed that we should walk at. For the regulator tomorrow is too early, but for us, the private side, today is too late\u201d \u2013 Bernardo Alves \n\n\n\n\n\n\n\nThere has been much talk about the GBA Wealth Management Connect scheme. Will you be playing a role in this respect as well?\n\n\n\nA.K.: That\u2019s why we have designed this fund under a low-risk structure. Only a low-risk public fund will be allowed into the Greater Bay Area. \n\n\n\nB.A.: We have to be careful because, in terms of legislation, what is considered a risky factor in one jurisdiction might not be in another. I really hope that we can work with AMCM to push this product along in the Greater Bay Area.\n\n\n\nLooking further down the road, you have a business development plan with regard to having a portfolio of funds. What would be the next steps? Income funds? Bond-based funds? Private equity funds?\n\n\n\nB.A.: This has to be worked out in conjunction with AMCM. They\u2019re the ones capable of approving certain types of funds. Hopefully, we can tap into the main criteria, which are bonds and equity. I think this is something that is missing, but again, it depends on the financial development of Macau and the city\u2019s financial literacy. And we need a lot of feedback from this first fund to see what worked and what didn\u2019t work. This whole process is very market dependent too.\n\n\n\nIf everything aligns again, and if we think that the income side is important, then it\u2019s something that we will tap into.\n\n\n\nRight now, we are launching a prime money market fund, which is based on fixed time deposits and similar money market instruments. Hopefully, in the future, we can launch a government money market fund, which is actually the most popular version of a money market fund, and that\u2019s based on government-issued securities only.\n\n\n\nThat will also depend on how far the regulator will go in terms of allowing the secondary markets to have access to certain tools, right?\n\n\n\nB.A.: Well, this relates to M-bills (AMCM issued Monetary Bills) which are being traded in the primary market but not yet tradable in the secondary market. Taking such a step is a great opportunity, not only as a testing ground but also to gauge the depth of an instrument that is based in MOP. So it’s circular. One of my objectives is to see how we can unblock that.\n\n\n\nA&P\u2019s life has always been about proving people wrong and trying to break barriers. I think M-bills are one barrier, but for me, the money market fund is not done yet. And I think we still, as a population, require a government money market fund, and Monetary Bills perfectly reflect that. So hopefully, we can, in the near future, work with the authorities to try and unblock certain barriers.\n\n\n\nThis brings us to the wider issue of the overall infrastructure to develop the city\u2019s modern finance industry. Where are we in this respect?\n\n\n\nB.A.: When we say modern, we have to say modern with Macau characteristics. This is a very important idea. Otherwise, many aspects of Macau remain underdeveloped. When we compare ourselves to financial centres abroad, it\u2019s understandable to feel we’re behind. So, when we discuss digital currencies or blockchain, these are significant 21st-century developments. But are we embracing them fully in Macau? That was my initial concern. Our journey to launch this fund has revealed that much of our industry still lags behind. While modern financial developments are a commonplace in Hong Kong and other financial hubs, Macau has a different story.\n\n\n\nWhen we aim to develop modern finance or a new industry, we need to work closely with the regulator. However, there\u2019s often a discrepancy in the pace we should adopt. Tomorrow might be too early for the regulator, but for us on the private side, today could be too late.\n\n\n\nSo, we need to find a marriage and a balance. We must test things step by step to see what works and what is viable.\n\n\n\nIn a broader sense, what are the main drivers and takeaways of this project?\n\n\n\nB.A.: My idea for A&P is that it’s not just a slogan; it’s really the truth: we are genuinely trying to redefine the capital relationship. And the first chapter is MOP as an investment currency.\n\n\n\nA.K.: We are trying to connect with people from around the world. Let’s build a team and then roll out more tools and products for Macau, Hong Kong, mainland China, Singapore, or even Portugal and the Portuguese-speaking countries. This is our platform.", "date_published": "July 13, 2024", "date_modified": "July 10, 2024 - 14:53", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/bernardo-alves-abraham-kot-3.png", "tags": [ "Finance", "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "The city\u2019s first locally registered money market open fund solely denominated in patacas has been launched. It\u2019s the brainchild of Bernardo Alves and Abraham Kot, who are looking to make a splash in the city\u2019s financial industry." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e5%a3%af%e5%a4%a7%e5%b8%82%e5%a0%b4/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e5%a3%af%e5%a4%a7%e5%b8%82%e5%a0%b4/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u58ef\u5927\u5e02\u5834", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Macau-border-checkpoints-150x150.jpeg\")
\n![\"\"](\"https://mbusiness.sgp1.digitaloceanspaces.com/2020/05/matias-opinion-screenshot-director-MB.jpg\")
\u300a\u5546\u8a0a\u300b2024\u5e747\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Macau-Zhuhai-shopping3-1028x771.jpeg\")
\u70ba\u9032\u4e00\u6b65\u523a\u6fc0\u5317\u5411\u6d41\u52d5\u6027\uff0c\u5185\u5730\u653f\u5e9c\u5411\u975e\u4e2d\u570b\u7c4d\u6e2f\u6fb3\u6c38\u4e45\u6027\u5c45\u6c11\u767c\u653e5\u5e74\u591a\u6b21\u5165\u5883\u65c5\u904a\u7684\u8a31\u53ef\u8b49\u3002\u6b64\u8209\u5ee3\u53d7\u597d\u8a55\u3002\u00a0
\n\n\n\n\u95b2\u8b80\u5168\u6587 \u300b
\n", "content_text": "\u300a\u5546\u8a0a\u300b2024\u5e747\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d\n\n\n\n\n\n\n\n\u5e38\u8a00\u9053\uff1a\u9b5a\u8207\u718a\u638c\u4e0d\u53ef\u517c\u5f97\u3002\u5340\u57df\u6574\u5408\u78ba\u5be6\u662f\u4e00\u689d\u96d9\u5411\u5927\u9053\uff0c\u6216\u8005\u66f4\u6070\u7576\u5730\u8aaa\uff0c\u9019\u662f\u4e00\u689d\u591a\u5165\u53e3\u6797\u852d\u5927\u9053\u3002\u6b63\u5982\u5168\u7403\u5316\u900f\u904e\u589e\u52a0\u4eba\u54e1\u3001\u5546\u54c1\u3001\u670d\u52d9\u548c\u8cc7\u672c\u6d41\u52d5\u6027\uff0c\u5275\u9020\u66f4\u5ee3\u95ca\u7684\u7d93\u6fdf\u548c\u793e\u6703\u5229\u76ca\u4e00\u6a23\u3002\u5340\u57df\u6574\u5408\u540c\u6a23\u6709\u6210\u6557\u4e4b\u5206\u3002\u6210\u529f\u7684\u6574\u5408\u53d6\u6c7a\u65bc\u6f38\u9032\u7684\u65b9\u6cd5\uff0c\u8f14\u4ee5\u80fd\u6709\u6548\u7de9\u89e3\u5176\u526f\u4f5c\u7528\u7684\u8209\u63aa\u3002 \n\n\n\n\u6700\u8fd1\uff0c\u5167\u5730\u653f\u5e9c\u63a8\u884c\u4e86\u591a\u9805\u63aa\u65bd\uff0c\u81f4\u529b\u89e3\u6c7a\u5340\u57df\u6574\u5408\u904e\u7a0b\u4e2d\u51fa\u73fe\u7684\u4e0d\u5e73\u8861\u3002\u7576\u4e2d\u5305\u62ec\u5ef6\u9577\u6301\u8d74\u6e2f\u6fb3\u5546\u52d9\u7c3d\u6ce8\u7684\u5167\u5730\u5c45\u6c11\u5728\u7279\u5340\u7684\u53ef\u505c\u7559\u6642\u9593\u3001\u70ba\u53c3\u52a0\u201c\u7434\u6fb3\u65c5\u904a\u5718\u201d\u7684\u5185\u5730\u5c45\u6c11\u63d0\u4f9b\u591a\u6b21\u5f80\u8fd4\u6fb3\u9580\u7684\u7c3d\u6ce8\u3001\u6279\u51c6\u589e\u52a0\u5167\u57308\u500b\u7701\u6703\u57ce\u5e02\u8d74\u6e2f\u6fb3\u201c\u500b\u4eba\u904a\u201d\uff0c\u4ee5\u53ca\u63d0\u9ad8\u7531\u6e2f\u6fb3\u5165\u5883\u5c45\u6c11\u514d\u7a05\u984d\u5ea6\u3002 \n\n\n\n\n\n\n\n\u70ba\u9032\u4e00\u6b65\u523a\u6fc0\u5317\u5411\u6d41\u52d5\u6027\uff0c\u5185\u5730\u653f\u5e9c\u5411\u975e\u4e2d\u570b\u7c4d\u6e2f\u6fb3\u6c38\u4e45\u6027\u5c45\u6c11\u767c\u653e5\u5e74\u591a\u6b21\u5165\u5883\u65c5\u904a\u7684\u8a31\u53ef\u8b49\u3002\u6b64\u8209\u5ee3\u53d7\u597d\u8a55\u3002\u00a0\n\n\n\n\u95b2\u8b80\u5168\u6587 \u300b", "date_published": "July 13, 2024", "date_modified": "July 13, 2024 - 10:14", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Macau-border-checkpoints.jpeg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": "\u5e38\u8a00\u9053\uff1a\u9b5a\u8207\u718a\u638c\u4e0d\u53ef\u517c\u5f97\u3002\u5340\u57df\u6574\u5408\u78ba\u5be6\u662f\u4e00\u689d\u96d9\u5411\u5927\u9053\uff0c\u6216\u8005\u66f4\u6070\u7576\u5730\u8aaa\uff0c\u9019\u662f\u4e00\u689d\u591a\u5165\u53e3\u6797\u852d\u5927\u9053\u3002\u6b63\u5982\u5168\u7403\u5316\u900f\u904e\u589e\u52a0\u4eba\u54e1\u3001\u5546\u54c1\u3001\u670d\u52d9\u548c\u8cc7\u672c\u6d41\u52d5\u6027\uff0c\u5275\u9020\u66f4\u5ee3\u95ca\u7684\u7d93\u6fdf\u548c\u793e\u6703\u5229\u76ca\u4e00\u6a23\u3002\u5340\u57df\u6574\u5408\u540c\u6a23\u6709\u6210\u6557\u4e4b\u5206\u3002\u6210\u529f\u7684\u6574\u5408\u53d6\u6c7a\u65bc\u6f38\u9032\u7684\u65b9\u6cd5\uff0c\u8f14\u4ee5\u80fd\u6709\u6548\u7de9\u89e3\u5176\u526f\u4f5c\u7528\u7684\u8209\u63aa\u3002 " }, { "id": "https://www.macaubusiness.com/ho-iat-seng-in-good-health-will-seek-second-term-as-macau-chief-executive-sources/", "url": "https://www.macaubusiness.com/ho-iat-seng-in-good-health-will-seek-second-term-as-macau-chief-executive-sources/", "title": "Ho Iat Seng in good health, will seek second term as Macau Chief Executive \u2013 sources", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Ho-Iat-Seng-CE-press-conference-May-19-150x150.jpg\")
\nChief Executive Ho Iat Seng is planning to formally announce his candidacy for a second term as head of the SAR Government following the August 11 election of the Chief Executive (CE) Election Committee, Macau News Agency (MNA) has learned.
\n\n\n\nHo is enjoying a long annual leave period which started on June 21 and has recently been extended to July 19. It is the first effective annual leave period he has taken since assuming office as Chief Executive on December 20, 2019, sources noted.
\n\n\n\nFollowing last week\u2019s announcement of the annual leave\u2019s extension, there has been speculation concerning Ho Iat Seng\u2019s health and whether he would be standing in the upcoming CE election. However, sources assured MNA that his health condition is good and that Ho, who has been resting outside the SAR, will be seeking a second term as Chief Executive. He will be formally announcing his bid to join the CE election after the members of the CE Election Committee are selected on August 11, sources added.
\n\n\n\nFollowing the visit to Macau in May by Xia Baolong, Beijing\u2019s top official in charge of Macau and Hong Kong affairs, Ho said the upcoming CE election had not been addressed in the meetings. He added that, at the time, May 19, he didn\u2019t have anything to share with the public yet.
\n\n\n\nThe August 11 election will select the 400 electors from different sectors of local society who will be choosing the CE. Existing electoral rules mandate that the two elections should be at least 60 days apart, indicating that the CE election could be held on October 13 at the earliest, as it is the first Sunday after the 60-day period. CE elections have consistently taken place on Sundays.
\n\n\n\nHo Iat Seng\u2019s predecessors, Edmund Ho and Chui Sai On, both served two five-year terms. With the exception of the first CE election, held in 1999, there has always been only one candidate on the ballot.
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Macau-Zhuhai-shopping3-150x150.jpeg\")
\nMacau Business magazine l\u00a0July\u00a02024
By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nWe often hear the saying: you can\u2019t have your cake and eat it too. Regional integration is indeed a two-way street, or perhaps more aptly, a multiple-entry boulevard. Just as globalization brings broader economic and societal benefits through the increased mobility of people, goods, services, and capital, it also creates winners and losers. Successful integration hinges on a gradual approach, supported by measures to cushion its side effects.
\n\n\n\nIn recent weeks, mainland authorities have implemented several measures to address this balance. These include extending the stay for mainland Chinese individuals holding business visas for Macau, introducing a new multiple-entry visa arrangement for package tours between Macau and Hengqin, adding eight mainland cities to the individual visit scheme for the SARs, and increasing the duty-free allowance for arrivals from Hong Kong and Macau.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Macau-border-checkpoints-1028x685.jpeg\")
In a further step towards enhanced northbound mobility, non-Chinese permanent residents of Macau and Hong Kong will now enjoy a multi-entry travel permit of up to five years for mainland entry\u2014a much-welcome development.
\n\n\n\nWhile these gifts from the central government are significant steps to support the city\u2019s business development, is the SAR government doing enough locally to counter the impact of domestic consumption outflows and address the socio-economic challenges faced by numerous SMEs?
\n\n\n\nSome measures have been adopted. For instance, in mid-June, the SAR announced an extension of the repayment period for interest-free financial assistance provided to local small and medium-sized enterprises (SMEs) and young entrepreneurs. This was an absolutely necessary move.
\n\n\n\nHowever, the lifeline needs to be extended further for these companies. Despite encouraging tourism and gaming figures (though the latter have seen some recent slowdown), data, business surveys, and naked-eye observation are crystal clear: you can\u2019t sweep it under the rug. Food and beverage establishments, especially those outside integrated resorts and tourist hotspots, various types of retailers, particularly supermarkets, and watch-clock-and-jewellery shops, have seen year-on-year double-digit declines, sometimes by as much as one-third. A number of these businesses are being left with no option other than closing for good.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/elina-sitnikova-4wv-Q4g-7V4-unsplash.jpg\")
Local consumers have cited as significant advantages the better value for money and superior customer service obtainable across the border, which may seal the fate of many small businesses here. Who can blame them?
\n\n\n\nA handful of pressing questions arise: How do we cope with this? How can we increase competitiveness? How do we lower fixed costs, such as commercial property rentals and labour, and improve service quality to stem the outflow of local consumption and attract visitors, especially to residential areas?
\n\n\n\nAny suggestions? How about rolling out an e-consumption voucher scheme modelled on those used during the pandemic? Or perhaps, even bolder, consider transferring part of the cash handout to a local consumption voucher plan? True, giving a man a fish will feed him for a day, while teaching him to fish feeds him for a lifetime, but the clock is ticking, and there is a need to do both at the same time at this stage.
\n\n\n\nWe often hear the Government say: there\u2019s only so much we can do. Is that really the case? Besides policymaking, is there a deeper issue\u2014one related to the mindset in the local business sphere?
\n\n\n\nIn any case, it seems clear that while a number of local companies and businesspeople are venturing into Hengqin or other areas of the Greater Bay Area, encouraged by existing incentives, there is a need to ensure that the small businesses remaining local\u2014the lifeblood of the city\u2019s way of life\u2014have a future, one that younger generations can feel confident about.
\n\n\n\nOne hopes the current and the incoming government (and socio-economic actors) will have the ability, determination, and conditions to effectively make the cake bigger and more inclusive, ensuring that SMEs aren\u2019t left to live on crumbs. And, by the way, it would be wise to ensure that the lion\u2019s share is not seized by the entrenched interests that hinder our city\u2019s modernization.
\n", "content_text": "Macau Business magazine l\u00a0July\u00a02024\n\n\n\n\n\n\n\nBy Jos\u00e9 Carlos Matias \u2013 Director\n\n\n\n\n\n\n\nWe often hear the saying: you can\u2019t have your cake and eat it too. Regional integration is indeed a two-way street, or perhaps more aptly, a multiple-entry boulevard. Just as globalization brings broader economic and societal benefits through the increased mobility of people, goods, services, and capital, it also creates winners and losers. Successful integration hinges on a gradual approach, supported by measures to cushion its side effects.\n\n\n\nIn recent weeks, mainland authorities have implemented several measures to address this balance. These include extending the stay for mainland Chinese individuals holding business visas for Macau, introducing a new multiple-entry visa arrangement for package tours between Macau and Hengqin, adding eight mainland cities to the individual visit scheme for the SARs, and increasing the duty-free allowance for arrivals from Hong Kong and Macau.\n\n\n\n\n\n\n\nIn a further step towards enhanced northbound mobility, non-Chinese permanent residents of Macau and Hong Kong will now enjoy a multi-entry travel permit of up to five years for mainland entry\u2014a much-welcome development.\n\n\n\nWhile these gifts from the central government are significant steps to support the city\u2019s business development, is the SAR government doing enough locally to counter the impact of domestic consumption outflows and address the socio-economic challenges faced by numerous SMEs?\n\n\n\nSome measures have been adopted. For instance, in mid-June, the SAR announced an extension of the repayment period for interest-free financial assistance provided to local small and medium-sized enterprises (SMEs) and young entrepreneurs. This was an absolutely necessary move.\n\n\n\nHowever, the lifeline needs to be extended further for these companies. Despite encouraging tourism and gaming figures (though the latter have seen some recent slowdown), data, business surveys, and naked-eye observation are crystal clear: you can\u2019t sweep it under the rug. Food and beverage establishments, especially those outside integrated resorts and tourist hotspots, various types of retailers, particularly supermarkets, and watch-clock-and-jewellery shops, have seen year-on-year double-digit declines, sometimes by as much as one-third. A number of these businesses are being left with no option other than closing for good.\n\n\n\n\n\n\n\nLocal consumers have cited as significant advantages the better value for money and superior customer service obtainable across the border, which may seal the fate of many small businesses here. Who can blame them?\n\n\n\nA handful of pressing questions arise: How do we cope with this? How can we increase competitiveness? How do we lower fixed costs, such as commercial property rentals and labour, and improve service quality to stem the outflow of local consumption and attract visitors, especially to residential areas?\n\n\n\nAny suggestions? How about rolling out an e-consumption voucher scheme modelled on those used during the pandemic? Or perhaps, even bolder, consider transferring part of the cash handout to a local consumption voucher plan? True, giving a man a fish will feed him for a day, while teaching him to fish feeds him for a lifetime, but the clock is ticking, and there is a need to do both at the same time at this stage.\n\n\n\nWe often hear the Government say: there\u2019s only so much we can do. Is that really the case? Besides policymaking, is there a deeper issue\u2014one related to the mindset in the local business sphere?\n\n\n\nIn any case, it seems clear that while a number of local companies and businesspeople are venturing into Hengqin or other areas of the Greater Bay Area, encouraged by existing incentives, there is a need to ensure that the small businesses remaining local\u2014the lifeblood of the city\u2019s way of life\u2014have a future, one that younger generations can feel confident about.\n\n\n\nOne hopes the current and the incoming government (and socio-economic actors) will have the ability, determination, and conditions to effectively make the cake bigger and more inclusive, ensuring that SMEs aren\u2019t left to live on crumbs. And, by the way, it would be wise to ensure that the lion\u2019s share is not seized by the entrenched interests that hinder our city\u2019s modernization.", "date_published": "July 07, 2024", "date_modified": "July 07, 2024 - 13:34", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Macau-Zhuhai-shopping3.jpeg", "tags": [ "Editorial", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured", "Opinion" ], "summary": "We often hear the saying: you can\u2019t have your cake and eat it too. Regional integration is indeed a two-way street, or perhaps more aptly, a multiple-entry boulevard. Just as globalization brings broader economic and societal benefits through the increased mobility of people, goods, services, and capital, it also creates winners and losers. " }, { "id": "https://www.macaubusiness.com/macaus-first-locally-registered-open-investment-fund-denominated-in-mop-launched/", "url": "https://www.macaubusiness.com/macaus-first-locally-registered-open-investment-fund-denominated-in-mop-launched/", "title": "Macau\u2019s first locally registered open investment fund denominated in MOP launched", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/Bernardo-Alves-and-Abraham-Kot-150x150.png\")
\nThe city’s first locally registered open investment fund solely denominated in patacas is being launched today (Wednesday).
\n\n\n\nLeading this initiative is A&P Investment Fund Management Company Limited, which secured a special license from the Monetary Authority of Macau\u2014the first of its kind\u2014and received approval in May to establish the \u201cA&P Macau Patacas Money Market Fund.\u201d
\n\n\n\nBeing denominated in the SAR\u2019s local currency carries special significance, explains Bernardo Alves, chairman and founder of the company. \u201cSomething I wholeheartedly believe is that we, as a society and as locals, need the ability to invest in the currency in which we earn our salaries. It’s natural. So we are going to test this market,\u201d Alves told Macau Business in an interview to be published in the magazine\u2019s July edition.
\n\n\n\nThe company aims to impact the local financial ecosystem with this step. \u201cI think we are shaking and shaping the local financial ecosystem, particularly the fund industry, by creating the first MOP money market fund,\u201d A&P CEO Abraham Kot emphasised.
\n\n\n\nThe fund leverages Alves\u2019 nearly two decades of experience in public and private equity investments, and Kot\u2019s over three decades of experience across retail, commercial, and corporate banking, as well as investment fund management.
\n\n\n\nIn 2021, Bernardo Alves and Abraham Kot decided to apply to create an investment fund management company in Macau, which was eventually established in early 2023, with a special registration from the Monetary Authority of Macau (AMCM) granted in June 2023. The permit to launch the \u201cA&P Macau Patacas Money Market Fund\u201d was published in the Official Gazette in early May.
\n", "content_text": "The city’s first locally registered open investment fund solely denominated in patacas is being launched today (Wednesday).\n\n\n\nLeading this initiative is A&P Investment Fund Management Company Limited, which secured a special license from the Monetary Authority of Macau\u2014the first of its kind\u2014and received approval in May to establish the \u201cA&P Macau Patacas Money Market Fund.\u201d\n\n\n\nBeing denominated in the SAR\u2019s local currency carries special significance, explains Bernardo Alves, chairman and founder of the company. \u201cSomething I wholeheartedly believe is that we, as a society and as locals, need the ability to invest in the currency in which we earn our salaries. It’s natural. So we are going to test this market,\u201d Alves told Macau Business in an interview to be published in the magazine\u2019s July edition.\n\n\n\nThe company aims to impact the local financial ecosystem with this step. \u201cI think we are shaking and shaping the local financial ecosystem, particularly the fund industry, by creating the first MOP money market fund,\u201d A&P CEO Abraham Kot emphasised.\n\n\n\nThe fund leverages Alves\u2019 nearly two decades of experience in public and private equity investments, and Kot\u2019s over three decades of experience across retail, commercial, and corporate banking, as well as investment fund management.\n\n\n\nIn 2021, Bernardo Alves and Abraham Kot decided to apply to create an investment fund management company in Macau, which was eventually established in early 2023, with a special registration from the Monetary Authority of Macau (AMCM) granted in June 2023. The permit to launch the \u201cA&P Macau Patacas Money Market Fund\u201d was published in the Official Gazette in early May.", "date_published": "July 03, 2024", "date_modified": "July 03, 2024 - 01:15", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/07/Bernardo-Alves-and-Abraham-Kot.png", "tags": [ "Finance", "Macau", "MNA", "MNA Featured", "MNA Featured" ], "summary": "The city's first locally registered open investment fund solely denominated in patacas is being launched today (Wednesday). Leading this initiative is A&P Investment Fund Management Company Limited, which secured a special license from the Monetary Authority of Macau\u2014the first of its kind\u2014and received approval in May to establish the \u201cA&P Macau Patacas Money Market Fund.\u201d" }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%8f%90%e9%80%9f%e5%89%8d%e9%80%b2/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%8f%90%e9%80%9f%e5%89%8d%e9%80%b2/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u63d0\u901f\u524d\u9032", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/06/shifting-gears-150x150.jpg\")
\n\u300a\u5546\u8a0a\u300b2024\u5e746\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
\n\n\n\n\u8ca0\u8cac\u6e2f\u6fb3\u7279\u5340\u4e8b\u52d9\u7684\u4e2d\u592e\u9ad8\u7d1a\u5b98\u54e1\u590f\u5bf6\u9f8d\u5230\u6fb3\u9580\u5c55\u958b\u4e86\u70ba\u671f\u4e03\u5929\u7684\u8003\u5bdf\u8abf\u7814\uff0c\u9019\u662f\u975e\u4e00\u822c\u201c\u8003\u5bdf\u201d\u3002\u8207\u9130\u57e0\u985e\u4f3c\uff0c\u6b64\u70ba\u590f\u4e3b\u4efb\u4e00\u5e74\u4f86\u7684\u7b2c\u4e8c\u6b21\u4f86\u8a2a\u3002\u82072023\u5e745\u6708\u76f8\u6bd4\uff0c\u4eca\u6b21\u8abf\u7814\u5de5\u4f5c\u7684\u57fa\u8abf\u3001\u5be6\u8cea\u548c\u80cc\u666f\u5df2\u622a\u7136\u4e0d\u540c\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/06/Xia-Baolong-news103811_09.jpg\")
\u95b2\u8b80\u5168\u6587 \u300b
\n", "content_text": "\u300a\u5546\u8a0a\u300b2024\u5e746\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d\n\n\n\n \u8ca0\u8cac\u6e2f\u6fb3\u7279\u5340\u4e8b\u52d9\u7684\u4e2d\u592e\u9ad8\u7d1a\u5b98\u54e1\u590f\u5bf6\u9f8d\u5230\u6fb3\u9580\u5c55\u958b\u4e86\u70ba\u671f\u4e03\u5929\u7684\u8003\u5bdf\u8abf\u7814\uff0c\u9019\u662f\u975e\u4e00\u822c\u201c\u8003\u5bdf\u201d\u3002\u8207\u9130\u57e0\u985e\u4f3c\uff0c\u6b64\u70ba\u590f\u4e3b\u4efb\u4e00\u5e74\u4f86\u7684\u7b2c\u4e8c\u6b21\u4f86\u8a2a\u3002\u82072023\u5e745\u6708\u76f8\u6bd4\uff0c\u4eca\u6b21\u8abf\u7814\u5de5\u4f5c\u7684\u57fa\u8abf\u3001\u5be6\u8cea\u548c\u80cc\u666f\u5df2\u622a\u7136\u4e0d\u540c\u3002 \n\n\n\n\n\n\n\n\u95b2\u8b80\u5168\u6587 \u300b", "date_published": "June 14, 2024", "date_modified": "June 13, 2024 - 20:49", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/06/shifting-gears.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": " \u8ca0\u8cac\u6e2f\u6fb3\u7279\u5340\u4e8b\u52d9\u7684\u4e2d\u592e\u9ad8\u7d1a\u5b98\u54e1\u590f\u5bf6\u9f8d\u5230\u6fb3\u9580\u5c55\u958b\u4e86\u70ba\u671f\u4e03\u5929\u7684\u8003\u5bdf\u8abf\u7814\uff0c\u9019\u662f\u975e\u4e00\u822c\u201c\u8003\u5bdf\u201d\u3002\u8207\u9130\u57e0\u985e\u4f3c\uff0c\u6b64\u70ba\u590f\u4e3b\u4efb\u4e00\u5e74\u4f86\u7684\u7b2c\u4e8c\u6b21\u4f86\u8a2a\u3002\u82072023\u5e745\u6708\u76f8\u6bd4\uff0c\u4eca\u6b21\u8abf\u7814\u5de5\u4f5c\u7684\u57fa\u8abf\u3001\u5be6\u8cea\u548c\u80cc\u666f\u5df2\u622a\u7136\u4e0d\u540c\u3002 " }, { "id": "https://www.macaubusiness.com/editorial-shifting-gears/", "url": "https://www.macaubusiness.com/editorial-shifting-gears/", "title": "EDITORIAL \u2013 Shifting gears", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/06/shifting-gear-2-150x150.jpg\")
\nMacau Business magazine l June 2024
By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nThe recent seven-day visit of Xia Baolong, Beijing\u2019s top official in charge of the SARs, was no ordinary \u201cinspection\u201d.
\n\n\n\nIt was the second tour of its kind in one year, mirroring Xia\u2019s visits to the neighbouring Hong Kong SAR. And for Macau it carried a different tone, substance and context compared to the one in May 2023. A key takeaway was the focus on \u201cpolishing the golden business card of Macau as an international metropolis\u201d. While those less enthusiastic might suggest this sounds like \u201cold wine in new bottles\u201d, we believe that Xia\u2019s message, with such emphasis at this juncture, carries special significance.
\n\n\n\nIt brings to light unfinished tasks and serves as a mobilising and encouraging factor in the drive to meet targets and swiftly implement policies. Government and key economic and social actors are required to rise to the challenge. We need to get this right. The city\u2019s \u201cinternationalisation\u201d bar has just been raised by the central authorities \u2013 a much-welcome development.
\n\n\n\nAs suggested by the Director of the Hong Kong and Macau Affairs Office, leveraging the SAR\u2019s advantages is of paramount importance. These advantages are closely intertwined with Macau\u2019s distinctive features, which can be turned into a maximised competitive edge. This may sound self-evident, but some in the local elite need to be constantly reminded of the fact.
\n\n\n\nIt\u2019s all about making up for lost time, speeding up and improving ongoing initiatives, and stopping the dragging of feet in key areas. At the risk of sounding like a “broken record\u201d, we reiterate: bold measures are more advisable than a piecemeal approach.
\n\n\n\nAs suggested by Xia Baolong leveraging the SAR\u2019s advantages is key. These advantages are closely intertwined with Macau\u2019s distinctive features. This may sound self-evident, but some in the local elite need to be constantly reminded of the fact
A polished international metropolis implies stronger efforts in welcoming more highly skilled professionals from around the world. That metropolis should have the ambition to compete with peer hubs such as Singapore, Hong Kong and Dubai in attracting top-notch talent in designated areas. The talent attraction scheme, launched last year, was presented as the missing tool to level up the city\u2019s attractiveness. It was certainly a key step, but is it yielding results quickly and broadly enough given the intense competition from metropolises in Greater China and the Asia-Pacific region? The case for recalibrating and expanding this mechanism is growing stronger.
\n\n\n\nOn the visitation front, while tourism recovery gains steam, there remains a gap between the pace of recovery of overall visitors and that of foreign arrivals. As we move forward, one expects that gap to gradually close, hopefully as a result of the intense promotional roadshows recently held in Southeast and Northeast Asia. Additional moves are expected in this respect. Here, the expansion of multilingual customer service surfaces as a key direction, which also implies further opening the imported labour door, in addition to better equipping the local workforce.
\n\n\n\nIt\u2019s all about making up for lost time, speeding up and improving ongoing initiatives, and stopping the dragging of feet in key areas
An issue \u2013 a rather embarrassing one \u2013 that has been plaguing visitor experience and annoying locals is the same old taxi woes. Old habits die hard, right? The long-awaited additional 500 licences to be awarded may be a step forward, but it\u2019s likely to be too little, too late. Tackling the taxi lobby\u2019s vested interests head-on is a must, as is implementing thoughtful arrangements allowing ride-sharing services and platforms, which are tested and well-functioning elsewhere (starting in the neighbouring Greater Bay Area cities).
\n\n\n\nAll this can leverage the important \u201ctourism+\u201d strategy, which emerges as a key pillar in polishing Macau\u2019s international allure. This is reflected in the “City of Performing Arts” and “City of Sports Events” directions. While there has been much focus on developing the city\u2019s concert economy \u2013 more international acts are highly desirable in this respect \u2013 sports events are also a key direction, as elaborated in this issue\u2019s special report. As we are one year away from being one of the host cities of the National Games, this is, as we point out, \u201can opportunity that cannot be missed\u201d for Macau, nearly two decades after the SAR was home to the East Asian Games, the first of three multisport international events held between 2005 and 2007.
\n\n\n\nAll in all, with the bar raised and higher stakes, it\u2019s time to jump higher and shift gears.
\n", "content_text": "Macau Business magazine l June 2024 \n\n\n\n\n\n\n\nBy Jos\u00e9 Carlos Matias \u2013 Director\n\n\n\nThe recent seven-day visit of Xia Baolong, Beijing\u2019s top official in charge of the SARs, was no ordinary \u201cinspection\u201d.\n\n\n\n It was the second tour of its kind in one year, mirroring Xia\u2019s visits to the neighbouring Hong Kong SAR. And for Macau it carried a different tone, substance and context compared to the one in May 2023. A key takeaway was the focus on \u201cpolishing the golden business card of Macau as an international metropolis\u201d. While those less enthusiastic might suggest this sounds like \u201cold wine in new bottles\u201d, we believe that Xia\u2019s message, with such emphasis at this juncture, carries special significance.\n\n\n\nIt brings to light unfinished tasks and serves as a mobilising and encouraging factor in the drive to meet targets and swiftly implement policies. Government and key economic and social actors are required to rise to the challenge. We need to get this right. The city\u2019s \u201cinternationalisation\u201d bar has just been raised by the central authorities \u2013 a much-welcome development.\n\n\n\nAs suggested by the Director of the Hong Kong and Macau Affairs Office, leveraging the SAR\u2019s advantages is of paramount importance. These advantages are closely intertwined with Macau\u2019s distinctive features, which can be turned into a maximised competitive edge. This may sound self-evident, but some in the local elite need to be constantly reminded of the fact.\n\n\n\nIt\u2019s all about making up for lost time, speeding up and improving ongoing initiatives, and stopping the dragging of feet in key areas. At the risk of sounding like a “broken record\u201d, we reiterate: bold measures are more advisable than a piecemeal approach.\n\n\n\nAs suggested by Xia Baolong leveraging the SAR\u2019s advantages is key. These advantages are closely intertwined with Macau\u2019s distinctive features. This may sound self-evident, but some in the local elite need to be constantly reminded of the fact\n\n\n\nA polished international metropolis implies stronger efforts in welcoming more highly skilled professionals from around the world. That metropolis should have the ambition to compete with peer hubs such as Singapore, Hong Kong and Dubai in attracting top-notch talent in designated areas. The talent attraction scheme, launched last year, was presented as the missing tool to level up the city\u2019s attractiveness. It was certainly a key step, but is it yielding results quickly and broadly enough given the intense competition from metropolises in Greater China and the Asia-Pacific region? The case for recalibrating and expanding this mechanism is growing stronger.\n\n\n\nOn the visitation front, while tourism recovery gains steam, there remains a gap between the pace of recovery of overall visitors and that of foreign arrivals. As we move forward, one expects that gap to gradually close, hopefully as a result of the intense promotional roadshows recently held in Southeast and Northeast Asia. Additional moves are expected in this respect. Here, the expansion of multilingual customer service surfaces as a key direction, which also implies further opening the imported labour door, in addition to better equipping the local workforce.\n\n\n\nIt\u2019s all about making up for lost time, speeding up and improving ongoing initiatives, and stopping the dragging of feet in key areas \n\n\n\nAn issue \u2013 a rather embarrassing one \u2013 that has been plaguing visitor experience and annoying locals is the same old taxi woes. Old habits die hard, right? The long-awaited additional 500 licences to be awarded may be a step forward, but it\u2019s likely to be too little, too late. Tackling the taxi lobby\u2019s vested interests head-on is a must, as is implementing thoughtful arrangements allowing ride-sharing services and platforms, which are tested and well-functioning elsewhere (starting in the neighbouring Greater Bay Area cities).\n\n\n\nAll this can leverage the important \u201ctourism+\u201d strategy, which emerges as a key pillar in polishing Macau\u2019s international allure. This is reflected in the “City of Performing Arts” and “City of Sports Events” directions. While there has been much focus on developing the city\u2019s concert economy \u2013 more international acts are highly desirable in this respect \u2013 sports events are also a key direction, as elaborated in this issue\u2019s special report. As we are one year away from being one of the host cities of the National Games, this is, as we point out, \u201can opportunity that cannot be missed\u201d for Macau, nearly two decades after the SAR was home to the East Asian Games, the first of three multisport international events held between 2005 and 2007.\n\n\n\nAll in all, with the bar raised and higher stakes, it\u2019s time to jump higher and shift gears.", "date_published": "June 02, 2024", "date_modified": "June 02, 2024 - 15:37", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/06/shifting-gear-2.jpg", "tags": [ "Editorial", "Macau", "Macau Business", "MAG", "MAG Featured", "MNA", "Opinion" ], "summary": "As suggested by Xia Baolong leveraging the SAR\u2019s advantages is key. These advantages are closely intertwined with Macau\u2019s distinctive features. This may sound self-evident, but some in the local elite need to be constantly reminded of the fact" }, { "id": "https://www.macaubusiness.com/bridging-cultures-and-communities/", "url": "https://www.macaubusiness.com/bridging-cultures-and-communities/", "title": "Bridging Cultures and Communities", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/keith-buckley-150x150.png\")
\nA civil engineer by trade, chairman of the British Chamber of Commerce in Macau, and leader of the Macau chapter of the charity Lighthouse Club, Keith Buckley’s journey began in Germany, passed through several countries, before settling in Macau to oversee the construction of Sands Macao and The Venetian Macao two decades ago. His achievements recently earned him an MBE in King Charles\u2019 New Year Honours List.
\n\n\n\nBy Jos\u00e9 Carlos Matias
\n\n\n\n
\u201cWorking with people from different cultures makes you more tolerant\u201d
Born in post-war Germany to a British family, Keith Buckley’s upbringing in a foreign land laid the foundation for his later ventures across continents. After the war in 1946, his father went to Germany where Buckley lived until he turned 18. Growing up in Germany during a time of post-war reconstruction shaped Buckley’s perspective on the world. “The British families were told to try and employ as many Germans as they could, to help the economy,” he explains. Buckley pursued civil engineering at Surrey University in Guildford, England, setting the stage for a career that would take him across the globe.
\n\n\n\nFrom construction projects in Switzerland to the Netherlands, Poland to Iraq, Turkey, and eventually to Asia, Buckley’s professional journey reflects his willingness to embrace new challenges. Each assignment, from overseeing bridge projects in 1980s war-torn Iraq (at the time of the conflict with Iran) to constructing hospitals in Malaysia, forged him into a seasoned professional with a global perspective. \u201cWorking with people from different cultures makes you more tolerant,\u201d he reflects. \u201cI just learned to live with the people you’re with.\u201d
\n\n\n\nErecting Sands and The Venetian
\n\n\n\nIn 2003, Buckley’s path led him to Macau, where he became involved in the monumental task of overseeing as a project director for construction management the construction of the city\u2019s first post-liberalization casino: Sands Macao. Shortly after another major project- a rather monumental one – endeavor – building The Venetian Macao, the largest single-structure hotel in Asia. That implied causing out land reclamation at what was until then a swamp meticulous planning, coordination, and management of more than one hundred contractors and thousands of workers. “The scale and operation were huge. I\u2019d never seen anything like it,” Buckley recalls, describing the opening of the Venetian Macao, which featured 3,000 rooms and a bustling casino floor. He remained deeply involved in Sands China\u2019s ensuing property developments in Cotai, such as Four Seasons, Sands Cotai Central, The Parisian, and the redevelopment at The Londoner. Today, Buckley serves at a company under CESL Asia and continues as busy as ever. \u201cI\u2019m focusing on business development. I’m spending more time going out to meet people, looking for work, and making contacts. That’s quite interesting.\u201d
\n\n\n\n
\u201cThe scale and operation [of The Venetian] were huge. I\u2019d never seen anything like it\u201d
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/07/Keith-Buckley-1028x685.jpg\")
Recognised social service
\n\n\n\nBeyond his professional endeavours, Buckley is committed to fostering connections within the community. As chairman of the British Chamber of Commerce in Macau (BritCham Macao) and the Lighthouse Club, he plays a pivotal role in organizing events, promoting business opportunities, and supporting charitable causes. At the helm of BritCham Macao over the past eight years, he and the chamber committees have been holding numerous breakfast meetings, luncheons, or the annual BritCham Ball, while bringing closer the British and other expat communities and the local society, while liaising with counterparts in Hong Kong and Guangdong. Similarly, the Lighthouse Club provides fellowship and assistance to those in the construction community, embodying Buckley’s dedication to both professional networking and philanthropy. The social charity\u2019s aim is to provide fellowship within the construction community in abroad and inclusive sense and provide assistance to those in need and the family of those who suffer fatal or serious industrial accidents. In recognition of his contributions to the community, Buckley was awarded an MBE (Most Excellent Order of the British Empire) for services to the community. “I was very proud of getting it,\u201d highlighting the significance of this honor in a small but vibrant city like Macau.
\n\n\n\n\u201cFor me as an expat, my home is where I am,” he reflects. And 21 years after setting foot here, this is the place where he has been based for a longer period of time.
\n\n\n\n\u201cFor now, Macau is my home, and I enjoy it.\u201d
\n\n\n\nAnd 21 years after setting foot here, this is the place where he has been based for a longer period of time. \u201cFor now, Macau is my home, and I enjoy it.\u201d
\n\n\n\n\n", "content_text": "A civil engineer by trade, chairman of the British Chamber of Commerce in Macau, and leader of the Macau chapter of the charity Lighthouse Club, Keith Buckley’s journey began in Germany, passed through several countries, before settling in Macau to oversee the construction of Sands Macao and The Venetian Macao two decades ago. His achievements recently earned him an MBE in King Charles\u2019 New Year Honours List.\n\n\n\nBy Jos\u00e9 Carlos Matias \n\n\n\n\n\n\n\n \u201cWorking with people from different cultures makes you more tolerant\u201d \n\n\n\nBorn in post-war Germany to a British family, Keith Buckley’s upbringing in a foreign land laid the foundation for his later ventures across continents. After the war in 1946, his father went to Germany where Buckley lived until he turned 18. Growing up in Germany during a time of post-war reconstruction shaped Buckley’s perspective on the world. “The British families were told to try and employ as many Germans as they could, to help the economy,” he explains. Buckley pursued civil engineering at Surrey University in Guildford, England, setting the stage for a career that would take him across the globe. \n\n\n\nFrom construction projects in Switzerland to the Netherlands, Poland to Iraq, Turkey, and eventually to Asia, Buckley’s professional journey reflects his willingness to embrace new challenges. Each assignment, from overseeing bridge projects in 1980s war-torn Iraq (at the time of the conflict with Iran) to constructing hospitals in Malaysia, forged him into a seasoned professional with a global perspective. \u201cWorking with people from different cultures makes you more tolerant,\u201d he reflects. \u201cI just learned to live with the people you’re with.\u201d\n\n\n\nErecting Sands and The Venetian\n\n\n\nIn 2003, Buckley’s path led him to Macau, where he became involved in the monumental task of overseeing as a project director for construction management the construction of the city\u2019s first post-liberalization casino: Sands Macao. Shortly after another major project- a rather monumental one – endeavor – building The Venetian Macao, the largest single-structure hotel in Asia. That implied causing out land reclamation at what was until then a swamp meticulous planning, coordination, and management of more than one hundred contractors and thousands of workers. “The scale and operation were huge. I\u2019d never seen anything like it,” Buckley recalls, describing the opening of the Venetian Macao, which featured 3,000 rooms and a bustling casino floor. He remained deeply involved in Sands China\u2019s ensuing property developments in Cotai, such as Four Seasons, Sands Cotai Central, The Parisian, and the redevelopment at The Londoner. Today, Buckley serves at a company under CESL Asia and continues as busy as ever. \u201cI\u2019m focusing on business development. I’m spending more time going out to meet people, looking for work, and making contacts. That’s quite interesting.\u201d\n\n\n\n \u201cThe scale and operation [of The Venetian] were huge. I\u2019d never seen anything like it\u201d \n\n\n\n\n\n\n\nRecognised social service \n\n\n\nBeyond his professional endeavours, Buckley is committed to fostering connections within the community. As chairman of the British Chamber of Commerce in Macau (BritCham Macao) and the Lighthouse Club, he plays a pivotal role in organizing events, promoting business opportunities, and supporting charitable causes. At the helm of BritCham Macao over the past eight years, he and the chamber committees have been holding numerous breakfast meetings, luncheons, or the annual BritCham Ball, while bringing closer the British and other expat communities and the local society, while liaising with counterparts in Hong Kong and Guangdong. Similarly, the Lighthouse Club provides fellowship and assistance to those in the construction community, embodying Buckley’s dedication to both professional networking and philanthropy. The social charity\u2019s aim is to provide fellowship within the construction community in abroad and inclusive sense and provide assistance to those in need and the family of those who suffer fatal or serious industrial accidents. In recognition of his contributions to the community, Buckley was awarded an MBE (Most Excellent Order of the British Empire) for services to the community. “I was very proud of getting it,\u201d highlighting the significance of this honor in a small but vibrant city like Macau.\n\n\n\n\u201cFor me as an expat, my home is where I am,” he reflects. And 21 years after setting foot here, this is the place where he has been based for a longer period of time.\n\n\n\n\u201cFor now, Macau is my home, and I enjoy it.\u201d\n\n\n\nAnd 21 years after setting foot here, this is the place where he has been based for a longer period of time. \u201cFor now, Macau is my home, and I enjoy it.\u201d", "date_published": "May 25, 2024", "date_modified": "May 23, 2024 - 13:55", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/keith-buckley.png", "tags": [ "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "\ufeffA civil engineer by trade, chairman of the British Chamber of Commerce in Macau, and leader of the Macau chapter of the charity Lighthouse Club, Keith Buckley's journey began in Germany, passed through several countries, before settling in Macau to oversee the construction of Sands Macao and The Venetian Macao two decades ago. His achievements recently earned him an MBE in King Charles\u2019 New Year Honours List." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%88%91%e5%80%91/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%88%91%e5%80%91/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u6211\u5011", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/8_imagem-150x150.jpg\")
\n\u5f15\u7528Tomasi de Lampedusa\u7684\u4e00\u53e5\u540d\u8a00\uff1a\u70ba\u4e86\u6709\u6240\u6539\u8b8a\uff0c\u6211\u5011\u5fc5\u9808\u8b93\u4e00\u5207\u4fdd\u6301\u539f\u72c0\u3002
\n\n\n\n\u300a\u5546\u8a0a\u300b2024\u5e745\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
\u85c9Project Asia Corp.\u548c\u300aMacau Business\u300b\u8fce\u4f8620\u9031\u5e74\u4e4b\u969b\uff0c\u6211\u5011\u5728\u672c\u671f\u5c08\u984c\u5831\u9053\u4e2d\u6574\u7406\u4e86\u8207\u5c0f\u57ce\u4e00\u540c\u898b\u8b49\u768420\u9805\u57fa\u672c\u7279\u5fb5\u4fdd\u6301\u4e0d\u8b8a\u7684\u8b8a\u5316\uff08\u8981\u5217\u51fa\u53e6\u591620\u9805\u4ea6\u975e\u96e3\u4e8b\uff09\u3002
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/MB-first-issue-May-2004.png\")
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Cover_MB_Mar2024_V3-copy-3-780x1028.jpg\")
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/bi225cover_web.jpeg\")
\u5728\u9019\u672c\u96dc\u8a8c\u4e2d\uff0c\u6211\u5011\u59cb\u7d42\u5805\u6301\u6df1\u5165\u63a2\u7a76\u548c\u5206\u6790\u4e8b\u5be6\u3001\u6578\u64da\u548c\u5b98\u65b9\u8a00\u8ad6\u80cc\u5f8c\u7684\u771f\u6b63\u554f\u984c\uff0c\u5be9\u8996\u516c\u5171\u653f\u7b56\uff0c\u5c07\u666e\u7f85\u5927\u773e\u7684\u6545\u4e8b\u5e36\u5230\u6700\u524d\u7dda\u3002
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Azevedo\u9081\u51fa\u7684\u4e00\u5c0f\u6b65\u3002\u6b63\u662f\u9019\u4e00\u5c0f\u6b65\uff0c\u70ba\u6211\u5011\u6380\u958b\u4e86\u65b0\u7684\u7bc7\u7ae0\u3002\u5728\u9019\u4f4d\u95dc\u9375\u4eba\u7269\u7684\u5e36\u9818\u4e0b\uff0c\u4e00\u773e\u8f9b\u52e4\u5de5\u4f5c\u7684\u5718\u968a\u6210\u54e1\u3001\u5fe0\u5be6\u7684\u8b80\u8005\u53ca\u5728\u9019\u4e8c\u5341\u5e74\u65c5\u9014\u4e2d\u52a0\u5165\u7684\u5bf6\u8cb4\u5408\u4f5c\u5925\u4f34\u3001\u4f9b\u61c9\u5546\u548c\u5ba2\u6236\uff0c\u6210\u5c31\u4e86\u975e\u51e1\u7684\u6210\u5c31\u3002 \n\n\n\n\u6211\u5011\u671f\u5f85\u4e0b\u4e00\u500b\u3001\u4e0b\u4e0b\u4e00\u500b20\u5e74\u3002\u532f\u805a\u5404\u65b9\u529b\u91cf\u3001\u64c1\u62b1\u4e16\u754c\u5e7b\u8b8a\u3001\u4fdd\u6301\u6700\u521d\u7684\u81ea\u6211\u3002 ", "date_published": "May 21, 2024", "date_modified": "May 23, 2024 - 12:09", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/8_imagem.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": "\u5f15\u7528Tomasi de Lampedusa\u7684\u4e00\u53e5\u540d\u8a00\uff1a\u70ba\u4e86\u6709\u6240\u6539\u8b8a\uff0c\u6211\u5011\u5fc5\u9808\u8b93\u4e00\u5207\u4fdd\u6301\u539f\u72c0\u3002 " }, { "id": "https://www.macaubusiness.com/extending-and-luring/", "url": "https://www.macaubusiness.com/extending-and-luring/", "title": "Monaco eyeing closer cultural and entertainment ties with Macau, woo investors", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Monaco-Delegates-48-150x150.jpg\")
\nMonaco wants to expand ties with Macau in culture, entertainment, and exhibitions. The principality is also keen on wooing wealthy families and investors from Macau and the GBA to establish a foothold in Europe. The city-state\u2019s Secretary of Attractiveness and the ambassador to China see plenty of potential for future partnerships between \u2018tiny\u2019 Monaco and \u2018small\u2019 Macau.
\n\n\n\nBy Jos\u00e9 Carlos Matias\u2028
\n\n\n\nPhotos by Oswald Vas
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Monaco-Delegates-27-1028x686.jpg\")
What do Macau and Monaco have in common? That doesn\u2019t come about as too challenging a question. Both are small-sized, with big neighbours next door, are famous for their casinos, have a flagship Grand Prix on a street circuit, and rank among the world\u2019s top jurisdictions when it comes to GDP per capita. There\u2019s something else: a need for economic diversification.
\n\n\n\nIn 2015, an investment brought the two cities closer when Macau gaming and integrated resorts operator Galaxy Entertainment Group (GEG) became a shareholder of Soci\u00e9t\u00e9 Anonyme des Bains de Mer, the company that owns and manages the renowned Monte Carlo Casino, Op\u00e9ra de Monte Carlo, and H\u00f4tel de Paris, among other venues in the Principality of Monaco.
\n\n\n\nMonaco\u2019s Secretary of Attractiveness, Development, and Digital Transformation, Fr\u00e9d\u00e9ric Genta, and the principality\u2019s Ambassador to China, Marie-Pascale Boisson, sat with Macau Business during their stay in the SAR in April at the invitation of GEG. They both held several meetings in the city, including with local authorities.
\n\n\n\n
\u201cMacau and Monaco, we both have strong brands to make our countries shine out of our small frontiers both using digital platforms\u201d – Fr\u00e9d\u00e9ric Genta
Culture and lifestyle link
\n\n\n\nCulture, exhibitions, and entertainment emerged as areas to forge ties, as Macau doubles down on the \u201ctourism+\u201d strategy. \u201cWe have to collaborate more on culture, sports, entertainment, and exhibitions. We can bring more Asian culture to Europe and more European Culture to Asia,\u201d Fr\u00e9d\u00e9ric Genta told Macau Business. As Monaco and the People\u2019s Republic of China celebrate the 30th anniversary of the establishment of diplomatic relations in 2025, the coming year may bring related cultural events to the SAR. \u201cWe will be holding high-level celebrations and Macau will also be part of it,\u201d said Ambassador Marie-Pascale Boisson, recalling the \u201cGRACE KELLY: From Hollywood to Monaco \u2013 Artists’ Tributes\u201d hosted by Galaxy in 2019 in a joint initiative of the Macau SAR Government, GEG Foundation, and Grimaldi Forum Monaco. Back then Princess Charlene of Monaco was in Macau for the opening of the exhibition.
\n\n\n\nThe two cities have a lot to offer and learn from each other, Ms. Boisson emphasises. \u201cIn Monaco, we have our own lifestyle, elegance, charity events, and glamorous culture.\u201d This can be brought to Macau while the SAR can share its accumulated professionalism and modernity in integrated resorts development and tourism, she adds. Secretary Genta agrees and suggests that it could be interesting to bring charming musical acts and ballet from Monaco to town or sports teams such as the principality\u2019s highly regarded football team AS Monaco, which competes in the top tier of French football. \u201cI anticipate more and more partnerships and exchanges with Macau and the Greater Bay Area,\u201d Mr. Genta added, stressing the \u201cvery special relationship\u201d between the principality and China, as shown by Xi Jinping\u2019s visit to Monaco in 2019 and when Prince Albert II was in Beijing for the 2022 Winter Olympics. High technology is another key area developed in bilateral relations; in September 2018, Monaco Telecom and Huawei signed an agreement that resulted in Monaco being the first European country to develop 5G.
\n\n\n\n
\u201cWe have to collaborate more on culture, sports, entertainment, and exhibitions. We can bring more Asian culture to Europe and more European Culture to Asia,\u201d Marie-Pascale Boisson
Digital extension
\n\n\n\nDigitalization has been at the forefront of the city-state\u2019s modernization strategy as it allows it to break free from its 2.08 square kilometre area (less than one-tenth of Macau\u2019s area). When a place is this small, \u201cyou effectively need to extend your capacities and opportunities,\u201d he explains. That\u2019s why the Extended Monaco program aimed at accelerating the digital transformation of the principality was launched, something that can be a pillar for cooperation with the SAR, he believes. \u201cMacau and Monaco, we both have strong brands to make our countries shine out of our small frontiers both using digital platforms and sharing culture all over the world.\u201d On the business front, the Monegasque authorities are keen on deepening ties and promoting exchanges with Macau on core economic activities such as finance and gambling.
\n\n\n\n\u2018Second base\u2019
\n\n\n\nThe two cities grapple with issues of being too dependent on specific sectors. While gaming accounted for half of Macau\u2019s economic gross added value (pre-pandemic), Monaco is mostly reliant on real estate and finance, which account for 20 and 17 percent of the GDP respectively. \u201cWe need to diversify our revenues,\u201d Frederic Genta recognises, adding: \u201cWe are lucky enough to be in a digital time where physical size doesn\u2019t matter as much as before as we can grow our brand, business in digital without needing too much land.\u201d
\n\n\n\nThe principality, a very-low tax jurisdiction which is known for not collecting personal income tax or capital gains taxes, is also promoting itself as a potential second base for family offices and investors from Macau and the Greater Bay Area to give them a foothold in Europe. \u201cThey may be interested in establishing a subsidiary in Europe based in Monaco and work with a Monegasque bank.\u201d
\n\n\n\n\u201cThese kinds of things are really tangible,\u201d Mr. Genta concluded.
\n\n\n\n\n", "content_text": "Monaco wants to expand ties with Macau in culture, entertainment, and exhibitions. The principality is also keen on wooing wealthy families and investors from Macau and the GBA to establish a foothold in Europe. The city-state\u2019s Secretary of Attractiveness and the ambassador to China see plenty of potential for future partnerships between \u2018tiny\u2019 Monaco and \u2018small\u2019 Macau.\n\n\n\nBy Jos\u00e9 Carlos Matias\u2028\n\n\n\nPhotos by Oswald Vas\n\n\n\n\n\n\n\nMarie-Pascale Boisson\n\n\n\nWhat do Macau and Monaco have in common? That doesn\u2019t come about as too challenging a question. Both are small-sized, with big neighbours next door, are famous for their casinos, have a flagship Grand Prix on a street circuit, and rank among the world\u2019s top jurisdictions when it comes to GDP per capita. There\u2019s something else: a need for economic diversification.\n\n\n\nIn 2015, an investment brought the two cities closer when Macau gaming and integrated resorts operator Galaxy Entertainment Group (GEG) became a shareholder of Soci\u00e9t\u00e9 Anonyme des Bains de Mer, the company that owns and manages the renowned Monte Carlo Casino, Op\u00e9ra de Monte Carlo, and H\u00f4tel de Paris, among other venues in the Principality of Monaco. \n\n\n\nMonaco\u2019s Secretary of Attractiveness, Development, and Digital Transformation, Fr\u00e9d\u00e9ric Genta, and the principality\u2019s Ambassador to China, Marie-Pascale Boisson, sat with Macau Business during their stay in the SAR in April at the invitation of GEG. They both held several meetings in the city, including with local authorities. \n\n\n\n \u201cMacau and Monaco, we both have strong brands to make our countries shine out of our small frontiers both using digital platforms\u201d – Fr\u00e9d\u00e9ric Genta \n\n\n\nCulture and lifestyle link \n\n\n\nCulture, exhibitions, and entertainment emerged as areas to forge ties, as Macau doubles down on the \u201ctourism+\u201d strategy. \u201cWe have to collaborate more on culture, sports, entertainment, and exhibitions. We can bring more Asian culture to Europe and more European Culture to Asia,\u201d Fr\u00e9d\u00e9ric Genta told Macau Business. As Monaco and the People\u2019s Republic of China celebrate the 30th anniversary of the establishment of diplomatic relations in 2025, the coming year may bring related cultural events to the SAR. \u201cWe will be holding high-level celebrations and Macau will also be part of it,\u201d said Ambassador Marie-Pascale Boisson, recalling the \u201cGRACE KELLY: From Hollywood to Monaco \u2013 Artists’ Tributes\u201d hosted by Galaxy in 2019 in a joint initiative of the Macau SAR Government, GEG Foundation, and Grimaldi Forum Monaco. Back then Princess Charlene of Monaco was in Macau for the opening of the exhibition.\n\n\n\nThe two cities have a lot to offer and learn from each other, Ms. Boisson emphasises. \u201cIn Monaco, we have our own lifestyle, elegance, charity events, and glamorous culture.\u201d This can be brought to Macau while the SAR can share its accumulated professionalism and modernity in integrated resorts development and tourism, she adds. Secretary Genta agrees and suggests that it could be interesting to bring charming musical acts and ballet from Monaco to town or sports teams such as the principality\u2019s highly regarded football team AS Monaco, which competes in the top tier of French football. \u201cI anticipate more and more partnerships and exchanges with Macau and the Greater Bay Area,\u201d Mr. Genta added, stressing the \u201cvery special relationship\u201d between the principality and China, as shown by Xi Jinping\u2019s visit to Monaco in 2019 and when Prince Albert II was in Beijing for the 2022 Winter Olympics. High technology is another key area developed in bilateral relations; in September 2018, Monaco Telecom and Huawei signed an agreement that resulted in Monaco being the first European country to develop 5G. \n\n\n\n \u201cWe have to collaborate more on culture, sports, entertainment, and exhibitions. We can bring more Asian culture to Europe and more European Culture to Asia,\u201d Marie-Pascale Boisson \n\n\n\nDigital extension \n\n\n\nDigitalization has been at the forefront of the city-state\u2019s modernization strategy as it allows it to break free from its 2.08 square kilometre area (less than one-tenth of Macau\u2019s area). When a place is this small, \u201cyou effectively need to extend your capacities and opportunities,\u201d he explains. That\u2019s why the Extended Monaco program aimed at accelerating the digital transformation of the principality was launched, something that can be a pillar for cooperation with the SAR, he believes. \u201cMacau and Monaco, we both have strong brands to make our countries shine out of our small frontiers both using digital platforms and sharing culture all over the world.\u201d On the business front, the Monegasque authorities are keen on deepening ties and promoting exchanges with Macau on core economic activities such as finance and gambling. \n\n\n\n\u2018Second base\u2019 \n\n\n\nThe two cities grapple with issues of being too dependent on specific sectors. While gaming accounted for half of Macau\u2019s economic gross added value (pre-pandemic), Monaco is mostly reliant on real estate and finance, which account for 20 and 17 percent of the GDP respectively. \u201cWe need to diversify our revenues,\u201d Frederic Genta recognises, adding: \u201cWe are lucky enough to be in a digital time where physical size doesn\u2019t matter as much as before as we can grow our brand, business in digital without needing too much land.\u201d \n\n\n\nThe principality, a very-low tax jurisdiction which is known for not collecting personal income tax or capital gains taxes, is also promoting itself as a potential second base for family offices and investors from Macau and the Greater Bay Area to give them a foothold in Europe. \u201cThey may be interested in establishing a subsidiary in Europe based in Monaco and work with a Monegasque bank.\u201d \n\n\n\n\u201cThese kinds of things are really tangible,\u201d Mr. Genta concluded.", "date_published": "May 19, 2024", "date_modified": "May 18, 2024 - 22:09", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Monaco-Delegates-48.jpg", "tags": [ "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "Monaco wants to expand ties with Macau in culture, entertainment, and exhibitions. The principality is also keen on wooing wealthy families and investors from Macau and the GBA to establish a foothold in Europe. The city-state\u2019s Secretary of Attractiveness and the ambassador to China see plenty of potential for future partnerships between \u2018tiny\u2019 Monaco and \u2018small\u2019 Macau." }, { "id": "https://www.macaubusiness.com/macau-businesspeople-should-be-more-involved-rita-santos/", "url": "https://www.macaubusiness.com/macau-businesspeople-should-be-more-involved-rita-santos/", "title": "\u201cMacau businesspeople should be more involved\u201d \u2013 Rita Santos", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Rita-Santos-150x150.png\")
\nRita Santos has been involved since the inception of Forum Macau, serving as Deputy Secretary General and Coordinator of the Support Office of the Forum\u2019s Permanent Secretariat from 2003 to 2015.
\n\n\n\nWhen the Chinese Central Government launched the Forum for Economic and Trade Coordination between China and the Portuguese Speaking Countries (Forum Macau) and established its Permanent Secretariat in the SAR, one of the aims was to promote economic diversification, Rita Santos emphasises.
\n\n\n\nTwenty-one years on, the city has hosted six ministerial conferences \u2013 the latest held last month \u2013 and countless events, including trade shows, exhibitions, business matching sessions, and meetings, took place under the umbrella of the Forum and were financed by the Macau SAR.
\n\n\n\nLocal value
\n\n\n\nDespite the advancements in bilateral trade and investment achievements, some local voices from the business community have expressed frustration over the involvement of the city\u2019s companies in the wider and ever-expanding Sino-Lusophone exchanges. Rita Santos agrees that there is a need to promote a deeper role for local companies and businesspeople. \u201cIt is important to involve more Macau businesspeople in the bilateral and trilateral cooperation between China and the Portuguese Speaking countries,\u201d she stresses.
\n\n\n\nMs. Santos, who is also a businesswoman, sees plenty of potential for the city\u2019s business community in linking Lusophone companies with the 80-plus million market in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). \u201cLocal businessmen can assist the PSC companies and businessmen to enter the Greater Bay Area market.\u201d
\n\n\n\n
\u201cIt is necessary to simplify the access to the China-Portuguese Speaking Countries Cooperation and Development Fund and facilitate Macau’s banking institutions in issuing letters of credit for commercial activities\u201d – Rita Santos
This has been a key proposal she made two decades ago when she suggested to China\u2019s Ministry of Commerce to include a Macau business delegation in the missions to Portuguese Speaking countries. \u201cOur companies and professionals such as architects, lawyers, and consultants have a deep understanding of the PSC\u2019s cultures and social values, which are an important asset for this platform,\u201d she notes.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/gallery004368_02-1028x685.jpg\")
Rita Santos also proposes that each Portuguese Speaking Countries should be proactive in coming up with a list of feasible projects that can generate interest from Chinese partners, with a role for Macau businesspeople. \u201cThis way, the Macau business platform can be more effective,\u201d asserts Rita Santos, who is also president of the General Assembly of the Macau Civil Servant\u2019s Association (ATFPM).
\n\n\n\nPragmatic approach
\n\n\n\nRita Santos, who joined the 6th Ministerial conference as a former top official at the institution, noted that the overall tone of the speeches was \u201cvery pragmatic, proposing several projects in various areas of economic and commercial cooperation between China and Portuguese-speaking Countries, using Macau’s role as a platform.\u201d She was glad to see that \u201cthey recognise the special advantage of Macau in facilitating the arrival of companies from speaking countries to China.\u201d Another key takeaway was that the Forum member countries\u2019 representatives \u201cwant the Macau Forum to be able to help small and medium-sized companies in implementing projects and forming partnerships.\u201d
\n\n\n\nMoving forward, \u201cit is time for local businesspeople to effectively realize Macau’s role as a platform by taking advantage of the new incentive policies for setting up companies in the interior of China, especially in the Greater Bay Area cities.\u201d
\n\n\n\nHow to get there? Rita Santos singles out a couple of moves she deems key: \u201cIt is necessary to simplify the China-Portuguese Speaking Countries Cooperation and Development Fund and facilitate Macau’s banking institutions in issuing letters of credit for commercial activities.\u201d
\n\n\n\n\n", "content_text": "Rita Santos has been involved since the inception of Forum Macau, serving as Deputy Secretary General and Coordinator of the Support Office of the Forum\u2019s Permanent Secretariat from 2003 to 2015.\n\n\n\nWhen the Chinese Central Government launched the Forum for Economic and Trade Coordination between China and the Portuguese Speaking Countries (Forum Macau) and established its Permanent Secretariat in the SAR, one of the aims was to promote economic diversification, Rita Santos emphasises.\n\n\n\nTwenty-one years on, the city has hosted six ministerial conferences \u2013 the latest held last month \u2013 and countless events, including trade shows, exhibitions, business matching sessions, and meetings, took place under the umbrella of the Forum and were financed by the Macau SAR.\n\n\n\nLocal value\n\n\n\nDespite the advancements in bilateral trade and investment achievements, some local voices from the business community have expressed frustration over the involvement of the city\u2019s companies in the wider and ever-expanding Sino-Lusophone exchanges. Rita Santos agrees that there is a need to promote a deeper role for local companies and businesspeople. \u201cIt is important to involve more Macau businesspeople in the bilateral and trilateral cooperation between China and the Portuguese Speaking countries,\u201d she stresses.\n\n\n\nMs. Santos, who is also a businesswoman, sees plenty of potential for the city\u2019s business community in linking Lusophone companies with the 80-plus million market in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). \u201cLocal businessmen can assist the PSC companies and businessmen to enter the Greater Bay Area market.\u201d\n\n\n\n \u201cIt is necessary to simplify the access to the China-Portuguese Speaking Countries Cooperation and Development Fund and facilitate Macau’s banking institutions in issuing letters of credit for commercial activities\u201d – Rita Santos\n\n\n\nThis has been a key proposal she made two decades ago when she suggested to China\u2019s Ministry of Commerce to include a Macau business delegation in the missions to Portuguese Speaking countries. \u201cOur companies and professionals such as architects, lawyers, and consultants have a deep understanding of the PSC\u2019s cultures and social values, which are an important asset for this platform,\u201d she notes.\n\n\n\n\n\n\n\nRita Santos also proposes that each Portuguese Speaking Countries should be proactive in coming up with a list of feasible projects that can generate interest from Chinese partners, with a role for Macau businesspeople. \u201cThis way, the Macau business platform can be more effective,\u201d asserts Rita Santos, who is also president of the General Assembly of the Macau Civil Servant\u2019s Association (ATFPM).\n\n\n\nPragmatic approach \n\n\n\n Rita Santos, who joined the 6th Ministerial conference as a former top official at the institution, noted that the overall tone of the speeches was \u201cvery pragmatic, proposing several projects in various areas of economic and commercial cooperation between China and Portuguese-speaking Countries, using Macau’s role as a platform.\u201d She was glad to see that \u201cthey recognise the special advantage of Macau in facilitating the arrival of companies from speaking countries to China.\u201d Another key takeaway was that the Forum member countries\u2019 representatives \u201cwant the Macau Forum to be able to help small and medium-sized companies in implementing projects and forming partnerships.\u201d\n\n\n\nMoving forward, \u201cit is time for local businesspeople to effectively realize Macau’s role as a platform by taking advantage of the new incentive policies for setting up companies in the interior of China, especially in the Greater Bay Area cities.\u201d\n\n\n\nHow to get there? Rita Santos singles out a couple of moves she deems key: \u201cIt is necessary to simplify the China-Portuguese Speaking Countries Cooperation and Development Fund and facilitate Macau’s banking institutions in issuing letters of credit for commercial activities.\u201d", "date_published": "May 11, 2024", "date_modified": "May 13, 2024 - 20:17", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Rita-Santos.png", "tags": [ "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "Rita Santos has been involved since the inception of Forum Macau, serving as Deputy Secretary General and Coordinator of the Support Office of the Forum\u2019s Permanent Secretariat from 2003 to 2015." }, { "id": "https://www.macaubusiness.com/editorial-who-we-are/", "url": "https://www.macaubusiness.com/editorial-who-we-are/", "title": "EDITORIAL \u2013 Who we are", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Green-drop-on-leave-who-we-are-smaller-150x150.jpg\")
\nMacau Business magazine l May 2024 l 20th anniversary edition
\n\n\n\nBy Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\n\n\n\n\n\n\n\n\nInverting a famous quote by Tomasi de Lampedusa, if one wants things to change, things will have to stay as they are.
\n\n\n\nOn the occasion of the 20th anniversary of this magazine and the group to which it belongs (Project Asia Corp.), we outline 20 changes this city has witnessed (we could easily have named another 20), along with features that have remained basically unchanged, in this issue\u2019s special report.
\n\n\n\nIssue Number One of Macau Business, published back in May 2004, stated it clearly: \u201cThe Time is Now\u201d, as we were \u201cstanding on the verge of an economic revolution\u201d. A few days later, in that same month of May, the opening of Sands on the Macau peninsula \u2013 the Region\u2019s first post-liberalisation casino \u2013 heralded what was to come. And yet even those expectations were surpassed in the ensuing years by a gaming-driven boom that transformed a once (somewhat derogatively labelled) \u201csleepy enclave\u201d into what then became widely branded as the thriving \u201cLas Vegas of Asia\u201d. This breakneck growth brought a windfall of revenue and robust job creation, growth and development, but it also generated side-effects which still linger today and have yet to be tackled. It was a winning streak that ran unabated until the COVID-19 pandemic struck hard, and now we see the city regaining ground under a restructured model.
Taking stock of 20 years is no easy task. Macau, in many ways, lives up to the \u201cSmoke Dragon\u201d title of Jo\u00e3o Aguiar\u2019s novel: its reality is ever-changing, and the past cannot be relived. That being said, preservation of our collective memory is essential, and journalism serves as \u201cthe first draft of history\u201d.
\n\n\n\nIn this magazine\u2019s 241 issues to date, we have captured the \u2018spirit of the times\u2019, expressing our voice while also serving as a platform for a wide range of perspectives, upholding editorial independence, and cherishing transparency and social responsibility. That has been our raison d\u2019\u00eatre. We believe this city needs and benefits from a diverse and pluralistic environment, one where criticism is seen as helpful and is not met with thin-skinned reaction.
\n\n\n\nIn this magazine, we\u2019ve always strived to go beyond the figures, and official rhetoric, delving deeper into issues, while bringing businesses and people\u2019s stories to the fore.
\n\n\n\nHaving weathered the pandemic storm, Macau is now racing against the clock to meet the expectations of its people, of economic actors, and of the central authorities. Our current decade is a pivotal one, and it\u2019s nearly halfway gone already.
\n\n\n\nAt Macau Business we remain highly motivated to explore what lies ahead, here in this special city, the wider Greater Bay Area and beyond, from multiple perspectives and through local and cosmopolitan lenses.
\n\n\n\nThis has been a fascinating journey, one that began 20 years ago with a\u00a0small-step-big-leap\u00a0taken by this publication\u2019s founder\u00a0\u2013 a pioneer in English-language publishing in the SAR\u00a0\u2013 and the Chairman of our group, Paulo A. Azevedo. All that has been achieved has its foundation in the essential role he has been playing, in the talent and hard work of our team members and contributors, and in the loyalty of our faithful readers and valuable partners, suppliers and customers who have joined and remained with us on this two-decade journey.
\n\n\n\nWe look forward to another 20 years and beyond: aggregating value, embracing change and staying who we are.
\n", "content_text": "Macau Business magazine l May 2024 l 20th anniversary edition \n\n\n\n\n\n\n\n\n\n\n\nBy Jos\u00e9 Carlos Matias \u2013 Director\n\n\n\n\n\n\n\n\n\n\n\nInverting a famous quote by Tomasi de Lampedusa, if one wants things to change, things will have to stay as they are.\n\n\n\nOn the occasion of the 20th anniversary of this magazine and the group to which it belongs (Project Asia Corp.), we outline 20 changes this city has witnessed (we could easily have named another 20), along with features that have remained basically unchanged, in this issue\u2019s special report.\n\n\n\nIssue Number One of Macau Business, published back in May 2004, stated it clearly: \u201cThe Time is Now\u201d, as we were \u201cstanding on the verge of an economic revolution\u201d. A few days later, in that same month of May, the opening of Sands on the Macau peninsula \u2013 the Region\u2019s first post-liberalisation casino \u2013 heralded what was to come. And yet even those expectations were surpassed in the ensuing years by a gaming-driven boom that transformed a once (somewhat derogatively labelled) \u201csleepy enclave\u201d into what then became widely branded as the thriving \u201cLas Vegas of Asia\u201d. This breakneck growth brought a windfall of revenue and robust job creation, growth and development, but it also generated side-effects which still linger today and have yet to be tackled. It was a winning streak that ran unabated until the COVID-19 pandemic struck hard, and now we see the city regaining ground under a restructured model.\n\n\n\nTaking stock of 20 years is no easy task. Macau, in many ways, lives up to the \u201cSmoke Dragon\u201d title of Jo\u00e3o Aguiar\u2019s novel: its reality is ever-changing, and the past cannot be relived. That being said, preservation of our collective memory is essential, and journalism serves as \u201cthe first draft of history\u201d. \n\n\n\n\n\n\n\nIn this magazine\u2019s 241 issues to date, we have captured the \u2018spirit of the times\u2019, expressing our voice while also serving as a platform for a wide range of perspectives, upholding editorial independence, and cherishing transparency and social responsibility. That has been our raison d\u2019\u00eatre. We believe this city needs and benefits from a diverse and pluralistic environment, one where criticism is seen as helpful and is not met with thin-skinned reaction. \n\n\n\nIn this magazine, we\u2019ve always strived to go beyond the figures, and official rhetoric, delving deeper into issues, while bringing businesses and people\u2019s stories to the fore.\n\n\n\nHaving weathered the pandemic storm, Macau is now racing against the clock to meet the expectations of its people, of economic actors, and of the central authorities. Our current decade is a pivotal one, and it\u2019s nearly halfway gone already. \n\n\n\nAt Macau Business we remain highly motivated to explore what lies ahead, here in this special city, the wider Greater Bay Area and beyond, from multiple perspectives and through local and cosmopolitan lenses.\n\n\n\nThis has been a fascinating journey, one that began 20 years ago with a\u00a0small-step-big-leap\u00a0taken by this publication\u2019s founder\u00a0\u2013 a pioneer in English-language publishing in the SAR\u00a0\u2013 and the Chairman of our group, Paulo A. Azevedo. All that has been achieved has its foundation in the essential role he has been playing, in the talent and hard work of our team members and contributors, and in the loyalty of our faithful readers and valuable partners, suppliers and customers who have joined and remained with us on this two-decade journey.\n\n\n\nWe look forward to another 20 years and beyond: aggregating value, embracing change and staying who we are.", "date_published": "May 10, 2024", "date_modified": "May 18, 2024 - 20:56", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/05/Green-drop-on-leave-who-we-are-smaller.jpg", "tags": [ "Editorial", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured", "Opinion" ], "summary": "We look forward to another 20 years and beyond: aggregating value, embracing change and staying who we are." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e4%ba%ba%e7%89%a9%e5%b0%88%e8%a8%aa%e3%80%91%e6%be%b3%e9%96%80%e5%b0%87%e6%b0%b8%e4%b8%8d%e5%8f%af%e9%80%86%e8%bd%89%e5%9c%b0%e8%99%95%e6%96%bc%e9%80%99%e4%b8%80%e5%89%b5%e6%96%b0/", "url": "https://www.macaubusiness.com/%e3%80%90%e4%ba%ba%e7%89%a9%e5%b0%88%e8%a8%aa%e3%80%91%e6%be%b3%e9%96%80%e5%b0%87%e6%b0%b8%e4%b8%8d%e5%8f%af%e9%80%86%e8%bd%89%e5%9c%b0%e8%99%95%e6%96%bc%e9%80%99%e4%b8%80%e5%89%b5%e6%96%b0/", "title": "\u3010\u4eba\u7269\u5c08\u8a2a\u3011\u201c\u6fb3\u9580\u5c07\u6c38\u4e0d\u53ef\u9006\u8f49\u5730\u8655\u65bc\u9019\u4e00\u5275\u65b0\u91d1\u878d\u884c\u696d\u7684\u751f\u7522\u7dda\u4e4b\u4e2d\u201d", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/charles-li-1-150x150.png\")
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\n\n\n\n\u9eb5\u5305\u548c\u9eb5\u689d\u5c31\u5982\u540c\u8b49\u5238\u7b49\u50b3\u7d71\u91d1\u878d\u7522\u54c1\u3002\u4f46\u6211\u5011\u5728\u4e2d\u570b\u505a\u7684\uff0c\u81f3\u5c11\u73fe\u5728\uff0c\u78ba\u5be6\u662f\u6709\u5225\u65bc\u8b49\u5238\u7684\u5546\u696d\u5408\u7d04\u3002\u6240\u4ee5\uff0c\u6211\u5011\u5728\u5167\u5730\u5c07\u4e4b\u7a31\u70ba\u201c\u6bcf\u65e5\u6536\u5165\u5206\u6210\u5408\u7d04\u201d(DRC)\u3002\u9019\u5e7e\u4e4e\u8207\u7a2e\u690d\u5c0f\u9ea5\u4e00\u6a23\uff1b\u5be6\u969b\u4e0a\uff0c\u6211\u5011\u5c31\u662f\u5728\u90a3\u88e1\u7a2e\u690d\u8fb2\u4f5c\u7269\u3002\u4f46\u5927\u4f6c\u5011\u537b\u8aaa\uff1a\u201c\u6211\u4e0d\u660e\u767d\u4ec0\u9ebc\u662f\u8fb2\u4f5c\u7269\u3002\u4ec0\u9ebc\u662f\u5c0f\u9ea5\uff1f\u6211\u53ea\u77e5\u9053\u9eb5\u5305\u6216\u9eb5\u689d\u3002\u201d \u6240\u4ee5\u4ed6\u5011\u4e0d\u6703\u9858\u610f\u9032\u884c\u63a2\u7a76\u3002\u56e0\u6b64\uff0c\u6211\u5011\u53ea\u80fd\u60f3\u65b9\u8a2d\u6cd5\u5730\u5f15\u9032\u570b\u5167\u7684\u5c0f\u9ea5\u6216\u5408\u7d04\u3002\u9996\u5148\uff0c\u70ba\u570b\u5167\u7684\u8cc7\u7522\u63d0\u4f9b\u6709\u6548\u7684\u570b\u969b\u8eab\u4efd\u8b49\u660e\uff0c\u9019\u5c31\u662f\u6bcf\u65e5\u6536\u5165\u7fa9\u52d9\u7522\u751f\u7684\u539f\u56e0\u3002\u201c\u6bcf\u65e5\u6536\u5165\u5206\u6210\u6191\u8b49\u201d\uff08DRO\uff09\u662f\u7531\u570b\u969b\u5e02\u5834\u71df\u904b\u5546\u6fb3\u9580\u4ea4\u6613\u6240\u767c\u884c\u7684\u6191\u8b49\u3002\u5c07\u76f8\u61c9\u7684DRO\u8207 DRC\u91d8\u5728\u4e00\u8d77\u5f8c\uff0c\u53ea\u8981\u5728\u570b\u969b\u5e02\u5834\u4e0a\u8cfc\u8cb7\u4e86DRO\uff0c\u90fd\u5c07\u7372\u5f97\u8a72DRC\u8b70\u5b9a\u7684\u6240\u6709\u56de\u5831\u3002\u56e0\u6b64\uff0cDRO\u53ef\u88ab\u8996\u4f5c\u6211\u5011\u5728\u6fb3\u9580\u5c07\u5c0f\u9ea5\u70d8\u4e7e\u4e26\u88fd\u6210\u9eb5\u7c89\u7684\u5de5\u5177\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u6211\u5011\u900f\u904e\u63d0\u4f9b\u4e00\u4efd\u6709\u6548\u7684\u570b\u969b\u6587\u4ef6\uff0c\u5c07\u4e4b\u8f49\u5316\u70ba\u53ef\u6295\u8cc7\u7684\u683c\u5f0f\u3002DRO\u570b\u969b\u6191\u8b49\u662f\u9eb5\u7c89\uff0c\u4f46\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u3001\u7f8e\u570b\u3001\u502b\u6566\u7684\u5927\u4f6c\u5011\u4ecd\u6703\u5805\u6301\u8aaa\uff0c\u201c\u6211\u4e0d\u61c2\u4ec0\u9ebc\u662f\u9eb5\u7c89\uff0c\u6211\u53ea\u61c2\u9eb5\u5305\u548c\u9eb5\u689d\u201d\u3002\u6240\u4ee5\uff0c\u6211\u5011\u8981\u5c07\u6240\u6709\u500b\u4eba\u5408\u7d04DRO\u6253\u5305\uff0c\u653e\u5165\u201c\u6bcf\u65e5\u6536\u5165\u5206\u6210\u7d44\u5408(DRP)\u201d\u7684\u7c43\u5b50\u4e2d\u3002
\n\n\n\n\u7136\u5f8c\u4f60\u628a\u7576\u4e2d\u512a\u5148\u7cfb\u5217\u4ea4\u7d66\u9280\u884c\uff0c\u56e0\u90a3\u4e9b\u7522\u54c1\u66f4\u63a5\u8fd1\u9eb5\u5305\uff1b\u6709\u7684\u770b\u8d77\u4f86\u548c\u8b49\u5238\u5dee\u4e0d\u591a\uff1b \u4e5f\u4e0d\u4e4f\u8207\u50b5\u5238\u76f8\u4f3c\u7684\u3002
\n\n\n\n\u6fb3\u9580\u73fe\u5df2\u6210\u7232\u4e86\u9019\u7a2e\u65b0\u578b\u91d1\u878d\u7522\u54c1\u672a\u4f86\u4f9b\u61c9\u93c8\u6216\u88fd\u9020\u93c8\u4e2d\u7684\u95dc\u9375\u4e00\u74b0\u3002
\n\n\n\n\u5728\u6ef4\u704c\u901a\u4e2d\uff0c\u6211\u5011\u5c07\u5c0f\u9ea5\u5e36\u5230\u6fb3\u9580\u4e26\u5c07\u5176\u88fd\u6210\u9eb5\u7c89\uff0c\u7136\u5f8c\u5c07\u9eb5\u7c89\u6539\u9020\u6210\u9eb5\u5305\u6216\u9eb5\u689d\u3002\u56e0\u6b64\uff0c\u672a\u4f86\uff0c\u6fb3\u9580\u5c07\u6c38\u4e0d\u53ef\u9006\u8f49\u5730\u8655\u65bc\u9019\u4e00\u5275\u65b0\u91d1\u878d\u884c\u696d\u7684\u751f\u7522\u7dda\u4e4b\u4e2d\u3002\u672a\u4f86\u5c0d\u5185\u5730\u5c0f\u5fae\u4f01\u800c\u8a00\uff0c\u6fb3\u9580\u5c07\u662f\u6240\u6709\u91d1\u878d\u7522\u54c1\u7684\u4e2d\u592e\u78e8\u7c89\u5ee0\u3002
\n\n\n\n\u9019\u5982\u4f55\u9ad4\u73fe\u5728\u6fb3\u9580\u7279\u5225\u884c\u653f\u5340\u7684\u7a05\u6536\u6536\u5165\u548c\u7576\u5730\u5c45\u6c11\u7684\u9ad8\u6280\u80fd\u548c\u5275\u65b0\u5c31\u696d\u4e0a\uff0c\u6216\u5438\u5f15\u5916\u570b\u4eba\u624d\u5230\u6fb3\u9580\uff1f
\n\n\n\n\u674e\u5c0f\u52a0 – \u9019\u689d\u751f\u7522\u7dda\u76ee\u524d\u6709\u4e00\u500b\u975e\u5e38\u91cd\u8981\u7684\u74b0\u7bc0\u5c31\u662f\u5c07\u5c0f\u9ea5\u8f49\u5316\u70ba\u9eb5\u7c89\uff0c\u7576\u4e2d\u6700\u91cd\u8981\u7684\u90e8\u5206\u5c31\u662f\u500b\u9ad4\u5408\u7d04\u3001\u6bcf\u65e5\u6578\u64da\u62ab\u9732\u548c\u767c\u4f48\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u8005\u5c07\u5c0d\u9eb5\u7c89\u7684\u57fa\u672c\u6210\u5206\u7522\u751f\u5de8\u5927\u7684\u8208\u8da3\u3002\u4f60\u77e5\u9053\uff0c\u4ed6\u5011\u5c07\u662f\u71df\u92b7\u6a5f\u69cb\u3001\u5206\u6790\u516c\u53f8\u548c\u6578\u64da\u516c\u53f8\u3002\u6240\u6709\u9019\u4e9b\u4ee5\u5e95\u5c64\u8cc7\u7522\u70ba\u4e2d\u5fc3\u9032\u884c\uff0c\u56e0\u70ba\u9019\u662f\u6700\u7d42\u6295\u8cc7\u8005\u8207\u4e4b\u76f8\u95dc\u7684\u5168\u65b9\u4f4d\u670d\u52d9\u3002
\n\n\n\n\u9019\u4e5f\u5c07\u6709\u5225\u65bc\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u3001\u7d10\u7d04\u6216\u502b\u6566\u7684\u4ea4\u6613\u6240\u5e02\u5834\u3002\u9019\u4e9b\u50b3\u7d71\u91d1\u878d\u5e02\u5834\u8981\u6c42\u6240\u6709\u8cc7\u91d1\u548c\u4eba\u54e1\u90fd\u96c6\u4e2d\u65bc\u6b64\uff0c\u4e14\u6240\u6709\u76e3\u7ba1\u5be6\u9ad4\u548c\u6cd5\u898f\u5747\u4ee5\u5176\u7232\u6838\u5fc3\u3002\u56e0\u6b64\uff0c\u7576\u4eca\u7684\u4e16\u754c\u7d1a\u91d1\u878d\u4e2d\u5fc3\u5c48\u6307\u53ef\u6578\uff0c\u8cc7\u91d1\u4e00\u65e6\u9032\u5165\u4e00\u500b\u5730\u65b9\uff0c\u5c31\u4e0d\u6703\u771f\u6b63\u6d88\u5931\u3002\u9019\u662f\u6046\u4e45\u4e0d\u8b8a\u7684\u3002
\n\n\n\n\u4f46MCEX\u5c07\u6210\u70ba\u5168\u7403\u9996\u500b\u6bcf\u65e5\u6536\u5165\u5206\u6210\u7522\u54c1\u5e02\u5834\u3002\u5b83\u662f\u6578\u5b57\u5316\u7684\uff0c\u9019\u610f\u5473\u8457\u6211\u5011\u80fd\u5920\u6210\u70ba\u5168\u7403\u4ea4\u6613\u6240\uff0c\u4e00\u5207\u90fd\u900f\u904e\u6578\u5b57\u6280\u8853\u9023\u63a5\u8d77\u4f86\u3002\u56e0\u6b64\uff0c\u6211\u5011\u5c07\u6210\u70ba\u65b0\u4e00\u4ee3\u7684\u8cc7\u672c\u96c6\u4e2d\u5730\uff0c\u9019\u4e0d\u5c40\u9650\u65bc\u5be6\u9ad4\u8cc7\u672c\uff0c\u66f4\u91cd\u8981\u7684\u662f\u771f\u6b63\u8cc7\u672c\u80cc\u5f8c\u7684\u6240\u6709\u6578\u64da\uff0c\u4ee5\u53ca\u9019\u4e9b\u5e95\u5c64\u8cc7\u7522\u7684\u50f9\u683c\u914d\u7f6e\u3001\u50f9\u683c\u8a2d\u5b9a\u53ca\u6240\u6709\u4f30\u503c\u6c7a\u5b9a\u56e0\u7d20\u3002\u6240\u4ee5\u6211\u8a8d\u70ba\u4eba\u5011\u9700\u8981\u8003\u616e\u7684\u4e0d\u662f\u6211\u5011\u5c07\u5728\u6fb3\u9580\u62db\u8058\u591a\u5c11\u4eba\u624b\uff0c\u6216\u5c07\u958b\u8a2d\u591a\u5c11\u5bb6\u5206\u884c\u3002\u6211\u8a8d\u7232\uff0c\u6211\u5011\u61c9\u8003\u616e\u9019\u5ea7\u57ce\u5e02\u5c07\u6210\u70ba\u795e\u7d93\u4e2d\u6a1e\u3001\u6578\u64da\u4e2d\u5fc3\u3001\u771f\u6b63\u7684\u8cc7\u8a0a\u532f\u805a\u5730\uff0c\u9019\u9700\u8981\u5927\u91cf\u7684\u50b3\u7d71\u4eba\u624d\u548c\u8cc7\u672c\u3002\u4f46\u6211\u5011\u4e0d\u6703\u6210\u70ba\u5168\u7403\u91d1\u878d\u7684\u6838\u5fc3\uff0c\u56e0\u70ba\u6838\u5fc3\u662f\u8cc7\u91d1\u5be6\u969b\u6d41\u52d5\u4e4b\u8655\u3002\u6211\u5011\u5c07\u6210\u70ba\u4e16\u754c\u8108\u7d61\u7684\u5fc3\u81df\u4e2d\u6a1e\uff0c\u8cc7\u91d1\u5728\u6b64\u5f97\u5230\u6709\u6548\u7684\u5f15\u6d41\u3001\u8f38\u9001\u3001\u8a08\u7b97\u3001\u8a55\u4f30\uff0c\u4ee5\u53ca\u5398\u5b9a\u8f49\u8b93\u50f9\u683c\u3002\u9019\u5c07\u662f\u4e00\u500b\u66f4\u597d\u7684\u5730\u65b9\u3002
\n\n\n\n
\u201cMCEX(\u6ef4\u704c\u901a\u91d1\u878d\u8cc7\u7522\u4ea4\u6613\u6240)\u5c07\u6210\u70ba\u5168\u7403\u9996\u500b\u6bcf\u65e5\u6536\u5165\u5206\u6210\u7522\u54c1\u5e02\u5834\u3002\u201d\u00a0
\u5c0d\u65bc\u5c0f\u5546\u8216\u4f86\u8aaa\uff0c\u8cc7\u6599\u5171\u4eab\u548c\u900f\u660e\u5ea6\u65b9\u9762\u6709\u4ec0\u9ebc\u8981\u6c42\uff1f
\n\n\n\n\u674e\u5c0f\u52a0 – \u7531\u65bc\u6211\u5011\u7121\u6cd5\u771f\u6b63\u4e86\u89e3\u5927\u8857\u4e0a\u55ae\u4e00\u5546\u8216\u7684\u6536\u5165\uff0c\u6545\u9700\u85c9\u52a9 \u201c\u7bc0\u9ede\u4f01\u696d\u201d(connect partners)\u7684\u529b\u91cf\u3002
\n\n\n\n\u6211\u5011\u900f\u904e\u201c\u7bc0\u9ede\u4f01\u696d\u201d\u5efa\u7acb\u4e86\u73fe\u6709\u7db2\u8def\u3002\u5df2\u7d93\u64c1\u6709\u6578\u767e\u5bb6\u5546\u8216\u7684\u9023\u9396\u5e97\u6216\u54c1\u724c\u4fbf\u662f\u7576\u4e2d\u7684\u5178\u578b\u4f8b\u5b50\u3002\u4ed6\u5011\u5b8c\u6210\u4e86\u9023\u63a5\u4e26\u8a2d\u6709\u7cfb\u7d71\uff0c\u6bcd\u516c\u53f8\u5df2\u8457\u624b\u7c4c\u96c6\u8cc7\u91d1\u3002\u60a8\u77e5\u9053\uff0c\u4ed6\u5011\u5df2\u7d93\u5b8c\u6210\u4e86\u8c93\u6349\u8001\u9f20\u904a\u6232\uff0c\u6392\u9664\u4e86\u53ef\u7591\u4eba\u7269\u7b49\u7b49\u3002\u53ea\u6709\u9019\u6a23\u4f60\u624d\u6703\u628a\u81ea\u5df1\u7684\u6536\u96c6\u5668\u653e\u5728\u4ed6\u5011\u73fe\u6709\u7684\u7cfb\u7d71\u4e0a\uff0c\u56e0\u70ba\u6211\u5011\u4e0d\u6703\u518d\u6b21\u8fd4\u56de\u4e26\u8907\u88fd\u4e00\u500b\u65b0\u7684\u5168\u570b\u7cfb\u7d71\u3002\u9019\u78ba\u5be6\u6709\u8cf4\u73fe\u6709\u7684\u201c\u7bc0\u9ede\u4f01\u696d\u201d\uff0c\u4e14\u9019\u901a\u5e38\u90fd\u662f\u6578\u4f4d\u5316\u3002
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\n\n\n\n
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Charles-Li-Micro-Connect-MBtv-1028x631.png\")
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\n\n\n\n\u6211\u5011\u662f\u4e00\u4f4d\u5049\u5927\u7684\u5275\u65b0\u8005\u3002\u6211\u5011\u76f8\u4fe1\u6211\u5011\u8207\u4e4b\u5b58\u5728\u6839\u672c\u7684\u5340\u5225\uff0c\u4f46\u6211\u5011\u4ecd\u5e0c\u671b\u7d66\u76e3\u7ba1\u6a5f\u69cb\u6642\u9593\u548c\u7a7a\u9593\u53bb\u89e3\u6c7a\u9019\u4e9b\u554f\u984c\uff0c\u76f4\u5230\u4ed6\u5011\u80fd\u5920\u66f4\u597d\u5730\u4e86\u89e3\u6211\u5011\u6240\u505a\u7684\u4e8b\u60c5\uff0c\u76f4\u5230\u6211\u5011\u66f4\u52a0\u6210\u719f\uff0c\u8b93\u4ed6\u5011\u66f4\u6709\u4fe1\u5fc3\u76f8\u4fe1\u6211\u5011\u7684\u8207\u5225\u4e0d\u540c\u3002
\n\n\n\n\u5c31\u4e2d\u570b\u7d93\u6fdf\u7684\u5be6\u969b\u5f62\u614b\u800c\u8a00\uff0c\u4eba\u5011\u91dd\u5c0d\u4e2d\u570b\u75ab\u5f8c\u5fa9\u7526\u7684\u7a69\u5065\u6027\u767c\u51fa\u4e86\u4e0d\u540c\u7684\u8a0a\u865f\u4e14\u5b58\u5728\u4e00\u5b9a\u7a0b\u5ea6\u7684\u61f7\u7591\u3002\u67d0\u4e9b\u6295\u8cc7\u57fa\u91d1\u548c\u9867\u554f\u516c\u53f8\u5c0d\u6574\u500b\u7d93\u6fdf\u548c\u5167\u9700\u7684\u672a\u4f86\u767c\u5c55\u8868\u793a\u8cea\u7591\u3002\u60a8\u5c0d\u6b64\u6709\u4f55\u770b\u6cd5\uff1f
\n\n\n\n\u674e\u5c0f\u52a0 – \u986f\u7136\uff0c\u7d93\u6fdf\u6b63\u5728\u7d93\u6b77\u9031\u671f\u6027\u7d50\u69cb\u8b8a\u5316\uff0c\u9019\u78ba\u5be6\u5e36\u4f86\u4e86\u75db\u82e6\u3002\u4f46\u5f9e\u6295\u8cc7\u4eba\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u5c0e\u81f4\u4eba\u5011\u6301\u61f7\u7591\u6216\u60b2\u89c0\u614b\u5ea6\u7684\u539f\u56e0\u4e26\u4e0d\u5728\u5be6\u9ad4\u7d93\u6fdf\u672c\u8eab\u3002\u9019\u5be6\u969b\u4e0a\u53d6\u6c7a\u65bc\u4ed6\u5011\u8a55\u4f30\u60c5\u6cc1\u7684\u65b9\u5f0f\uff0c\u9019\u8207\u50b3\u7d71\u91d1\u878d\u770b\u5f85\u554f\u984c\u7684\u65b9\u5f0f\u6709\u5bc6\u5207\u95dc\u4fc2\u3002\u4ed6\u5011\u611f\u5230\u61f7\u7591\u662f\u56e0\u70ba\u50b3\u7d71\u7684\u6295\u8cc7\u65b9\u5f0f\u662f\u6295\u8cc7\u516c\u53f8\uff0c\u7e7c\u800c\u6295\u8cc7\u80a1\u6b0a\u3002\u6295\u8cc7\u8005\u6295\u8cc7\u7684\u80a1\u672c\u80fd\u5426\u8cfa\u9322\uff0c\u4e0d\u50c5\u53d6\u6c7a\u65bc\u516c\u53f8\u7372\u5229\u7684\u65b9\u5f0f\uff0c\u9084\u53d6\u6c7a\u65bc\u516c\u53f8\u7684\u500d\u6578\uff0c\u5373\u4f30\u503c\u3002\u7576\u4f60\u6709\u4e00\u500b\u4f30\u503c\u500d\u6578\u6642\uff0c\u9019\u672c\u8cea\u4e0a\u53d6\u6c7a\u65bc\u4ed6\u5011\u7684\u96c6\u9ad4\u611f\u53d7\u3002\u7d93\u6fdf\u597d\u4e0d\u597d\uff1f\u90a3\u9ebc\u9019\u5bb6\u516c\u53f8\u7684\u672c\u76ca\u6bd4\u53ef\u80fd\u662f 15\u300120\u300130 \u500d\u3002\u4f46\u5982\u679c\u6c92\u6709\u4eba\u559c\u6b61\u5b83\uff0c\u5982\u679c\u4eba\u4eba\u90fd\u8a8d\u70ba\u7d93\u6fdf\u75b2\u8edf\uff0c\u90a3\u9ebc\u516c\u53f8\u7684\u672c\u76ca\u6bd4\u5c07\u662f8\u500d\uff0c\u50f9\u683c\u5247\u76f8\u61c9\u4e0b\u8dcc\u3002\u6295\u8cc7\u8005\u56e0\u6b64\u640d\u5931\u4e86\uff0c\u4f46\u662f\u6a19\u7684\u516c\u53f8\u7684\u5229\u6f64\u4e0d\u4e00\u5b9a\u51fa\u73fe\u8b8a\u5316\uff0c\u53c8\u6216\u8b8a\u5316\u7684\u7a0b\u5ea6\u4e0d\u5982\u4e0b\u8dcc\u7684\u5e45\u5ea6\u9ad8\u3002\u500d\u6578\u7684\u6539\u8b8a\u8b93\u6295\u8cc7\u8005\u7522\u751f\u4e00\u7a2e\u611f\u89ba\uff0c\u5373\u6b63\u5728\u8ce0\u9322\u6216\u6b63\u5728\u8cfa\u9322\u3002
\n\n\n\n\u4f46\u5c0d\u6211\u5011\u4f86\u8aaa\uff0c\u5ba2\u6236\u6295\u8cc7\u7684\u4e26\u975e\u5927\u578b\u4f01\u696d\u3001\u6216\u516c\u53f8\u3001\u5546\u8216\u7684\u672a\u4f86\u3002\u6211\u5011\u53ea\u95dc\u6ce8\u9019\u4e00\u7279\u5b9a\u4f4d\u7f6e\u7684\u7279\u5b9a\u5546\u8216\u3002\u5176\u71df\u6536\u8db3\u4ee5\u8b93\u6211\u6536\u56de\u6295\u8cc7\u55ce\uff1f\u9019\u662f\u4e00\u7a2e\u975e\u5e38\u4e0d\u540c\u7684\u770b\u5f85\u65b9\u5f0f\u3002\u6bd4\u65b9\u8aaa\u4e00\u5bb6\u9eb5\u9928\uff0c\u4e00\u5bb6\u9ad8\u7aef\u7684\u9b5a\u7fc5\u9eb5\u9928\uff0c\u50f9\u683c\u76f8\u7576\u6602\u8cb4\uff0c\u4f46\u4e5f\u975e\u8d85\u7d1a\u8cb4\u3002\u5982\u679c\u4eca\u5929\u7684\u7d93\u6fdf\u548c\u6d88\u8cbb\u90fd\u5728\u4e0b\u6ed1\uff0c\u5e97\u5bb6\u7d93\u71df\u7684\u662f\u4e2d\u7b49\u5230\u6602\u8cb4\u7684\u9eb5\u5e97\u751f\u610f\uff0c\u90a3\u5c07\u5931\u53bb\u4e00\u4e9b\u9867\u5ba2\uff0c\u56e0\u70ba\u4ed6\u5011\u7121\u529b\u8cfc\u8cb7\u60a8\u7684\u5546\u54c1\uff0c\u4ed6\u5011\u6703\u9078\u64c7\u5230\u66f4\u4fbf\u5b9c\u7684\u9eb5\u5e97\u6d88\u8cbb\u3002\u4f46\u5225\u5fd8\u4e86\uff0c\u66fe\u5149\u9867\u9ad8\u7aef\u5e97\u5bb6\u7684\u9867\u5ba2\u4e4b\u524d\u6216\u8a31\u4e5f\u662f\u6d88\u8cbb\u4e0d\u8d77\u7684\uff0c\u4f46\u4f60\u5be6\u969b\u4e0a\u662f\u611f\u89ba\u4e0d\u5230\u3002\u552f\u4e00\u6709\u9019\u7a2e\u611f\u89ba\u7684\u5c31\u662f\u9b5a\u7fc5\u9eb5\u9928\u7684\u5925\u4f34\u5011\u3002\u56e0\u6b64\uff0c\u4f86\u5230\u4eca\u5929\uff0c\u5982\u679c\u4f60\u8eab\u8655\u7d93\u6fdf\u6700\u6602\u8cb4\u7684\u90e8\u5206\u4e14\u5e0c\u671b\u4eba\u5011\u7e3d\u662f\u65c5\u884c\u3001\u5927\u624b\u5927\u8173\u5730\u6d88\u8cbb\uff0c\u90a3\u78ba\u5be6\u5341\u5206\u56f0\u96e3\u3002\u4f46\u7576\u60a8\u548c\u9918\u4e0b\u4e5d\u6210\u4eba\u90fd\u4e00\u6a23\uff0c\u60a8\u7684\u696d\u52d9\u57fa\u672c\u4e0a\u4fdd\u6301\u4e0d\u8b8a\u3002
\n\n\n\n
\u201c\u9019\u8207\u666e\u60e0\u91d1\u878d\u66f4\u76f8\u95dc\uff0c\u4e26\u5c07\u5c0d\u5c0f\u578b\u4f01\u696d\u5e36\u4f86\u5f88\u5927\u5e6b\u52a9\u201d\u00a0
MCEX\u6703\u52a0\u5165\u91d1\u878d\u5e02\u5834\u51a0\u8ecd\u806f\u8cfd\u55ce\uff1f\u9019\u5c07\u6703\u5728\u4f55\u6642\u767c\u751f\uff1f \u524d\u666f\u5982\u4f55\uff1f
\n\n\n\n\u674e\u5c0f\u52a0 – \u524d\u666f\uff1f\u597d\u5427\uff0c\u6211\u5011\u5148\u548c\u9999\u6e2f\u4ea4\u6613\u6240\u6bd4\u8f03\u3002\u9996\u5148\uff0c\u4eba\u5011\u5c0d\u9999\u6e2f\u7684\u6df1\u523b\u5370\u8c61\u5f88\u5927\u7a0b\u5ea6\u662f\u56e0\u70ba\u5176\u80a1\u7968\u4e8c\u7d1a\u5e02\u5834\u4ea4\u6613\u3002\u5c0d\u65bc\u6211\u5011\u4f86\u8aaa\uff0c\u6211\u5011\u66f4\u591a\u7684\u662f\u4e00\u500b\u6295\u8cc7\u5e02\u5834\uff0c\u975e\u4e8c\u7d1a\u4ea4\u6613\u5e02\u5834\u3002\u56e0\u6b64\uff0c\u5f9e\u4ea4\u6613\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u6211\u5011\u662f\u860b\u679c\u548c\u6a58\u5b50\uff0c\u4f46\u5f9e\u878d\u8cc7\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u6211\u5011\u662f\u4e00\u6a23\u7684\u3002
\n\n\n\n\u9999\u6e2f\u4ea4\u6613\u6240\u6bcf\u5e74\u7d04\u6709100\u81f3200\u96bb\u65b0\u80a1\u4e0a\u5e02\u7c4c\u96c6\u8cc7\u91d1\uff0c\u5e73\u5747\u6bcf\u96bb\u7c4c\u96c610\u5104\u6e2f\u5143\u3002\u56e0\u6b64\uff0c\u6211\u5011\u8ac7\u8ad6\u7684\u4e00\u5171\u662f2,000\u5104\u6e2f\u5143\u3002
\n\n\n\n\u4e94\u5e74\u5f8c\uff0c\u5982\u679c\u4e00\u5207\u6309\u8a08\u5283\u9032\u884c\uff0cMCEX\u6bcf\u5e74\u5c07\u670910\u842c\u5bb6\u5c0f\u5546\u8216\u5165\u99d0\uff0c\u6bcf\u5bb6\u52df\u96c6\u6578\u5341\u842c\u5143\u3002 \u6240\u4ee5\u672c\u8cea\u4e0a\uff0c\u7c4c\u96c6\u8cc7\u91d1\u7e3d\u984d\u53ef\u90541,000\u81f32,000\u5104\u6e2f\u5143\u3002\u6211\u4e0d\u78ba\u5b9a\u80fd\u5426\u5728\u4e94\u5e74\u5167\u3001\u516b\u5e74\u5167\u5be6\u73fe\u9019\u500b\u76ee\u6a19\u3002\u4f46\u6211\u5011\u7d42\u5c07\u62b5\u9054\uff0c\u7d42\u5c07\u5be6\u73fe\u9019\u4e00\u76ee\u6a19\u3002\u53ea\u8981\u6211\u5011\u9806\u5229\u62b5\u9054\u4e86\uff0c\u5c31\u80fd\u7e7c\u7e8c\u5411\u524d\u9081\u9032\u3002
\n\n\n\n\u5f9e\u878d\u8cc7\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u5b83\u5c07\u8207\u50b3\u7d71\u5e02\u5834\u4e00\u6a23\u826f\u597d\u548c\u5f37\u5927\uff0c\u8acb\u62ed\u76ee\u4ee5\u5f85\u3002
\n\n\n\n\u4f46\u662f\uff0c\u5f9e\u672a\u4f86\u7684\u5730\u57df\u8986\u84cb\u4f86\u770b\uff0c\u6211\u5011\u5f88\u53ef\u80fd\u6703\u6210\u70ba\u4e00\u500b\u5c08\u71df\u5e02\u5834\uff0c\u5230\u8655\u90fd\u6709\u5408\u4f5c\u5925\u4f34\uff0c\u53ea\u8981\u4ed6\u5011\u80fd\u5920\u5728\u7576\u5730\u5546\u8216\u5275\u9020\u9700\u6c42\uff0c\u90a3\u9ebc\u6211\u5011\u5c31\u53ef\u4ee5\u628a\u4ed6\u5011\u52a0\u5165\u6fb3\u9580\u7684\u6e05\u55ae(MCEX\uff09\u3002
\n\n\n\n\u60a8\u5728\u5340\u5167\u5176\u4ed6\u5730\u65b9\u662f\u5426\u4e5f\u6536\u5230\u4e86\u6b64\u985e\u53cd\u994b\uff1f
\n\n\n\n\u674e\u5c0f\u52a0 – \u662f\u7684\u3002\u4eba\u5011\u71b1\u8877\u65bc\u5c0b\u627e\uff0c\u4e5f\u6709\u4eba\u806f\u7e6b\u6211\u5011\u3002\u9019\u90fd\u96e2\u4e0d\u958b\u4e00\u500b\u6a19\u6e96\u3002\u6211\u5011\u5411\u4ed6\u5011\u63d0\u4f9b\u4e86\u4e00\u4efd\u5354\u8b70\u3002\u56e0\u6b64\uff0c\u5c07\u6a19\u6e96\u50b3\u905e\u51fa\u53bb\uff0c\u4e26\u975e\u5f37\u8feb\u4eba\u5011\u5c07\u8cc7\u91d1\u96c6\u4e2d\u65bc\u6b64\u3002\u5c07\u5354\u8b70\u50b3\u905e\u51fa\u53bb\u4e26\u7d66\u4e88\u5c0d\u65b9\u7c4c\u78bc\uff0c\u6211\u5011\u5728\u6b64\u6253\u9020\u4e00\u500b\u5927\u578b\u6846\u67b6\uff0c\u7e7c\u800c\u8907\u88fd\u7c4c\u78bc\uff0c\u7136\u5f8c\u5411\u5176\u63d0\u4f9b\u5ba2\u6236\u3002\u4ed6\u5011\u7121\u9700\u4f5c\u51fa\u5927\u91cf\u4ed8\u51fa\uff0c\u5c31\u80fd\u52a0\u5165\u9019\u4e00\u884c\u5217\uff0c\u8b93\u66f4\u591a\u8cc7\u91d1\u6d41\u5411\u5176\u4ed6\u5730\u65b9\u3002\u6240\u4ee5\u9019\u66f4\u50cf\u662f\u4e00\u500b\u5c08\u71df\u91d1\u878d\u5e02\u5834\uff0c\u6211\u5011\u6b63\u6210\u9577\u70ba\u4e0a\u5e02\u4e2d\u5fc3\u3001\u6578\u5b57\u62ab\u9732\u4e2d\u5fc3\u548c\u6a19\u6e96\u5316\u4e2d\u5fc3\u3002
\n\n\n\n\u6211\u5011\u5236\u5b9a\u4e86\u300a\u901a\u7528\u6a19\u6e96\u300b\u3002\u53ea\u8981\u63a5\u53d7\u4e86\u8a72\u5354\u8b70\uff0c\u5c31\u5982\u540c\u63a5\u53d7\u4e86\u4e92\u806f\u7db2\u6a19\u6e96\u4e00\u822c\u3002\u9019\u6709\u671b\u6210\u70ba\u65b0\u4e00\u4ee3\u570b\u5bb6\u7d1a\u6578\u5b57\u5c08\u71df\u5e02\u5834\u3002
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"\u3010\u5c01\u9762\u6545\u4e8b\u3011\u201c\u6211\u5011\u7e7c\u7e8c\u5438\u5f15\u5927\u91cf\u5916\u570b\u76f4\u63a5\u6295\u8cc7\u201d", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-50-150x150.jpg\")
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\n\n\n\n\u651d\u5f71\uff1a Oswald Vas
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-8.jpg\")
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\n\n\n\n
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\n\n\n\n
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\n\n\n\n\u5289\u51f1\u65cb – \u53bb\u5e74\uff0c\u4e2d\u570b\u5167\u5730\u7e7c\u7e8c\u4f54\u64da\u9818\u822a\u54e1\u5730\u4f4d\uff0c\u5f97\u76ca\u65bc\u9999\u6e2f\u662f\u4e2d\u570b\u4f01\u696d\u201c\u8d70\u51fa\u53bb\u201d\u7684\u8e0f\u677f\u3002\u7dca\u96a8\u5176\u5f8c\u7684\u662f\u82f1\u570b\uff0c\u4f5448 \u5bb6\uff0c\u7f8e\u570b34\u5bb6\u548c\u65b0\u52a0\u576127\u5bb6\u3002\u9019\u8868\u660e\uff0c\u5118\u7ba1\u9664\u4e2d\u570b\u5167\u5730\u4ee5\u5916\u7684\u5730\u5340\u5b58\u5728\u67d0\u4e9b\u8a8d\u77e5\u6216\u5730\u7de3\u653f\u6cbb\u554f\u984c\uff0c\u4f46\u4e3b\u8981\u5e02\u5834\u6216\u4e3b\u8981\u4f01\u696d\u4ecd\u7136\u4f86\u81ea\u82f1\u570b\u548c\u7f8e\u570b\u3002 \u6211\u8a8d\u70ba\u9019\u6216\u8a31\u662f\u56e0\u70ba\u9019\u4e9b\u570b\u5bb6\u5728\u9999\u6e2f\u7684\u6295\u8cc7\u6b77\u53f2\u8f03\u9577\u3002\u7121\u9700\u592a\u591a\u5ba3\u50b3\uff0c\u5c31\u6e05\u695a\u9999\u6e2f\u78ba\u5be6\u662f\u500b\u505a\u751f\u610f\u7684\u597d\u5730\u65b9\u3002\u56e0\u6b64\uff0c\u75ab\u60c5\u7d50\u675f\u5f8c\uff0c\u4ed6\u5011\u5c31\u5df2\u8457\u624b\u6062\u5fa9\u9019\u4e9b\u5546\u696d\u6d3b\u52d5\u3002\u73fe\u5728\u4eba\u5011\u95dc\u6ce8\u7684\u662f\u7b2c\u56db\u540d\uff0c\u5373\u65b0\u52a0\u5761\uff0c\u9019\u500b\u570b\u5bb6\u672c\u8eab\u5c31\u662f\u4e00\u500b\u91d1\u878d\u4e2d\u5fc3\u3002\u4f8b\u5982\uff0c\u6709\u4e9b\u4f86\u81ea\u65b0\u52a0\u5761\u7684\u4f01\u696d\u6bb7\u5207\u5730\u5e0c\u671b\u80fd\u5920\u900f\u904e\u9999\u6e2f\u9032\u5165\u4e2d\u570b\u5e02\u5834\uff0c\u9019\u662f\u65b0\u52a0\u5761\u7121\u6cd5\u76f4\u63a5\u5b8c\u6210\u7684\u4efb\u52d9\u3002\u5c31\u60a8\u63d0\u5230\u652f\u6301\u570b\u5bb6\u5efa\u8a2d\u201c\u4e00\u5e36\u4e00\u8def\u201d\u7684\u554f\u984c\uff0c\u5f9e\u884c\u653f\u9577\u5b98\u3001\u4e3b\u8981\u5b98\u54e1\u5230\u90e8\u9580\u9818\u5c0e\u4eba\u90fd\u5df2\u5148\u5f8c\u591a\u6b21\u51fa\u8a2a\u4e2d\u6771\u548c\u6771\u76df\u570b\u5bb6\u3002\u6211\u4e5f\u5c07\u52a0\u5165\u5916\u8a2a\u7684\u968a\u4f0d\uff0c\u81f4\u529b\u9032\u4e00\u6b65\u63a8\u52d5\u9999\u6e2f\u8207\u5404\u5730\u4e4b\u9593\u7684\u6e9d\u901a\u548c\u4e86\u89e3\uff0c\u5c07\u9999\u6e2f\u6253\u9020\u70ba\u771f\u6b63\u7684\u4e2d\u570b\u5c0d\u5916\u9580\u6236\uff0c\u56e0\u70ba\u6295\u8cc7\u662f\u96d9\u5411\u7684\u4e14\u7e3d\u662f\u4ee5\u8cbf\u6613\u5f62\u5f0f\u5be6\u73fe\u3002\u6211\u5011\u5728\u6301\u7e8c\u805a\u7126\u6b50\u7f8e\u7684\u540c\u6642\uff0c\u4e5f\u5c07\u52a0\u5f37\u5728\u201c\u4e00\u5e36\u4e00\u8def\u201d\u6cbf\u7dda\u570b\u5bb6\u7684\u5b58\u5728\u611f\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-38.jpg\")
\u201c\u5b83\uff08\u5927\u7063\u5340\u4e00\u9ad4\u5316\u9032\u7a0b\uff09\u662f\u4e00\u500b\u96d9\u8d0f\u7684\u5c40\u9762\uff0c\u56e0\u70ba\u9999\u6e2f\u9664\u4e86\u626e\u6f14\u8df3\u677f\u89ba\u5f97\u5916\uff0c\u9084\u662f\u4e00\u5ea7\u6a4b\u6a11\u201d
\u60a8\u525b\u624d\u63d0\u5230\u4e86\u65b0\u52a0\u5761\u3002\u6700\u8fd1\uff0c\u5f6d\u535a\u8cc7\u8a0a (Bloomberg Intelligence)\u767c\u8868\u5831\u544a\u8a8d\u70ba\uff0c\u65b0\u52a0\u5761\u5728\u4f5c\u70ba\u8de8\u570b\u4f01\u696d\u5340\u57df\u7e3d\u90e8\u65b9\u9762\u7368\u9818\u98a8\u9a37\u3002\u5168\u7403\u7d04\u67094,200\u9593\u8de8\u570b\u4f01\u696d\u8a2d\u7acb\u4e86\u5340\u57df\u7e3d\u90e8\uff0c\u5176\u4e2d1,336\u9593\u4f4d\u65bc\u9999\u6e2f\u3002\u8acb\u8207\u6211\u5011\u5206\u4eab\u4f86\u81ea\u65b0\u52a0\u5761\u53ca\u5340\u5167\u5176\u4ed6\u570b\u5bb6\u548c\u57ce\u5e02\u7684\u7af6\u722d\uff0c\u4ee5\u53ca\u9999\u6e2f\u8fce\u982d\u8d95\u4e0a\u7684\u65b9\u5f0f\u3002
\n\n\n\n\u5289\u51f1\u65cb – \u65b0\u52a0\u5761\u548c\u9999\u6e2f\u5728\u591a\u500b\u65b9\u9762\u5b58\u5728\u9a5a\u4eba\u7684\u76f8\u4f3c\u9ede\u3002\u6211\u5011\u90fd\u662f\u666e\u901a\u6cd5\u7cfb\u5730\u5340\uff0c\u4e14\u90fd\u64c1\u6709\u975e\u5e38\u6210\u719f\u7684\u91d1\u878d\u670d\u52d9\u696d\u3002\u5118\u7ba1\u5982\u6b64\uff0c\u6211\u5fc5\u9808\u6307\u51fa\u9999\u6e2f\u8b49\u5238\u5e02\u5834\u7684\u898f\u6a21\u4ecd\u7136\u662f\u65b0\u52a0\u5761\u7684\u6578\u500d\uff0c\u4e14\u9999\u6e2f\u662f\u878d\u8cc7\u7684\u9996\u9078\u76ee\u7684\u5730\u3002\u5c31\u4f01\u696d\u5340\u57df\u7e3d\u90e8\u800c\u8a00\uff0c\u9019\u5be6\u969b\u4e0a\u53d6\u6c7a\u65bc\u4f01\u696d\u5e0c\u671b\u5be6\u73fe\u7684\u76ee\u6a19\uff0c\u53c8\u6216\u696d\u52d9\u6d89\u53ca\u7684\u884c\u696d\u3002\u6211\u78ba\u5be6\u770b\u904e\u5831\u544a\uff0c\u4ed6\u5011\u5f15\u7528\u7684\u9999\u6e2f\u6578\u64da\u5747\u4f86\u81ea\u6211\u5011\u7684\u51fa\u7248\u7269\u3002\u9999\u6e2f\u653f\u5e9c\u7d71\u8a08\u8655\u662f\u4e00\u500b\u975e\u5e38\u503c\u5f97\u4fe1\u8cf4\u7684\u5ba2\u89c0\u6a5f\u69cb\uff0c2023\u5e74\u7684\u6578\u5b57\u70ba1,336\uff0c\u75ab\u60c5\u524d\u6c34\u5e73\u7d04\u70ba1,450\u3002\u6211\u5f9e\u90a3\u4e9b\u95dc\u9589\u6216\u9000\u51fa\u7684\u4f01\u696d\u4e86\u89e3\u5230\uff0c\u5927\u591a\u6578\u4f01\u696d\u662f\u53d7\u5230\u75ab\u60c5\u5f71\u97ff\u800c\u6c7a\u5b9a\u96e2\u958b\uff0c\u4ed6\u5011\u6c92\u6709\u5230\u5176\u4ed6\u5730\u65b9\u3002\u7531\u65bc\u75ab\u60c5\u5e36\u4f86\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u4ed6\u5011\u9078\u64c7\u95dc\u9589\u4e86\u4f4d\u65bc\u4e0d\u540c\u57ce\u5e02\u7684\u8fa6\u4e8b\u8655\u3002\u00a0
\n\n\n\n\u6211\u5011\u76ee\u524d\u7684\u52aa\u529b\u662f\u70ba\u4e86\u5be6\u73fe\u4eca\u5e74\u7684\u76ee\u6a19\u3002\u5df2\u6709\u6578\u5bb6\u4f01\u696d\u65bc\u53bb\u5e74\u5e74\u5e95\u5ba3\u5e03\u5c07\u5728\u9999\u6e2f\u8a2d\u7acb\u5340\u57df\u7e3d\u90e8\u6216\u570b\u969b\u7e3d\u90e8\uff0c\u591a\u5bb6\u9032\u8ecd\u570b\u969b\u7684\u5927\u578b\u4e2d\u570b\u4f01\u696d\u4e5f\u6709\u8a08\u5283\u5230\u9999\u6e2f\u8a2d\u7acb\u96e2\u5cb8\u6216\u6d77\u5916\u7e3d\u90e8\u3002
\n\n\n\n
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\n\n\n\n\u5289\u51f1\u65cb – \u6211\u5805\u4fe1\u5982\u6b64\u3002\u5c31\u7b97\u4e0d\u662f\u4eca\u5e74\uff0c\u4e5f\u5fc5\u5c07\u5728\u660e\u5e74\u5e74\u5e95\u5be6\u73fe\u3002\u6211\u5011\u73fe\u5728\u6b63\u52a0\u5f37\u63a8\u5ee3\u529b\u5ea6\uff0c\u91cd\u5851\u9999\u6e2f\u4f5c\u70ba\u201c\u6700\u4f73\u7d93\u5546\u570b\u5bb6\u5730\u5340\u201d\u7684\u826f\u597d\u8072\u8b7d\u3002
\n\n\n\n\u5f9e\u5916\u570b\u76f4\u63a5\u6295\u8cc7\u4f86\u6e90\u5230\u6295\u8cc7\u6982\u6cc1\u3001\u5df2\u5b8c\u6210\u9805\u76ee\u985e\u578b\uff0c\u91d1\u878d\u670d\u52d9\u548c\u91d1\u878d\u79d1\u6280\u8655\u65bc\u9818\u5148\u5730\u4f4d\uff0c\u6280\u8853\u548c\u5275\u65b0\u9805\u76ee\u4e5f\u6b63\u8fce\u982d\u8d95\u4e0a\u3002\u60a8\u5728\u9019\u65b9\u9762\u7684\u76ee\u6a19\u662f\u4ec0\u9ebc\uff1f
\n\n\n\n\u5289\u51f1\u65cb – \u6211\u8a8d\u70ba\u9019\u662f\u6e2f\u5e9c\u7684\u5de5\u4f5c\u91cd\u9ede\uff0c\u800c\u975e\u76ee\u6a19\u3002\u6211\u5011\u81f4\u529b\u52a0\u5f37\u56db\u500b\u95dc\u9375\u7522\u696d\u9818\u57df\u7684\u5de5\u4f5c\uff1a\u4eba\u5de5\u667a\u80fd\u8207\u6578\u64da\u79d1\u5b78\u3001\u751f\u547d\u5065\u5eb7\u79d1\u6280\u3001\u91d1\u878d\u79d1\u6280\u3001\u5148\u9032\u88fd\u9020\u8207\u65b0\u80fd\u6e90\u79d1\u6280\u3002\u9019\u90fd\u662f\u6211\u5011\u8981\u5207\u5be6\u91cd\u9ede\u63a8\u5ee3\u7684\u9818\u57df\u3002\u6211\u5011\u8207\u9999\u6e2f\u79d1\u5b78\u5712\u3001\u6578\u78bc\u6e2f\u3001\u5275\u65b0\u79d1\u6280\u53ca\u5de5\u696d\u5c40\u5408\u4f5c\u63a8\u51fa\u4e86\u4e00\u7cfb\u5217\u8a08\u5283\u548c\u8cc7\u52a9\uff0c\u6210\u9577\u901f\u5ea6\u4e4b\u5feb\u4ee4\u6211\u5011\u611f\u5230\u9a55\u50b2\u3002\u5f97\u76ca\u65bc\u9999\u6e2f\u64c1\u6709\u5f37\u5927\u7814\u767c\u652f\u63f4\u74b0\u5883\uff0c\u8a31\u591a\u570b\u969b\u7814\u767c\u4f01\u696d\u6216\u8207\u4e4b\u76f8\u95dc\u6a5f\u69cb\u90fd\u9858\u610f\u9032\u99d0\u9999\u6e2f\u3002\u8207\u9999\u6e2f\u6bd7\u9130\u7684\u6df1\u5733\u4f5c\u70ba\u53e6\u4e00\u500b\u9f90\u5927\u7684\u4eba\u624d\u5132\u5099\u5eab\uff0c\u8a31\u591a\u7814\u767c\u7522\u696d\u5df2\u7d93\u9032\u99d0\u3002\u6240\u4ee5\u9023\u63a5\u5c31\u5728\u6b64\u8655\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-34.jpg\")
\u9664\u4e86\u6295\u8cc7\u4e4b\u5916\uff0c\u4eba\u529b\u8cc7\u672c\u4e5f\u5f88\u95dc\u9375\u3002\u4e14\u4eba\u624d\u7af6\u722d\u5341\u5206\u6fc0\u70c8\u2026
\n\n\n\n\u5289\u51f1\u65cb – \u6295\u8cc7\u63a8\u5ee3\u7f72\u5728\u5168\u7403\u4e0d\u540c\u5730\u5340\u548c\u570b\u5bb6\u8a2d33\u500b\u8fa6\u4e8b\u8655\uff0c\u6211\u5011\u7684\u5916\u5c55\u5718\u968a\u8ca0\u8cac\u6295\u8cc7\u63a8\u5ee3\u548c\u5f15\u5165\u4eba\u624d\u3002\u6211\u5011\u8207\u53bb\u5e74\u6210\u7acb\u7684\u52de\u5de5\u53ca\u798f\u5229\u5c40\u9999\u6e2f\u4eba\u624d\u670d\u52d9\u8fa6\u516c\u5ba4\u5bc6\u5207\u5408\u4f5c\u3002\u4e16\u754c\u5404\u5730\u90fd\u5b58\u5728\u4eba\u624d\u548c\u52de\u52d5\u529b\u6574\u9ad4\u77ed\u7f3a\u7684\u60c5\u6cc1\uff0c\u75ab\u60c5\u5f8c\u5e74\u8f15\u4e00\u4ee3\u7684\u5de5\u4f5c\u9078\u64c7\u4e5f\u767c\u751f\u4e86\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f46\u6211\u5011\u5f88\u9ad8\u8208\u5730\u770b\u5230\uff0c\u4eba\u624d\u5927\u8ecd\u6b63\u6e67\u5165\u9999\u6e2f\u3002\u6700\u8fd1\u7684\u5831\u9053\u4ee4\u4eba\u611f\u5230\u6b23\u6170\uff0c\u6e2f\u5e9c\u63a8\u51fa\u7684\u5438\u5f15\u4eba\u624d\u63aa\u65bd\u5df2\u5438\u5f15\u4e86\u903e\u56db\u842c\u4eba\u4f86\u6e2f\u3002
\n\n\n\n\u60a8\u6700\u8fd1\u63a8\u51fa\u4e86\u8cc7\u672c\u6295\u8cc7\u8005\u5165\u5883\u8a08\u5283\u3002\u80cc\u5f8c\u7684\u539f\u7406\u662f\u4ec0\u9ebc\uff1f
\n\n\n\n\u5289\u51f1\u65cb – \u8a08\u5283\u8fce\u5408\u6709\u610f\u79fb\u5c45\u9999\u6e2f\u7684\u9ad8\u6de8\u503c\u3001\u8d85\u9ad8\u6de8\u503c\u7fa4\u9ad4\u3002\u9019\u4e5f\u662f\u96d9\u91cd\u7684\uff0c\u5c0d\u8c61\u4e0d\u50c5\u662f\u500b\u4eba\uff0c\u7576\u4e2d\u5927\u591a\u6578\u662f\u4f01\u696d\u5bb6\uff0c\u6709\u81ea\u5df1\u7684\u5546\u696d\u5229\u76ca\u8003\u616e\uff0c\u4e5f\u5c0d\u5230\u9999\u6e2f\u64f4\u5927\u696d\u52d9\u548c\u5bb6\u5ead\u6295\u8cc7\u611f\u8208\u8da3\u3002\u6211\u5011\u70ba\u5ba2\u4eba\u63d0\u4f9b\u8c50\u5bcc\u591a\u5143\u7684\u8ca1\u5bcc\u7ba1\u7406\u6295\u8cc7\u9078\u64c7\u3002\u5176\u4e2d\u8a31\u591a\u5bb6\u65cf\u6709\u610f\u6295\u8cc7\u65b0\u5275\u516c\u53f8\u3001\u79d1\u6280\u4f01\u696d\uff0c\u5c24\u5176\u662f\u90a3\u4e9b\u6d89\u53ca\u667a\u6167\u79fb\u52d5\u3001\u667a\u6167\u57ce\u5e02\u6216\u7da0\u8272\u958b\u767c\u3001\u7da0\u8272\u79d1\u6280\u7684\u9805\u76ee\u3002
\n\n\n\n
\u9999\u6e2f\u6295\u8cc7\u63a8\u5ee3\u7f72\u65b0\u4efb\u7f72\u9577\u5289\u51f1\u65cb\u76f8\u4fe1\uff0c\u9999\u6e2f\u6709\u80fd\u529b\u7e7c\u7e8c\u6210\u70ba\u5916\u570b\u76f4\u63a5\u6295\u8cc7\u548c\u4eba\u624d\u7684\u4e3b\u8981\u76ee\u7684\u5730\u3002\u5728\u63a5\u53d7\u5c08\u8a2a\u6642\uff0c\u5979\u6de1\u5316\u4e86\u5c0d\u9999\u6e2f\u7279\u5340\u672a\u4f86\u7684\u64d4\u6182\uff0c\u6307\u51fa\u5927\u7063\u5340\u5efa\u8a2d\u5c07\u662f\u4e00\u500b\u96d9\u8d0f\u7684\u904e\u7a0b\uff0c\u4e26\u5e0c\u671b\u5f37\u5316\u9999\u6e2f\u8207\u6fb3\u9580\u4e4b\u9593\u7684\u806f\u7e6b\u3002
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\n\n\n\n\u5289\u51f1\u65cb – \u6211\u5011\u975e\u5e38\u91cd\u8996\u5927\u7063\u5340\u7684\u5171\u540c\u767c\u5c55\u3002\u9999\u6e2f\u662f\u6d77\u5916\u4f01\u696d\u9032\u5165\u4e2d\u570b\u7684\u8df3\u677f\uff0c\u4e5f\u662f\u4e2d\u570b\u4f01\u696d\u8d70\u51fa\u53bb\u7684\u9580\u6236\u3002\u6211\u5011\u662f\u5e36\u52d5\u5340\u57df\u7d93\u6fdf\u5354\u8abf\u6210\u9577\u7684\u6838\u5fc3\u5f15\u64ce\u4e4b\u4e00\u3002\u6211\u5011\u64c1\u6709\u4f5c\u70ba\u570b\u969b\u91d1\u878d\u822a\u904b\u548c\u8cbf\u6613\u4e2d\u5fc3\u7684\u9ec3\u91d1\u5730\u6bb5\uff0c\u5c0d\u5167\u5730\u4f01\u696d\u5be6\u73fe\u8d70\u5411\u4e16\u754c\u76ee\u6a19\u5177\u91cd\u8981\u610f\u7fa9\u3002\u9664\u9999\u6e2f\u6295\u8cc7\u63a8\u5ee3\u7f72\u5916\uff0c\u6211\u5011\u4e5f\u8207\u5927\u7063\u5340\u5404\u5e02\u99d0\u6fb3\u9580\u8fa6\u4e8b\u8655\u3001\u6fb3\u9580\u53ca\u6d77\u5916\u7684\u76f8\u95dc\u5718\u968a\u5bc6\u5207\u5408\u4f5c\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u63a8\u5ee3\u7f72\u8a2d\u7acb\u4e86\u4e00\u652f\u5c08\u9580\u7684\u5927\u7063\u5340\u696d\u52d9\u958b\u767c\u5718\u968a\u3002\u9664\u4e86\u4e5d\u500b\u7522\u696d\u90e8\u9580\u5718\u968a\u5916\uff0c\u6211\u5011\u65bc2021\u5e74\u8a2d\u7acb\u4e86\u696d\u52d9\u767c\u5c55\u5718\u968a\uff0c\u8ca0\u8cac\u5438\u5f15\u570b\u969b\u4f01\u696d\u7d93\u9999\u6e2f\u5e73\u53f0\u62d3\u5c55\u81f3\u5927\u7063\u5340\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-3.jpg\")
\u6295\u8cc7\u63a8\u5ee3\u7f72\u8207\u6fb3\u9580\u9032\u884c\u4e86\u54ea\u4e9b\u5354\u8abf\u8207\u4ea4\u6d41\uff1f
\n\n\n\n\u5289\u51f1\u65cb – \u6211\u5011\u8207\u5167\u5730\u548c\u6fb3\u9580\u540c\u884c\u5efa\u7acb\u4e86\u6cdb\u5927\u7063\u5340\u5916\u4f86\u6295\u8cc7\u806f\u7d61\u5c0f\u7d44\uff0c\u65e8\u5728\u52a0\u5f37\u5728\u63a8\u5ee3\u548c\u8209\u8fa6\u5927\u578b\u63a8\u5ee3\u6d3b\u52d5\u65b9\u9762\u7684\u5408\u4f5c\u548c\u5354\u8abf\u3002\u8981\u77e5\u9053\uff0c\u6240\u6709\u9762\u5c0d\u9762\u6d3b\u52d5\u5728\u75ab\u60c5\u671f\u9593\u90fd\u8981\u66ab\u505c\u3002\u6211\u5011\u4e5f\u5b89\u6392\u5927\u7063\u5340\u5404\u5e02\u6709\u95dc\u90e8\u9580\u958b\u6703\u3002\u5118\u7ba1\u6211\u81f3\u4eca\u624d\u4e0a\u4efb\u4e09\u500b\u6708\uff0c\u4f46\u662f\u5df2\u8207\u6fb3\u9580\u8cbf\u6613\u6295\u8cc7\u4fc3\u9032\u5c40\u884c\u653f\u7ba1\u7406\u59d4\u54e1\u6703\u4e3b\u5e2d\u4f59\u96e8\u751f\u548c\u5ee3\u6771\u7701\u5546\u52d9\u5ef3\u5ef3\u9577\u5f35\u52c1\u677e\u6703\u9762\uff0c\u63a2\u8a0e\u4eca\u5e74\u5982\u4f55\u9032\u4e00\u6b65\u5408\u4f5c\u3002\u56e0\u6b64\uff0c\u6211\u5011\u5c07\u5408\u4f5c\u63a8\u51fa\u4e00\u7cfb\u5217\u63a8\u5ee3\u6d3b\u52d5\uff0c\u5e0c\u671b\u80fd\u5920\u5411\u9032\u5165\u5927\u7063\u5340\u7684\u6d77\u5916\u4f01\u696d\u5c55\u793a\u4e09\u5730\u7684\u76f8\u5c0d\u512a\u52e2\u53ca\u653f\u5e9c\u80fd\u5920\u70ba\u4ed6\u5011\u63d0\u4f9b\u7684\u652f\u6301\u3002\u6211\u5e0c\u671b\u8207\u6fb3\u9580\u4f01\u696d\u548c\u653f\u5e9c\u66f4\u5bc6\u5207\u5408\u4f5c\uff0c\u56e0\u70ba\u5927\u7063\u5340\u662f\u4e00\u7247\u5ee3\u95ca\u7684\u5340\u57df\uff0c\u4e16\u754c\u5176\u4ed6\u5730\u5340\u5c0d\u9019\u4e00\u5340\u57df\u7684\u516c\u5171\u8cc7\u8a0a\u4ecd\u611f\u964c\u751f\u3002
\n\n\n\n
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\n\n\n\n\u5289\u51f1\u65cb – \u662f\u7684\u3002\u81ea\u6e2f\u73e0\u6fb3\u5927\u6a4b\u901a\u8eca\u4ee5\u4f86\uff0c\u900f\u904e\u6fb3\u9580\u7684\u9023\u63a5\uff0c\u6a6b\u7434\u96e2\u6211\u5011\u8d8a\u4f86\u8d8a\u8fd1\u4e86\u3002\u6fb3\u9580\u5df2\u6210\u70ba\u9023\u63a5\u9999\u6e2f\u548c\u9032\u5165\u5927\u7063\u5340\u7684\u91cd\u8981\u9023\u7d50\u9ede\u3002\u96a8\u8457\u5f80\u4f86\u7684\u589e\u52a0\uff0c\u806f\u7e6b\u5c07\u6703\u8d8a\u4f86\u8d8a\u5bc6\u5207\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-44-Edit.jpg\")
\u6df1\u5733\u524d\u6d77\u8207\u9999\u6e2f\u50c5\u4e00\u95dc\u4e4b\u9694\u2026\u2026
\n\n\n\n\u5289\u51f1\u65cb – \u662f\u7684\u3002\u6211\u5011\u8207\u524d\u6d77\u7684\u5408\u4f5c\u975e\u5e38\u5bc6\u5207\uff0c\u524d\u6d77\u4e5f\u662f\u4e00\u500b\u7279\u5340\u3002\u8fd1\u65e5\uff0c\u9999\u6e2f\u653f\u5236\u53ca\u5167\u5730\u4e8b\u52d9\u5c40\u7387\u6295\u8cc7\u63a8\u5ee3\u7f72\u53ca\u5404\u5c40\u4ee3\u8868\u8d74\u524d\u6d77\u7c3d\u7f72\u5354\u8b70\uff0c\u81f4\u529b\u52a0\u5f37\u96d9\u65b9\u5408\u4f5c\uff0c\u5305\u62ec\u70ba\u6e2f\u6fb3\u4f01\u696d\u53ca\u6d77\u5916\u4f01\u696d\u9032\u99d0\u524d\u6d77\u5be6\u73fe\u4e86\u8df3\u8e8d\u5f0f\u767c\u5c55\uff0c\u4e26\u4ee5\u6b64\u70ba\u8e0f\u677f\u524d\u5f80\u5927\u7063\u5340\u5176\u4ed6\u5730\u5340\u3002\u6211\u5011\u8207\u4f59\u96e8\u751f\u5148\u751f\u8a0e\u8ad6\u5230\u7684\u90e8\u5206\u5167\u5bb9\u5305\u62ec\u5fc5\u9808\u8207\u524d\u6d77\u5408\u4f5c\u63a8\u52d5\u91dd\u5c0d\u570b\u969b\u4f01\u696d\u7684\u65b0\u63aa\u65bd\uff0c\u56e0\u70ba\u6b78\u6839\u7d50\u5e95\uff0c\u6fb3\u9580\u3001\u9999\u6e2f\u548c\u5927\u7063\u5340\u5fc5\u9808\u5b8c\u6210\u7684\u5176\u4e2d\u4e00\u9805\u95dc\u9375\u4e8b\u60c5\u662f\u5f15\u5165\u66f4\u591a\u6d77\u5916\u4f01\u696d\uff0c\u5c24\u5176\u662f\u91d1\u878d\u670d\u52d9\u3001\u6cd5\u5f8b\u670d\u52d9\u3001\u5c08\u696d\u670d\u52d9\u548cIT\u9818\u57df\u3002
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\n\n\n\n\n\n\n\n \u201c\u5b83\uff08\u5927\u7063\u5340\u4e00\u9ad4\u5316\u9032\u7a0b\uff09\u662f\u4e00\u500b\u96d9\u8d0f\u7684\u5c40\u9762\uff0c\u56e0\u70ba\u9999\u6e2f\u9664\u4e86\u626e\u6f14\u8df3\u677f\u89ba\u5f97\u5916\uff0c\u9084\u662f\u4e00\u5ea7\u6a4b\u6a11\u201d \n\n\n\n\u60a8\u525b\u624d\u63d0\u5230\u4e86\u65b0\u52a0\u5761\u3002\u6700\u8fd1\uff0c\u5f6d\u535a\u8cc7\u8a0a (Bloomberg Intelligence)\u767c\u8868\u5831\u544a\u8a8d\u70ba\uff0c\u65b0\u52a0\u5761\u5728\u4f5c\u70ba\u8de8\u570b\u4f01\u696d\u5340\u57df\u7e3d\u90e8\u65b9\u9762\u7368\u9818\u98a8\u9a37\u3002\u5168\u7403\u7d04\u67094,200\u9593\u8de8\u570b\u4f01\u696d\u8a2d\u7acb\u4e86\u5340\u57df\u7e3d\u90e8\uff0c\u5176\u4e2d1,336\u9593\u4f4d\u65bc\u9999\u6e2f\u3002\u8acb\u8207\u6211\u5011\u5206\u4eab\u4f86\u81ea\u65b0\u52a0\u5761\u53ca\u5340\u5167\u5176\u4ed6\u570b\u5bb6\u548c\u57ce\u5e02\u7684\u7af6\u722d\uff0c\u4ee5\u53ca\u9999\u6e2f\u8fce\u982d\u8d95\u4e0a\u7684\u65b9\u5f0f\u3002 \n\n\n\n\u5289\u51f1\u65cb – 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\n\n\n\n\n\n\n\n\u6295\u8cc7\u63a8\u5ee3\u7f72\u8207\u6fb3\u9580\u9032\u884c\u4e86\u54ea\u4e9b\u5354\u8abf\u8207\u4ea4\u6d41\uff1f \n\n\n\n\u5289\u51f1\u65cb – 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\n\n\n\n\u6fb3\u9580\u88ab\u8996\u4f5c\u8207\u8461\u8a9e\u570b\u5bb6\u5efa\u7acb\u95dc\u4fc2\u7684\u5e73\u53f0\u3002\u60a8\u8a8d\u70ba\u9999\u6e2f\u5728\u9019\u4e9b\u5e02\u5834\u7684\u6295\u8cc7\u6d41\u5165\u548c\u6d41\u51fa\u65b9\u9762\u662f\u5426\u6709\u6a5f\u6703\uff0c\u4f8b\u5982\u8461\u8404\u7259\u548c\u5df4\u897f\uff1f \n\n\n\n\u5289\u51f1\u65cb – 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", "date_published": "April 24, 2024", "date_modified": "April 24, 2024 - 22:25", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-50.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured" ], "summary": "\u5728\u638c\u8235\u9130\u57e0\u6e2f\u5e9c\u8f44\u4e0b\u6295\u8cc7\u6a5f\u69cb\u6295\u8cc7\u63a8\u5ee3\u7f72\u56db\u500b\u6708\u5f8c\uff0c\u5289\u51f1\u65cb\u6b61\u8fce\u6fb3\u9580\u6295\u8cc7\u6a5f\u69cb\u9032\u99d0\u4f4d\u65bc\u9999\u6e2f\u91d1\u878d\u5340\u4e2d\u5fc3\u7684\u6295\u8cc7\u63a8\u5ee3\u7f72\u7e3d\u90e8\u3002\u5979\u80a9\u8ca0\u5e36\u9818\u6771\u65b9\u660e\u73e0\u75ab\u5f8c\u518d\u6b21\u7165\u767c\u596a\u76ee\u5149\u5f69\u7684\u91cd\u4efb\uff0c\u4f7f\u9999\u6e2f\u518d\u6b21\u6210\u70ba\u5916\u570b\u76f4\u63a5\u6295\u8cc7\u76ee\u7684\u5730\u548c\u5546\u696d\u4e2d\u6a1e\u3002" }, { "id": "https://www.macaubusiness.com/mbtv-interview-with-micro-connect-chairman-charles-li/", "url": "https://www.macaubusiness.com/mbtv-interview-with-micro-connect-chairman-charles-li/", "title": "MBtv: Interview with Micro Connect chairman Charles Li", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/sddefault-13-150x150.jpg\")
\nConnecting global capital with small businesses in mainland China through Macau. Micro Connect founder and chairman Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX in an exclusive interview with Macau Business and MBtv.
\n\n\n\nRead full interview here.
\n", "content_text": "Connecting global capital with small businesses in mainland China through Macau. Micro Connect founder and chairman Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX in an exclusive interview with Macau Business and MBtv.\n\n\n\nRead full interview here.", "date_published": "April 23, 2024", "date_modified": "April 23, 2024 - 19:52", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/sddefault-13.jpg", "tags": [ "Exclusive Interview", "Finance", "Macau", "MB.tv", "MB.tv Featured" ], "summary": "Connecting global capital with small businesses in mainland China through Macau. Micro Connect founder and chairman Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX in an exclusive interview with Macau Business and MBtv." }, { "id": "https://www.macaubusiness.com/macau-will-forever-be-irreversibly-in-the-food-chain-of-this-financial-innovation/", "url": "https://www.macaubusiness.com/macau-will-forever-be-irreversibly-in-the-food-chain-of-this-financial-innovation/", "title": "\u201cMacau will forever be irreversibly in the food chain of this financial innovation\u201d \u2013 Charles Li", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/charles-li-2-150x150.png\")
\nEXCLUSIVE INTERVIEW
\n\n\n\nBy Jos\u00e9 Carlos Matias
\n\n\n\nPhotos by Wong Sio Kuan
\n\n\n\nConnecting global capital with small businesses in mainland China through Macau. Micro Connect boss Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX
\n\n\n\nOne year after the official launch of the Micro Connect Macao Financial Assets Exchange (MCEX), Charles Li, former Chief Executive of the Hong Kong Exchanges and Clearing, shares his vision and aspirations in an exclusive interview with Macau Business, Business Intelligence, Macau News Agency, and MBTV.
\n\n\n\nSitting on the verge of what he describes as the \u2018Amazon moment\u2019 for financial services, Charles Li, founder and chairman of MCEX, explains the workings of the digital age-driven and enabled financial instruments at the heart of MCEX. As a Macau-licensed market, MCEX allows professional investors to acquire a fraction of a business’s revenue for a fixed period, securing rights to future income. Li anticipates that, in terms of capital raised, MCEX could rival the Hong Kong stock market in a few years’ time, paving the way for a new generation of digital franchised national markets to be adopted globally.
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\u201cOur mission is to connect global capital to small and micro businesses in China\u201d
One year ago, we witnessed the official launch of the Micro Connect Macao Financial Assets Exchange (MCEX). Could you tell us about the journey over the past year?
\n\n\n\nCharles Li: Initially, we were the principal investors, but now we have seen a significant increase in participation. To date, we have invested in over 15,000 stores across 200 cities in mainland China, deploying RMB 4.2 billion altogether already. What we refer to as the “Macau style IPO” is now occurring daily. It’s been going really well.
\n\n\n\nQ: Why Macau? You could have selected Hong Kong or other mature capital markets. Tell us about the backstory regarding being based in Macau.
\n\n\n\nC. L.- Our mission is to connect global capital to small and micro businesses in China as a starting point. Therefore, while the capital funding side operates outside [mainland] China, the asset side operates within [mainland] China. The market operator that issues these underlying certificates needed to be international. Consequently, we were not going to do it in mainland China.
\n\n\n\nBetween Hong Kong, Singapore, Macau, and other possibilities, we had discussions with quite a few jurisdictions. People need to understand how this product works because the underlying product is daily revenue contracts in China. However, when it becomes international products, they become Daily Revenue Obligations (DROs).
\n\n\n\nBut most regulators ask the question: Is that a security? Or is that futures, or is there any other traditional financial product? It is none of those. It is a completely innovative digital age-driven and enabled financial instrument.
\n\n\n\nSo, while the conversation continued with all the other jurisdictions, it all boiled down to which boxes to put you in. When we had the conversation with the Macau authorities, they instantly recognised that this is something they are very familiar with because they have been doing this for decades. When a casino opens, as long as there’s revenue every day, the government goes in there and literally takes the daily revenue tax directly from the casino.
\n\n\n\nThe government is able to do that by issuing a casino licence to the operator, which entitles the government to collect taxes on a daily revenue basis.
\n\n\n\nWe, in a very similar manner, provide capital to a small shop, which entitles investors to a daily revenue contract entitlement. So, it’s that similarity that gave Macau authorities an instantaneous understanding of what we are really talking about, and particularly how risk can be easily managed because of this daily feature of this new financial innovation.
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\u201cDROs are a completely innovative digital age-driven and enabled financial instrument\u201d
\u201cThis will hopefully become a digital franchised new generation of national markets.\u201d
How was the exchange with Macau\u2019s authorities, and what do you make of their approach?
\n\n\n\nC. L.- I was quite impressed with the local authorities in two aspects. One, strategically, a long-term macro view and a clear vision that Macau needs to transform into something very different and needs to really move into the digital age.
\n\n\n\nAnd they need to modernize many of its societal needs, particularly given its traditional industry focus. Financial services will naturally fit in that direction. So there is this tremendous strategic focus and vision for the future, and that translates into a really strong mindset of being open, being innovative, and being receptive, and that is coming through loud and clear. Secondly, at the technical regulatory level, we were also immensely impressed with a mindset that we never had a real, you know, big traditional ecosystem for traditional finance, but that most people take that as a reason not to be able to do anything because we never had the ecosystem.
\n\n\n\nEverybody’s already way ahead of us, but the mindset instead is, \u2018Well, let’s turn the absence of an ecosystem into an advantage.\u2019 The fact that you have a plain white piece of paper means that you can actually draw your future with greater freedom and flexibility. And that sort of mindset allows regulators to embrace new digital revolutions and understand the potentials and implications that the digital age brings without being constrained and burdened by a lot of the old ways of thinking and doing it.
\n\n\n\nYour main office is here in Hong Kong and you have an important presence across the border in Shanghai, Beijing, Chengdu. Tell us about your physical presence in Macau in terms of your operation. Some people may ask: What will Macau benefit in terms of GDP, employment and so on?
\n\n\n\nC. L.– In this new way of investing, the asset side is in China. In the future, it could be global. The funding side currently outside China. It\u2019s global, international, but one day there could also be funding from China as well. The exchange-licenced venue is in Macau.
\n\n\n\nPeople sometimes ask me how Macau fits into all of this. I would usually describe it this way: big finance is usually in the banks and the big insurance companies. They are not going to change that. They’re not going to go into this new way of investing, on daily revenue. They basically focus on either fixed income bonds, debt, loans, or equity; that’s all. Let\u2019s imagine big money is saying, “I only eat bread,” which is fixed income, or “I eat noodles only,” or “I buy noodles only,” which is equity.
\n\n\n\nBoth bread and noodles are like securities, traditional financial products. But what we are doing in China, at least now, are really contractual commercial contracts that are inconsistent with securities. So, we call it the daily revenue contract in China. That’s almost like growing wheat; we’re actually growing the crops there. But the big money is saying, “I don’t understand what a crop is. What is wheat? I only understand bread or noodles.” So they’re not going to want to look at it. So, we have to find a way to bring domestic wheat or contracts. First of all, give them an international identity paper. That\u2019s why the daily revenue obligations came into being. A daily revenue obligation (DRO) is a piece of paper issued by an international market operator, the Macau Exchange. And that DRO is stapled together with the DRC (Daily Revenue Contract). Whoever buys the DRO in the international market receives all the benefits of that DRC. So the DRO is almost like in Macau we need to dry the wheat into flour. That’s why we give them an international paper, put them into an investible format. A DRO International certificate is flour, but still, big money in Hong Kong or Singapore, or the US and London would say, “I don’t understand what is flour, I only understand bread and noodles\u201d. So, we need to package all the DROs, which are individual contracts, into DRPs, – Daily Revenue Portfolios.
\n\n\n\nAnd then you give the banks the senior tranche of it that’s more like bread now; that looks like a security; that looks like a bond.
\n\n\n\nMacau is now a very important part of the future supply chain or manufacturing chain of this new form of financial product.
\n\n\n\nAnd in Micro Connect, we bring the wheat into Macau and put it into flour, and then that flour turns into bread and noodles. So, in the future, Macau will be forever irreversibly in the food chain of this new [financial] innovation because Macau becomes the central flour grinding mill for all the future financial products for the little guys in China.
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\u201cMCEX is going to be the world’s first daily revenue contract market\u201d
How is that reflected in terms of tax income for the Macau SAR and highly skilled and innovative jobs for locals in Macau, or to attract foreign imported talent also into Macau as part of this operation?
\n\n\n\nC. L. – Now that there is an extraordinarily important segment of this production line that is centred into the conversion of the wheat into flour,And the most important part of all of that is individual contractual, daily data disclosure, and publication. So there will be a tremendous amount of investor interest in the underlying composition of the flour. They will be, you know, reading agencies, analytical companies, and data companies. All of them need to really go around the underlying assets because, ultimately, the investor needs a full range of services for that.
\n\n\n\nThis is also going to be different from the Hong Kong, Singapore, New York, or London exchange markets, where traditional finance requires everybody to bring money to you, all the regulatory entities to you, all the people to you, and all the regulations. Therefore, there are only a handful of financial centres in the world today. And once money gets into one place, it doesn\u2019t really go away. It doesn\u2019t change.
\n\n\n\nBut MCEX is going to be the world’s first daily revenue contract market. It is digital, which means that we can become a global exchange, but it’s all digitally connected. So we become the new generation of concentration of capital, not necessarily physical capital, but really all the data behind the capital, and where the price allocation, the price setting, and all the valuation determinators of those underlying assets. So I think people need to think not through how many people we are going to have in Macau, and how many bank branches will open. We should be thinking that we become the nerve center, the data center, the real information, and gathering that will require a lot of traditional intellectual people and capital. But we are not going to be the heart of global finance because the heart is where the money actually flows. We are going to be sort of the global nerve where the money is coming from, where the money is supposed to go, and how that money is calculated, how that money is evaluated, and how transfer prices are determined. That’s a much better place to be.
\n\n\n\nFor a small shop to be part of this, what are the requirements in terms of data sharing and transparency?
\n\n\n\nC. L. – We need to go through what we call “connect partners” because we are not able to really find a way to learn about the revenue of an individual small shop on the street.
\n\n\n\nSo we need to go through an existing network that has already been put into place by a ‘connect partner’. The typical examples are chains or brands that already have a few hundred shops. They are connected already. They have a system. The parent of that chain is already collecting money. You already know that they have already finished all the cat-and-mouse games of catching the cheaters and all of that. Only then will you put your collector on their own existing system, because we are not going to be able to go back and replicate a new national system. It’s really tapping into existing connect partners. And typically, it’s all digital.
\n\n\n\nBased on our experience with commercial real estate property operators, we started realising they are also a great connector partner because the shops have direct control of them today. If the landlord becomes your partner, what you can do is to say, put your lease listed in Macau as daily revenue contracts. In exchange, you need to put digital control over the shops inside your mall, in which case you can actually have your lease financed.
\n\n\n\nYou can also start to finance other CapEx of the shops within your mall as long as you keep an eye on the shops because, in many other countries, you still have a lot of physical cash.
\n\n\n\nAnd they have a cash box there. You need to ensure that the investor is aware of the amount of cash in that box on a daily basis. So even though we may not be able to get our hands on the cash every day, we know how much is in there. You can do a weekly or biweekly settlement that can be done by having a landlord be a local partner.
\n\n\n\nAnd within that model, the landlord’s interest is completely aligned with those of the investors, because if the landlord fails in its job, investors know that shops in that mall are uninvestible. You are out.
\n\n\n\nSo for them to want to have continued access to financing in their mall, they really want to make sure that they help investors build this sort of digital plus enhanced physical cash collectability. And that can be done with the landlord. And if successful, you can do it in markets like Southeast Asia or even Macau or Hong Kong, where there’s still a lot of physical cash.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/charles-li-1.png\")
This brings me to the Market Accepted Protocol, introduced earlier this year. Could you unpack this tool and share with us the market\u2019s feedback?
\n\n\n\nC. L.- Investors will need to buy thousands and thousands of little cash flows. There needs to be a way for everything to be standardised. Say, for instance, I’m selling you watermelon, I’m selling you corn, I’m selling you potato, whatever I’m selling you, there needs to be a centralised and standardised way to say, five apples and one watermelon, and maybe a few corn equals\u2026 So essentially you have to create a standard of currency. Therefore, every contract, no matter what you do\u2014your noodle shop, your hair salon, your auto mechanics\u2014is so standardised that we have certain parameters. So, you are almost creating a currency that everybody’s using.
\n\n\n\nTell us about these 15,000 shops. Who are they, and where are they located in the mainland?
\n\n\n\nThey are everywhere. The 15,000 of them are all over China in 200 cities. Sichuan has the biggest number of shops. The average size of the investment per shop is 300,000 yuan. The shops belong to four industries: retail, food and beverage, services, and culture and sports activities. For instance, within food and beverage, we have casual food, fast food, foreign cuisine, dessert, and bakery, you know, catering, and so on. If you look at services, then you have, I see which service you want, beauty service, residential service, and medical service, travel service, well service, residential service, automobile services. If you look at some of the cities, from tier one to tier five, the biggest increase in tier four and five cities was during the Chinese New Year’s holidays. Everybody went home and spent money home.
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\u201cFrom a capital raising perspective, it is going to be just as good and strong as a traditional market\u201d
\u201cThis is about more inclusive financing. This helps the little guys a lot\u201d
This market is for institutional and professional investors. How about individual investors? Would they be able to participate somewhere down the road?
\n\n\n\nC. L.- Probably not in the foreseeable future. Because remember, one day, if the noodles can be purchased by Hong Kong-listed companies, then individual retail investors can buy their stocks. But they are coming over here because we don’t believe that individual retail investors understand how each store works. And also, that’s a single exposure to a store. The reason this thing works is because banks and other big money institutions want it. It is because there are so many of them that the diversification is such that people actually feel that the quality of return is much higher. So, I think in the short term, we probably don’t want to have retail investors yet. And also, not raising funding from China and investors inside mainland China.
\n\n\n\nWould you anticipate raising money in the mainland in the longer-term future?
\n\n\n\nC. L.- In the future, yes. But that would require the Chinese regulator to become comfortable after all the aftermath of the internet financing peer-to-peer (P2P) financing, all this financial innovation, which is really about aggregating money away from retail investors and then telling them a story, and eventually everything becoming a Ponzi game. China needs a lot of time to absorb the painfulness of that failure.
\n\n\n\nWe are a great innovation. We believe we are fundamentally different from any one of those, but we want to give the regulators the time and space to sort that out first until they have a much better understanding of what we do, until we are much more established, so that they have greater confidence that this is different.
\n\n\n\nWith regards to the actual shape of China\u2019s economy, there have been mixed signals and some level of scepticism concerning the robustness of the country\u2019s post-pandemic recovery. Some investment funds and consulting firms have expressed doubts over the future development of the whole economy and domestic demand. What\u2019s your take on all of this?
\n\n\n\nC. L.- Clearly, the economy is going through cyclical and structural changes, and that brings pain. But from an investor’s perspective, the reason you have all that scepticism or pessimism is not about the real economy itself. It is really about how they are evaluating the situation. It is about how traditional finance is looking at issues because they’re looking at issues because the traditional way of investing is to invest in companies and then invest in their equity. And whether the equity you’re going to make money with or not is a function of not only how the company is doing your profit, but it’s really the multiple. The valuation is the multiple. And when you have a valuation multiple, it\u2019s essentially about what they collectively are feeling. Is the economy good? Then maybe this company is worth 15, 20, 30 times price-to-earnings (P/E) ratio. But if nobody likes it, if everybody thinks the economy is weak, the company would be eight times P/E then the price is going to go down. You lost something, but the underlying company you bought, the profit may not necessarily have changed or not changed as much. The multiple change is the one that creates the perception in the investor’s mind that you’re losing money or you’re making money.
\n\n\n\nBut for us, you’re investing not in the perceived future of a big company, of any company, or of any shop. We are only looking at this particular shop in this particular location. Is the revenue going to be enough for me to collect my money back? It’s a very different way of looking at the universe. Let\u2019s say a noodle shop, a shark fin expensive noodle shop. Quite expensive, but not super expensive. If today\u2019s economy and consumption are coming down, you are in this moderate-to-expensive noodle shop business, you’re going to lose some customers because they cannot afford what you are selling. They will be going to cheaper noodle shops. But don’t forget that the guy who was eating the really expensive noodles before can’t afford that either, it coming down to you. So actually, you don’t feel it. The only person feeling it is the shark fin noodle shop guys. That’s why today, if you are in the most expensive part of the economy, if you’re banking on people always travelling and spending big money, it’s getting tough. But if you’re just like 90% of everybody else, your business remains pretty much the same.
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\u201cWe are going to be the global nerve where the money is coming from, where the money is supposed to go, and how that money is calculated, how that money is evaluated, and how transfer prices are determined\u201d
Will MCEX join the Champions League of financial markets? When could that happen? What\u2019s the prospect?
\n\n\n\nC. L.-The prospect? Well, let’s just compare ourselves against the Hong Kong exchange first. \u2028First of all, people remember Hong Kong largely because of the secondary market trading of the equities. For our business, we are more of an investment market than a secondary trading market. So from a trading perspective, we are apples and oranges, but from a raising capital perspective, we are apples and apples.
\n\n\n\nHong Kong exchange every year has about 100 to 200 new listings, raising capital, each raising, on average, let\u2019s say, one billion Hong Kong dollars. So together, we are talking about HKD 200 billion.
\n\n\n\nIn five years, if everything goes as planned, MCEX could have 100,000 small shops coming every year, each raising a couple hundred thousand yuan. So essentially, it’s similar to HKD 100\u2013200 billion in capital raised. Whether we achieve that in five years, in eight years, I don’t know. But we will be there and we will be there. Once we are there, it is going to continue and continue.
\n\n\n\nFrom a capital raising perspective, it is going to be just as good and strong as a traditional market, giving us time.
\n\n\n\nBut in terms of geographical coverage into the future, we are likely going to become a franchised market, to have partners everywhere, as long as they are able to generate local needs into local stores, then we can bring them to a list in Macau (MCEX).
\n\n\n\nHave you had this kind of feedback elsewhere in the region?
\n\n\n\nC. L.- Oh yes. People are looking with great interest, and people are coming to us. Because this is all about a standard. We give them a protocol. So instead of forcing everybody’s money to come here, you are exporting the standards. You’re exporting a protocol; you’re giving them a chip. We create a mainframe here, but then you replicate the chips, and they give it to them. They do a little thing, but it’s listed here so that more money can go there and their own money can go to other places. So it’s more like a franchised financial market where we are becoming the centre for listing, digital disclosure centre, and standardisation centre.
\n\n\n\nWe have the MAP \u2013 Market Accepted Protocol. If you accept that protocol, it’s like an internet standard. This will hopefully become a digital franchised new generation of national markets.
\n\n\n\nBefore we conclude our talk, let\u2019s go back to the rationale behind this undertaking. Considering all your expertise and experience at the top echelons of financial markets, what\u2019s your mission here?
\n\n\n\nC. L.- This is about more inclusive financing. This helps the little guys a lot, but it’s not charity. This has to be a sustainable business. So why does this give me the kick? It’s really two things. One, you start realising the Amazon moment of finance is here because of digitalisation. Because in the past, before the internet, everyone would go to the department store to shop. And the department store would decide how much inventory they put in there, and then you could only buy whatever’s there. So only tens of thousands of merchandise in the department stores.
\n\n\n\nAnd then Amazon came, Alibaba came, e-commerce came. Now we can buy millions of merchandise. They don’t need to be put into a department. So we don’t need to go to the department store. We are able to buy it online. Alibaba and Amazon sorted out the delivery and the cash.
\n\n\n\nToday’s traditional finance is like the pre-internet era. This change, like e-commerce, helps little guys big time because they were never part of this.
\n\n\n\nThat is ultimately why finance people like me enjoy this, because we finally make finance relevant to people.
\n\n\n\n\n", "content_text": "EXCLUSIVE INTERVIEW\n\n\n\n\n\n\n\nBy Jos\u00e9 Carlos Matias\n\n\n\nPhotos by Wong Sio Kuan\n\n\n\n\n\n\n\nConnecting global capital with small businesses in mainland China through Macau. Micro Connect boss Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX\n\n\n\nOne year after the official launch of the Micro Connect Macao Financial Assets Exchange (MCEX), Charles Li, former Chief Executive of the Hong Kong Exchanges and Clearing, shares his vision and aspirations in an exclusive interview with Macau Business, Business Intelligence, Macau News Agency, and MBTV.\n\n\n\nSitting on the verge of what he describes as the \u2018Amazon moment\u2019 for financial services, Charles Li, founder and chairman of MCEX, explains the workings of the digital age-driven and enabled financial instruments at the heart of MCEX. As a Macau-licensed market, MCEX allows professional investors to acquire a fraction of a business’s revenue for a fixed period, securing rights to future income. Li anticipates that, in terms of capital raised, MCEX could rival the Hong Kong stock market in a few years’ time, paving the way for a new generation of digital franchised national markets to be adopted globally.\n\n\n\n \u201cOur mission is to connect global capital to small and micro businesses in China\u201d \n\n\n\nOne year ago, we witnessed the official launch of the Micro Connect Macao Financial Assets Exchange (MCEX). Could you tell us about the journey over the past year?\n\n\n\nCharles Li: Initially, we were the principal investors, but now we have seen a significant increase in participation. To date, we have invested in over 15,000 stores across 200 cities in mainland China, deploying RMB 4.2 billion altogether already. What we refer to as the “Macau style IPO” is now occurring daily. It’s been going really well.\n\n\n\nQ: Why Macau? You could have selected Hong Kong or other mature capital markets. Tell us about the backstory regarding being based in Macau.\n\n\n\nC. L.- Our mission is to connect global capital to small and micro businesses in China as a starting point. Therefore, while the capital funding side operates outside [mainland] China, the asset side operates within [mainland] China. The market operator that issues these underlying certificates needed to be international. Consequently, we were not going to do it in mainland China.\n\n\n\nBetween Hong Kong, Singapore, Macau, and other possibilities, we had discussions with quite a few jurisdictions. People need to understand how this product works because the underlying product is daily revenue contracts in China. However, when it becomes international products, they become Daily Revenue Obligations (DROs).\n\n\n\nBut most regulators ask the question: Is that a security? Or is that futures, or is there any other traditional financial product? It is none of those. It is a completely innovative digital age-driven and enabled financial instrument.\n\n\n\n\n\n\n\n\n\nSo, while the conversation continued with all the other jurisdictions, it all boiled down to which boxes to put you in. When we had the conversation with the Macau authorities, they instantly recognised that this is something they are very familiar with because they have been doing this for decades. When a casino opens, as long as there’s revenue every day, the government goes in there and literally takes the daily revenue tax directly from the casino.\n\n\n\nThe government is able to do that by issuing a casino licence to the operator, which entitles the government to collect taxes on a daily revenue basis.\n\n\n\nWe, in a very similar manner, provide capital to a small shop, which entitles investors to a daily revenue contract entitlement. So, it’s that similarity that gave Macau authorities an instantaneous understanding of what we are really talking about, and particularly how risk can be easily managed because of this daily feature of this new financial innovation.\n\n\n\n \u201cDROs are a completely innovative digital age-driven and enabled financial instrument\u201d \n\n\n\n \u201cThis will hopefully become a digital franchised new generation of national markets.\u201d \n\n\n\nHow was the exchange with Macau\u2019s authorities, and what do you make of their approach?\n\n\n\nC. L.- I was quite impressed with the local authorities in two aspects. One, strategically, a long-term macro view and a clear vision that Macau needs to transform into something very different and needs to really move into the digital age.\n\n\n\nAnd they need to modernize many of its societal needs, particularly given its traditional industry focus. Financial services will naturally fit in that direction. So there is this tremendous strategic focus and vision for the future, and that translates into a really strong mindset of being open, being innovative, and being receptive, and that is coming through loud and clear. Secondly, at the technical regulatory level, we were also immensely impressed with a mindset that we never had a real, you know, big traditional ecosystem for traditional finance, but that most people take that as a reason not to be able to do anything because we never had the ecosystem.\n\n\n\nEverybody’s already way ahead of us, but the mindset instead is, \u2018Well, let’s turn the absence of an ecosystem into an advantage.\u2019 The fact that you have a plain white piece of paper means that you can actually draw your future with greater freedom and flexibility. And that sort of mindset allows regulators to embrace new digital revolutions and understand the potentials and implications that the digital age brings without being constrained and burdened by a lot of the old ways of thinking and doing it.\n\n\n\n\n\n\n\nYour main office is here in Hong Kong and you have an important presence across the border in Shanghai, Beijing, Chengdu. Tell us about your physical presence in Macau in terms of your operation. Some people may ask: What will Macau benefit in terms of GDP, employment and so on? \n\n\n\nC. L.– In this new way of investing, the asset side is in China. In the future, it could be global. The funding side currently outside China. It\u2019s global, international, but one day there could also be funding from China as well. The exchange-licenced venue is in Macau.\n\n\n\nPeople sometimes ask me how Macau fits into all of this. I would usually describe it this way: big finance is usually in the banks and the big insurance companies. They are not going to change that. They’re not going to go into this new way of investing, on daily revenue. They basically focus on either fixed income bonds, debt, loans, or equity; that’s all. Let\u2019s imagine big money is saying, “I only eat bread,” which is fixed income, or “I eat noodles only,” or “I buy noodles only,” which is equity.\n\n\n\nBoth bread and noodles are like securities, traditional financial products. But what we are doing in China, at least now, are really contractual commercial contracts that are inconsistent with securities. So, we call it the daily revenue contract in China. That’s almost like growing wheat; we’re actually growing the crops there. But the big money is saying, “I don’t understand what a crop is. What is wheat? I only understand bread or noodles.” So they’re not going to want to look at it. So, we have to find a way to bring domestic wheat or contracts. First of all, give them an international identity paper. That\u2019s why the daily revenue obligations came into being. A daily revenue obligation (DRO) is a piece of paper issued by an international market operator, the Macau Exchange. And that DRO is stapled together with the DRC (Daily Revenue Contract). Whoever buys the DRO in the international market receives all the benefits of that DRC. So the DRO is almost like in Macau we need to dry the wheat into flour. That’s why we give them an international paper, put them into an investible format. A DRO International certificate is flour, but still, big money in Hong Kong or Singapore, or the US and London would say, “I don’t understand what is flour, I only understand bread and noodles\u201d. So, we need to package all the DROs, which are individual contracts, into DRPs, – Daily Revenue Portfolios.\n\n\n\nAnd then you give the banks the senior tranche of it that’s more like bread now; that looks like a security; that looks like a bond.\n\n\n\nMacau is now a very important part of the future supply chain or manufacturing chain of this new form of financial product.\n\n\n\nAnd in Micro Connect, we bring the wheat into Macau and put it into flour, and then that flour turns into bread and noodles. So, in the future, Macau will be forever irreversibly in the food chain of this new [financial] innovation because Macau becomes the central flour grinding mill for all the future financial products for the little guys in China. \n\n\n\n \u201cMCEX is going to be the world’s first daily revenue contract market\u201d \n\n\n\nHow is that reflected in terms of tax income for the Macau SAR and highly skilled and innovative jobs for locals in Macau, or to attract foreign imported talent also into Macau as part of this operation?\n\n\n\nC. L. – Now that there is an extraordinarily important segment of this production line that is centred into the conversion of the wheat into flour,And the most important part of all of that is individual contractual, daily data disclosure, and publication. So there will be a tremendous amount of investor interest in the underlying composition of the flour. They will be, you know, reading agencies, analytical companies, and data companies. All of them need to really go around the underlying assets because, ultimately, the investor needs a full range of services for that.\n\n\n\nThis is also going to be different from the Hong Kong, Singapore, New York, or London exchange markets, where traditional finance requires everybody to bring money to you, all the regulatory entities to you, all the people to you, and all the regulations. Therefore, there are only a handful of financial centres in the world today. And once money gets into one place, it doesn\u2019t really go away. It doesn\u2019t change.\n\n\n\nBut MCEX is going to be the world’s first daily revenue contract market. It is digital, which means that we can become a global exchange, but it’s all digitally connected. So we become the new generation of concentration of capital, not necessarily physical capital, but really all the data behind the capital, and where the price allocation, the price setting, and all the valuation determinators of those underlying assets. So I think people need to think not through how many people we are going to have in Macau, and how many bank branches will open. We should be thinking that we become the nerve center, the data center, the real information, and gathering that will require a lot of traditional intellectual people and capital. But we are not going to be the heart of global finance because the heart is where the money actually flows. We are going to be sort of the global nerve where the money is coming from, where the money is supposed to go, and how that money is calculated, how that money is evaluated, and how transfer prices are determined. That’s a much better place to be.\n\n\n\nFor a small shop to be part of this, what are the requirements in terms of data sharing and transparency?\n\n\n\nC. L. – We need to go through what we call “connect partners” because we are not able to really find a way to learn about the revenue of an individual small shop on the street.\n\n\n\nSo we need to go through an existing network that has already been put into place by a ‘connect partner’. The typical examples are chains or brands that already have a few hundred shops. They are connected already. They have a system. The parent of that chain is already collecting money. You already know that they have already finished all the cat-and-mouse games of catching the cheaters and all of that. Only then will you put your collector on their own existing system, because we are not going to be able to go back and replicate a new national system. It’s really tapping into existing connect partners. And typically, it’s all digital.\n\n\n\nBased on our experience with commercial real estate property operators, we started realising they are also a great connector partner because the shops have direct control of them today. If the landlord becomes your partner, what you can do is to say, put your lease listed in Macau as daily revenue contracts. In exchange, you need to put digital control over the shops inside your mall, in which case you can actually have your lease financed.\n\n\n\n You can also start to finance other CapEx of the shops within your mall as long as you keep an eye on the shops because, in many other countries, you still have a lot of physical cash.\n\n\n\nAnd they have a cash box there. You need to ensure that the investor is aware of the amount of cash in that box on a daily basis. So even though we may not be able to get our hands on the cash every day, we know how much is in there. You can do a weekly or biweekly settlement that can be done by having a landlord be a local partner.\n\n\n\nAnd within that model, the landlord’s interest is completely aligned with those of the investors, because if the landlord fails in its job, investors know that shops in that mall are uninvestible. You are out.\n\n\n\nSo for them to want to have continued access to financing in their mall, they really want to make sure that they help investors build this sort of digital plus enhanced physical cash collectability. And that can be done with the landlord. And if successful, you can do it in markets like Southeast Asia or even Macau or Hong Kong, where there’s still a lot of physical cash.\n\n\n\n\n\n\n\nThis brings me to the Market Accepted Protocol, introduced earlier this year. Could you unpack this tool and share with us the market\u2019s feedback?\n\n\n\n C. L.- Investors will need to buy thousands and thousands of little cash flows. There needs to be a way for everything to be standardised. Say, for instance, I’m selling you watermelon, I’m selling you corn, I’m selling you potato, whatever I’m selling you, there needs to be a centralised and standardised way to say, five apples and one watermelon, and maybe a few corn equals\u2026 So essentially you have to create a standard of currency. Therefore, every contract, no matter what you do\u2014your noodle shop, your hair salon, your auto mechanics\u2014is so standardised that we have certain parameters. So, you are almost creating a currency that everybody’s using.\n\n\n\nTell us about these 15,000 shops. Who are they, and where are they located in the mainland?\n\n\n\nThey are everywhere. The 15,000 of them are all over China in 200 cities. Sichuan has the biggest number of shops. The average size of the investment per shop is 300,000 yuan. The shops belong to four industries: retail, food and beverage, services, and culture and sports activities. For instance, within food and beverage, we have casual food, fast food, foreign cuisine, dessert, and bakery, you know, catering, and so on. If you look at services, then you have, I see which service you want, beauty service, residential service, and medical service, travel service, well service, residential service, automobile services. If you look at some of the cities, from tier one to tier five, the biggest increase in tier four and five cities was during the Chinese New Year’s holidays. Everybody went home and spent money home.\n\n\n\n \u201cFrom a capital raising perspective, it is going to be just as good and strong as a traditional market\u201d \n\n\n\n \u201cThis is about more inclusive financing. This helps the little guys a lot\u201d \n\n\n\nThis market is for institutional and professional investors. How about individual investors? Would they be able to participate somewhere down the road?\n\n\n\nC. L.- Probably not in the foreseeable future. Because remember, one day, if the noodles can be purchased by Hong Kong-listed companies, then individual retail investors can buy their stocks. But they are coming over here because we don’t believe that individual retail investors understand how each store works. And also, that’s a single exposure to a store. The reason this thing works is because banks and other big money institutions want it. It is because there are so many of them that the diversification is such that people actually feel that the quality of return is much higher. So, I think in the short term, we probably don’t want to have retail investors yet. And also, not raising funding from China and investors inside mainland China.\n\n\n\nWould you anticipate raising money in the mainland in the longer-term future?\n\n\n\nC. L.- In the future, yes. But that would require the Chinese regulator to become comfortable after all the aftermath of the internet financing peer-to-peer (P2P) financing, all this financial innovation, which is really about aggregating money away from retail investors and then telling them a story, and eventually everything becoming a Ponzi game. China needs a lot of time to absorb the painfulness of that failure.\n\n\n\nWe are a great innovation. We believe we are fundamentally different from any one of those, but we want to give the regulators the time and space to sort that out first until they have a much better understanding of what we do, until we are much more established, so that they have greater confidence that this is different.\n\n\n\nWith regards to the actual shape of China\u2019s economy, there have been mixed signals and some level of scepticism concerning the robustness of the country\u2019s post-pandemic recovery. Some investment funds and consulting firms have expressed doubts over the future development of the whole economy and domestic demand. What\u2019s your take on all of this?\n\n\n\nC. L.- Clearly, the economy is going through cyclical and structural changes, and that brings pain. But from an investor’s perspective, the reason you have all that scepticism or pessimism is not about the real economy itself. It is really about how they are evaluating the situation. It is about how traditional finance is looking at issues because they’re looking at issues because the traditional way of investing is to invest in companies and then invest in their equity. And whether the equity you’re going to make money with or not is a function of not only how the company is doing your profit, but it’s really the multiple. The valuation is the multiple. And when you have a valuation multiple, it\u2019s essentially about what they collectively are feeling. Is the economy good? Then maybe this company is worth 15, 20, 30 times price-to-earnings (P/E) ratio. But if nobody likes it, if everybody thinks the economy is weak, the company would be eight times P/E then the price is going to go down. You lost something, but the underlying company you bought, the profit may not necessarily have changed or not changed as much. The multiple change is the one that creates the perception in the investor’s mind that you’re losing money or you’re making money.\n\n\n\nBut for us, you’re investing not in the perceived future of a big company, of any company, or of any shop. We are only looking at this particular shop in this particular location. Is the revenue going to be enough for me to collect my money back? It’s a very different way of looking at the universe. Let\u2019s say a noodle shop, a shark fin expensive noodle shop. Quite expensive, but not super expensive. If today\u2019s economy and consumption are coming down, you are in this moderate-to-expensive noodle shop business, you’re going to lose some customers because they cannot afford what you are selling. They will be going to cheaper noodle shops. But don’t forget that the guy who was eating the really expensive noodles before can’t afford that either, it coming down to you. So actually, you don’t feel it. The only person feeling it is the shark fin noodle shop guys. That’s why today, if you are in the most expensive part of the economy, if you’re banking on people always travelling and spending big money, it’s getting tough. But if you’re just like 90% of everybody else, your business remains pretty much the same.\n\n\n\n \u201cWe are going to be the global nerve where the money is coming from, where the money is supposed to go, and how that money is calculated, how that money is evaluated, and how transfer prices are determined\u201d \n\n\n\nWill MCEX join the Champions League of financial markets? When could that happen? What\u2019s the prospect?\n\n\n\nC. L.-The prospect? Well, let’s just compare ourselves against the Hong Kong exchange first. \u2028First of all, people remember Hong Kong largely because of the secondary market trading of the equities. For our business, we are more of an investment market than a secondary trading market. So from a trading perspective, we are apples and oranges, but from a raising capital perspective, we are apples and apples.\n\n\n\nHong Kong exchange every year has about 100 to 200 new listings, raising capital, each raising, on average, let\u2019s say, one billion Hong Kong dollars. So together, we are talking about HKD 200 billion.\n\n\n\nIn five years, if everything goes as planned, MCEX could have 100,000 small shops coming every year, each raising a couple hundred thousand yuan. So essentially, it’s similar to HKD 100\u2013200 billion in capital raised. Whether we achieve that in five years, in eight years, I don’t know. But we will be there and we will be there. Once we are there, it is going to continue and continue.\n\n\n\nFrom a capital raising perspective, it is going to be just as good and strong as a traditional market, giving us time.\n\n\n\nBut in terms of geographical coverage into the future, we are likely going to become a franchised market, to have partners everywhere, as long as they are able to generate local needs into local stores, then we can bring them to a list in Macau (MCEX).\n\n\n\nHave you had this kind of feedback elsewhere in the region?\n\n\n\nC. L.- Oh yes. People are looking with great interest, and people are coming to us. Because this is all about a standard. We give them a protocol. So instead of forcing everybody’s money to come here, you are exporting the standards. You’re exporting a protocol; you’re giving them a chip. We create a mainframe here, but then you replicate the chips, and they give it to them. They do a little thing, but it’s listed here so that more money can go there and their own money can go to other places. So it’s more like a franchised financial market where we are becoming the centre for listing, digital disclosure centre, and standardisation centre.\n\n\n\nWe have the MAP \u2013 Market Accepted Protocol. If you accept that protocol, it’s like an internet standard. This will hopefully become a digital franchised new generation of national markets.\n\n\n\nBefore we conclude our talk, let\u2019s go back to the rationale behind this undertaking. Considering all your expertise and experience at the top echelons of financial markets, what\u2019s your mission here?\n\n\n\nC. L.- This is about more inclusive financing. This helps the little guys a lot, but it’s not charity. This has to be a sustainable business. So why does this give me the kick? It’s really two things. One, you start realising the Amazon moment of finance is here because of digitalisation. Because in the past, before the internet, everyone would go to the department store to shop. And the department store would decide how much inventory they put in there, and then you could only buy whatever’s there. So only tens of thousands of merchandise in the department stores.\n\n\n\nAnd then Amazon came, Alibaba came, e-commerce came. Now we can buy millions of merchandise. They don’t need to be put into a department. So we don’t need to go to the department store. We are able to buy it online. Alibaba and Amazon sorted out the delivery and the cash.\n\n\n\nToday’s traditional finance is like the pre-internet era. This change, like e-commerce, helps little guys big time because they were never part of this.\n\n\n\nThat is ultimately why finance people like me enjoy this, because we finally make finance relevant to people.", "date_published": "April 21, 2024", "date_modified": "May 09, 2024 - 23:18", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/charles-li-2.png", "tags": [ "Finance", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "Connecting global capital with small businesses in mainland China through Macau. Micro Connect boss Charles Li, former HKEX chief, delves into the rationale, outcomes, and ambitious plans of innovative financial market MCEX" }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%ba%ba%e6%b0%b4%ef%bc%9f%e9%82%84%e6%98%af%e7%a0%b4%e6%b5%aa%e5%89%8d%e8%a1%8c%ef%bc%9f/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%ba%ba%e6%b0%b4%ef%bc%9f%e9%82%84%e6%98%af%e7%a0%b4%e6%b5%aa%e5%89%8d%e8%a1%8c%ef%bc%9f/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u6eba\u6c34\uff1f\u9084\u662f\u7834\u6d6a\u524d\u884c\uff1f", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Sink-or-swim-150x150.jpg\")
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\n", "content_text": "\u300a\u5546\u8a0a\u300b2024\u5e744\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 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\n\n\n\n\u8cc0\u4e00\u8aa0\u672c\u6708\u7a0d\u5f8c\u6642\u9593\u5c07\u5217\u5e2d\u7acb\u6cd5\u6703\u5168\u9ad4\u6703\u8b70\u3002\u9019\u4e9b\u554f\u984c\u80af\u5b9a\u6210\u70ba\u8b70\u54e1\u548c\u793e\u5340\u4ee3\u8868\u7684\u7126\u9ede\u3002\u793e\u6703\u5e0c\u671b\u884c\u653f\u9577\u5b98\u4e0d\u8981\u6de1\u5316\u9019\u4e9b\u64d4\u6182\uff0c\u4e26\u70ba\u90a3\u4e9b\u8655\u65bc\u6d36\u6e67\u6ce2\u6fe4\u4e2d\u75b2\u5026\u6399\u624e\u7684\u4eba\u5011\u63d0\u4f9b\u66f4\u591a\u4f9d\u4ed7\uff0c\u5305\u62ec\u5fc5\u8981\u6642\u7684\u6551\u751f\u8863\u3002\u6eba\u6c34\u524d\u7684\u7a92\u606f\u611f\u662f\u64fa\u812b\u6ce5\u6f6d\u7684\u826f\u65b9\u3002 ", "date_published": "April 15, 2024", "date_modified": "April 15, 2024 - 03:19", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Sink-or-swim.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": "\u6211\u5011\u4e4b\u524d\u591a\u6b21\u63a2\u8a0e\u7684\u8b70\u984c\u73fe\u5df2\u6210\u70ba\u4e86\u672c\u5730\u8a31\u591a\u5c0f\u578b\u4f01\u696d\u8feb\u5207\u95dc\u6ce8\u7684\u554f\u984c\u3002\u7d93\u6fdf\u5fa9\u7526\u904e\u7a0b\u4e2d\u9bae\u660e\u7684\u4e0d\u5747\u8861\u73fe\u8c61\u65e5\u76ca\u6df1\u5316\uff0c\u5317\u5340\u7b49\u793e\u5340\u7684\u5546\u8216\u9677\u5165\u9032\u9000\u7dad\u8c37\u7684\u5883\u5730\uff0c\u57ce\u4e2d\u71b1\u9580\u666f\u9ede\u9644\u8fd1\u7684\u5546\u5bb6\u5247\u84ec\u52c3\u767c\u5c55\u3002" }, { "id": "https://www.macaubusiness.com/we-continue-to-attract-a-lot-of-foreign-direct-investment/", "url": "https://www.macaubusiness.com/we-continue-to-attract-a-lot-of-foreign-direct-investment/", "title": "\u201cWe continue to attract a lot of foreign direct investment\u201d \u2013 InvestHK head", "content_html": "\nBy Jos\u00e9 Carlos Matias in Hong Kong
\n\n\n\nPhotos by Oswald Vas
\n\n\n\nThe new Director-General of InvestHK is confident in Hong Kong\u2019s ability to remain a prime destination for FDI and talent, highlighting a post-pandemic rebound. In an exclusive interview with Macau Business, Alpha Lau casts aside worries over the SAR\u2019s future and points to the GBA as a win-win process. She also wants to deepen ties with Macau.
\n\n\n\n
\u201cThere is a focus by the Hong Kong government in key areas: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy\u201d
Four months after assuming office as Director-General of InvestHK, the neighbouring SAR\u2019s government investment agency, Alpha Lau welcomed Macau Business into the department\u2019s headquarters, in the heart of Hong Kong\u2019s financial district. Her mission is to spearhead the city\u2019s post-pandemic re-emergence as a prime FDI destination and bustling hub. Despite some less-than-hopeful overseas reports and comments, Ms. Lau underlines data and measures indicating a fresh wave of investment and professionals flocking to Hong Kong, something she anticipates will speed up quickly. The key areas are: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy. Macau and the Greater Bay Area also rank high on her agenda, living up to the SAR\u2019s reputation as a springboard and bridge.
\n\n\n\nYou took office as Director-General of InvestHK in November 2023. Tell us about your main mission.
\n\n\n\nAlpha Lau – Prior to joining InvestHK, I’ve been in the private sector, mainly as a banker and also in FinTech for a while. So I’ve always actually wanted to serve Hong Kong, even in my youth. Hong Kong being a financial centre, I went into banking and spent 20 years in it. I was approached by the Government in the second quarter of 2023 to talk about whether I might want to join this position to help promote Hong Kong. And I thought at that time was a very interesting opportunity because for me, it merges the two things that I really wanted to do. One is really wanted to do something for my hometown. And the other thing is that Hong Kong, I believe in itself is a product that doesn’t really need selling, but perhaps we just need to refresh the world’s knowledge of Hong Kong after the pandemic. It was not as easy when people can’t travel. So I just jumped at the opportunity when I was approached, and I was very grateful that they chose me to join this position.
\n\n\n\n
\u201cOne of the key things Macau, Hong Kong, and GBA have to do is to attract more overseas companies, particularly in the fields of financial services, legal services, professional services, and IT\u201d
You take on this role at a key juncture. Hong Kong underwent a number of challenges over the past five years, from the 2019 social unrest to the impact of COVID-19. I guess selling Hong Kong these days might be a bit more challenging than let’s say 10 years ago or 15 years ago. Is that the case?
\n\n\n\nA. L. – I do agree with you in effect, because in the past, prior to Covid, prior to the pandemic, global free trade was already a very established thing around the world. Now, since the pandemic, because of the lack of traveling, there was a dramatic effect on the business activities around the world. I believe it’s actually been quite difficult for most cities and more locations around the world to rekindle the business that’s been happening before the pandemic. So the social unrest was there, it was short, but we were happy to say that order was restored very quickly. The pandemic had a far higher-reaching consequence because of the timeframe that it took up with three years. And the lack of travel, as I mentioned, as well as certain geopolitical difficulties.
\n\n\n\nIn Europe, for example, there are several conflicts going on. So when we talk to people, there’s been a lot of hesitation about going outside of your own country to do business. So, whether they say European countries or other countries around the world, before they would just come to Hong Kong, it’s just a great place to do business. But given these challenges that I mentioned, they have to, you know, re-examine their priorities, whether to expand anywhere in the world. And Hong Kong being one of the locations is certainly challenging. But I do see a lot of positive signs ahead.
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\u201cIt [the GBA integration processes]is a win-win situation because in Hong Kong in addition to being a springboard we are a bridge\u201d
Another challenge that one can perceive regards international perception concerning the future of Hong Kong. Recently, well-known economist Stephen Roach authored an Op-Ed in the Financial Times titled \u201cIt pains to say Hong Kong is over,\u201d a piece that generated controversy. What\u2019s your take on this and how can perceptions be changed regarding the SAR\u2019s future?
\n\n\n\nA. L. – Yes, there have been some comments like you mentioned in editorials. I would stress that most of them, I do not find a lot of data backing up; rather, it’s more like opinion pieces. Hong Kong is definitely an international financial centre and financial hub. Our stock market\u2019s total capitalisation size is still one of the greatest in the world. Companies keep coming to list. We are really only just after London and New York in terms of financial activity in terms of listings. We continue to attract a lot of foreign direct investment. InvestHK ourselves for clients that we actually handhold, we brought into Hong Kong a total of 382 FDI projects last year, which brought in HKD 61.6 billion of direct investments and created 41,000 jobs. But on top of that, because Hong Kong is such an easy place and a good place to do business, there are businesses who, through their own studies or through our promotion efforts, decided just to come into Hong Kong directly, because it just takes one hour to set up a company in Hong Kong. It’s very, very easy. And there are so many professionals here, global accountants and law firms to help them out. When we look at data, the total direct investment into Hong Kong in 2022, for example, we’re still waiting for the 2023 data, was HKD 860 billion. So the numbers speak for themselves.
\n\n\n\nAnd the other thing is Hong Kong definitely still enjoys the One Country Two Systems policy, as our central government leaders have said time again. Hong Kong is an international centre and there’s no reason to change it whatsoever. In his recent visit to Hong Kong Xia Baolong [director of the Hong Kong and Macau Affairs Office] talked to a lot of business representatives and expatriate businesspeople based here. He reiterated that there’s absolutely no reason at all to change Hong Kong status of One Country Two Systems In fact, there will be more support for Hong Kong being one of the best international cities to do business.
\n\n\n\nWhen we look at the source of FDI, out of the 382 completed projects in 2023 handled by InvestHK, 35 percent were originally from mainland China, with 12.5 percent from the United Kingdom and 8.9 percent from the United States. There has been a focus on diversifying the sources of FDI. Could you elaborate on it?
\n\n\n\nA. L. – Last year, mainland China still led the way because of the proximity for Hong Kong is a jumping board for Chinese companies going outside. Number two is followed closely with the United Kingdom with 48, the US 34 and Singapore 27. This actually showcases that despite some perception or geopolitical situations other than mainland China, the main market or the main source of companies coming in are still from the UK and the US. I think that probably stems from a longer history of them investing into Hong Kong. They know already without too much promotion that Hong Kong is indeed a good place to do business. And so they are now resuming all these activities after the pandemic. Now of interest is number four, which is Singapore, in itself a financial hub. There are companies from there who really, truly want to use Hong Kong as a springboard to go into China, for example. And you can’t do that directly from Singapore. But to answer your question about promotion efforts to support the country’s Belt and Road Initiative, our Chief Executive as well as our main officials, bureau chiefs, have visited the Middle East several times, and the ASEAN countries and I shall also be doing so to further improve the communication and the understanding between our locations and to really promote Hong Kong as a gateway of going into and outside of China, because investments are actually two ways, always trade. And investments are always both ways. While we will continue to focus our efforts in Europe and US, we will increase our efforts in the Belt and Road countries.
\n\n\n\nYou just mentioned Singapore. A recent report by Bloomberg Intelligence argues that Singapore is stealing the limelight with regards to hosting regional headquarters of multinational firms. They mentioned 4,200 multinational firms with regional headquarters, with 1,336 found in Hong Kong. Tell us about competition coming from Singapore and elsewhere in the region and the way forward to catch up.
\n\n\n\nA. L. – Singapore and Hong Kong are very similar in several aspects. We are both common law locations. And we both have a very mature financial services sector. Although, I must say that the Hong Kong stock market is still several times their size, and it’s a destination of choice for fundraising. Now, with regards to regional headquarters, it really depends on what a company is trying to achieve or what kind of industries they’re in. I did look at the report. The data that they quoted for Hong Kong is from our own publication. We, the Census Department, which is a very trusted objective agency. Our figure in 2023 was 1,336, compared with pre-pandemic level of about 1,450. When I talk to some of these companies who have closed or exited, most of them are telling me it was because of the pandemic. They haven’t gone anywhere else. They have closed their international offices in a lot of locations because of the uncertainties brought about by the time the pandemic.
\n\n\n\nWhat we are doing is for this year already, and the end of last year, several companies have announced that they’re going to set up either the regional or international headquarters in Hong Kong. A few very big Chinese companies going out of China are setting up their offshore or overseas head office in Hong Kong.
\n\n\n\nSo you are positive about the number of multinationals with their regional headquarters in Hong Kong getting back to pre-pandemic levels or even surpassing it soon, right?
\n\n\n\nA. L. – I strongly believe so. If not this year, then certainly at the end of next year. We are also now doubling our promotion efforts when in the past business just come to Hong Kong business, a good place to do business.
\n\n\n\n
\u201cI understand that everywhere in the world, there’s a shortage of talents and labour as a whole also because of fundamental changes in the younger generation’s work choices after the pandemic. But we are happy to say that talents are coming to Hong Kong\u201d
Moving from FDI sources to the profile of investments and the kind of completed projects, financial services and FinTech lead the way, but technology and innovation projects are catching up. What are your targets in this respect?
\n\n\n\nA. L. – Rather than targets, there is a focus by the Hong Kong government in four key areas of industries that we want to increase our work in: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy. So these are areas where we want to really focus on promotion efforts, and there are various schemes and subsidies in collaboration with the Science Park of Hong Kong, Cyberport, and also with the Innovation and Technology Bureau to double our efforts in these areas. And we’re happy to say that the growth is very quick. A lot of international research firms or companies in these areas would like to come to Hong Kong because of the strong research and development (R&D) support environment around here. And just across the border in Shenzhen is another huge talent pool with a lot of R&D industries already set up there. So the connectivity is there.
\n\n\n\nIn addition to investment, human capital is pivotal. And competition for talent is fierce…
\n\n\n\nA. L. \u2013 InvestHK has 33 offices around the world, and our outreach teams are in charge of investment promotion as well as talent attraction. We work very closely with the Hong Kong Talent Engage team of the Labour Department that was formed last year. I understand that everywhere in the world, there’s a shortage of talents and labour as a whole also because of fundamental changes in the younger generation’s work choices after the pandemic. But we are happy to say that talents are coming to Hong Kong. I have been quite happy to see in recent reports that, for example, the talent attraction schemes that we have put together attracted already over 40,000 people into Hong Kong.
\n\n\n\nYou have recently launched the Capital Investment Entrant Scheme. What is the rationale behind it?
\n\n\n\nA. L. \u2013 It caters to higher net worth, ultra-high net worth groups who might be interested in Hong Kong. And it’s also twofold, not only for them personally, but because these are frequently business owners who themselves have their business interests and will also be interested in Hong Kong for expanding their business as well as family investments. We have a very wide choice of investment for wealth management in Hong Kong. A lot of these families are interested in investing in start-ups, technology companies, particularly if they’re involved in say smart mobility, smart city or in green developments, green tech.
\n\n\n\nTalking about the Greater Bay Area, there are ambitious targets for regional integration. Hong Kong has been portrayed as GBA\u2019s Super Connector. How do you foresee the interplay between Hong Kong, Macau, and the nine GBA cities in Guangdong throughout this decade? What’s next?
\n\n\n\nA. L. \u2013 We place a lot of importance on the growth of the Greater Bay working together. Hong Kong is a springboard for overseas businesses going into China, as well as Chinese businesses going outside. We are one of the core engines to drive coordinated regional economic growth. We have a prime location as an international financial shipping and trading centre. So it’s very important for mainland businesses to go global. Other than Invest Hong Kong, we work very closely with the GBA offices in Macau, relevant teams in Macau, and abroad. So within Invest Hong Kong, we have a dedicated GBA business development team. Other than the nine industry sector teams, we have a business development team since 2021 responsible for attracting international companies to expand into GBA via Hong Kong.
\n\n\n\nWhat kind of coordination and exchanges has InvestHK been carrying out with Macau?
\n\n\n\nA. L. \u2013 We have a Pan-GBA investment liaison group with the mainland and Macau counterparts to strengthen collaboration and synergy concerning how to promote and run large-scale promotional events which had paused during the pandemic for face-to-face events. And we also line up the Commerce Bureau of the GBA cities to conduct a meeting. So, although I’ve only joined my position for three months now, we already had a, we call a leadership kick-off meeting this year with Mr. Vincent U, the Macao Trade and Investment Promotion Institute president, as well as Mr. Zhang Jinsong, director of the Guangdong Department of Commerce. And then the three of us sat down with our teams to discuss how to take cooperation further this year. So there’ll be a series of promotion activities and we also want to kind of be able to showcase to overseas businesses coming into the Greater Bay Area of where our relative strengths are and how we could help them. I want to work even closer with Macau with businesses and government because the GBA is about the whole area. There has been a shortage of public information about this area to the rest of the world.
\n\n\n\n
\u201cI want to work even closer with Macau\u201d
Are you also keeping an eye on Hengqin\u2019s development?
\n\n\n\nA. L. \u2013 Yes. Hengqin has become far closer to us, through Macau since the opening of the Hong Kong Zhuhai Macau Bridge. Macau has become a very important connection for Hong Kong and into the Greater Bay Area because the connection will be increasing more and more, with more border crossings.
\n\n\n\nAnd just across the border here is Shenzhen\u2019s Qianhai area\u2026
\n\n\n\nA. L. \u2013 Yes. We work very closely with Qianhai, which is also a special zone. Recently the Constitutional and Mainland Affairs Bureau of Hong Kong led a delegation including InvestHK and various bureaus to go to Qianhai and sign an agreement to work closer together and serve companies, including Hong Kong and Macau firms and overseas companies to go into Qianhai as a jumping board to the rest of the Greater Bay Area. Some of the things that we’ve discussed with Mr. Vincent U is that together with Qianhai we have to promote new measures to international enterprises because in the end, one of the key things Macau, Hong Kong, and GBA have to do is to attract more overseas companies coming into this area, particularly in the fields of financial services, legal services, professional services, and IT.
\n\n\n\nThere are some voices who are concerned that the overall GBA integration process may end up being a zero-sum game instead of win-win. How do you address this kind of scepticism?
\n\n\n\nA. L. \u2013 Well, I\u2019m not sceptical at all. It is a win-win situation because Hong Kong in addition to being a springboard we are a bridge. Hong Kong has always been a trade flow and investment flow bridge between mainland China and the rest of the world. The investments come into Hong Kong, companies setting up here and bringing about economic benefits to Hong Kong. Because Hong Kong has a certain landmass. We are a centre of excellence for research, education, and finance. When companies come in through Hong Kong, they also need some of the manufacture and they need a lot of land and support for that, and that will be across the border. For example, a lot of them will do research and development in Hong Kong because of the strong Intellectual Property protection laws and free flow of information and talents. And then they have to do development and building. And that will be in the Greater Bay Area because there is land, support, technology, and talents in terms of manufacturing. That\u2019s how we work closely together. It doesn’t divert investment but instead flows through Hong Kong. Some of it stays here, some of goes further through the rest of Mainland China.
\n\n\n\nMacau has been portrayed as a platform for relations with Portuguese-speaking countries. Do you see opportunities for Hong Kong concerning those markets when it comes to investment inflows and outflows, for instance, when it comes to Portugal and Brazil?
\n\n\n\nA. L. \u2013 There are a lot of very capable start-up companies in the two countries you mentioned. And they are also not only looking for funding and opportunities around the world but also, firstly, in Hong Kong because Invest Hong Kong not only works directly with companies, we also have a very close working relationship with the consuls general in Hong Kong. We have a special team looking after Chambers of Commerce. We also work very closely with the European Union Office in Hong Kong and Macau. Regarding the agenda of going green, there are a lot of European companies who want to also come into Hong Kong and the region, bearing in mind there are a lot of project opportunities in Hong Kong and the Greater Bay Area. We are doubling our efforts in this respect.
\n", "content_text": "By Jos\u00e9 Carlos Matias in Hong Kong \n\n\n\nPhotos by Oswald Vas\n\n\n\nThe new Director-General of InvestHK is confident in Hong Kong\u2019s ability to remain a prime destination for FDI and talent, highlighting a post-pandemic rebound. In an exclusive interview with Macau Business, Alpha Lau casts aside worries over the SAR\u2019s future and points to the GBA as a win-win process. She also wants to deepen ties with Macau.\n\n\n\n\n\n\n\n\n\n\n\n \u201cThere is a focus by the Hong Kong government in key areas: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy\u201d \n\n\n\nFour months after assuming office as Director-General of InvestHK, the neighbouring SAR\u2019s government investment agency, Alpha Lau welcomed Macau Business into the department\u2019s headquarters, in the heart of Hong Kong\u2019s financial district. Her mission is to spearhead the city\u2019s post-pandemic re-emergence as a prime FDI destination and bustling hub. Despite some less-than-hopeful overseas reports and comments, Ms. Lau underlines data and measures indicating a fresh wave of investment and professionals flocking to Hong Kong, something she anticipates will speed up quickly. The key areas are: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy. Macau and the Greater Bay Area also rank high on her agenda, living up to the SAR\u2019s reputation as a springboard and bridge.\n\n\n\nYou took office as Director-General of InvestHK in November 2023. Tell us about your main mission.\n\n\n\nAlpha Lau – Prior to joining InvestHK, I’ve been in the private sector, mainly as a banker and also in FinTech for a while. So I’ve always actually wanted to serve Hong Kong, even in my youth. Hong Kong being a financial centre, I went into banking and spent 20 years in it. I was approached by the Government in the second quarter of 2023 to talk about whether I might want to join this position to help promote Hong Kong. And I thought at that time was a very interesting opportunity because for me, it merges the two things that I really wanted to do. One is really wanted to do something for my hometown. And the other thing is that Hong Kong, I believe in itself is a product that doesn’t really need selling, but perhaps we just need to refresh the world’s knowledge of Hong Kong after the pandemic. It was not as easy when people can’t travel. So I just jumped at the opportunity when I was approached, and I was very grateful that they chose me to join this position.\n\n\n\n \u201cOne of the key things Macau, Hong Kong, and GBA have to do is to attract more overseas companies, particularly in the fields of financial services, legal services, professional services, and IT\u201d \n\n\n\nYou take on this role at a key juncture. Hong Kong underwent a number of challenges over the past five years, from the 2019 social unrest to the impact of COVID-19. I guess selling Hong Kong these days might be a bit more challenging than let’s say 10 years ago or 15 years ago. Is that the case?\n\n\n\nA. L. – I do agree with you in effect, because in the past, prior to Covid, prior to the pandemic, global free trade was already a very established thing around the world. Now, since the pandemic, because of the lack of traveling, there was a dramatic effect on the business activities around the world. I believe it’s actually been quite difficult for most cities and more locations around the world to rekindle the business that’s been happening before the pandemic. So the social unrest was there, it was short, but we were happy to say that order was restored very quickly. The pandemic had a far higher-reaching consequence because of the timeframe that it took up with three years. And the lack of travel, as I mentioned, as well as certain geopolitical difficulties.\n\n\n\nIn Europe, for example, there are several conflicts going on. So when we talk to people, there’s been a lot of hesitation about going outside of your own country to do business. So, whether they say European countries or other countries around the world, before they would just come to Hong Kong, it’s just a great place to do business. But given these challenges that I mentioned, they have to, you know, re-examine their priorities, whether to expand anywhere in the world. And Hong Kong being one of the locations is certainly challenging. But I do see a lot of positive signs ahead.\n\n\n\n \u201cIt [the GBA integration processes]is a win-win situation because in Hong Kong in addition to being a springboard we are a bridge\u201d \n\n\n\n\n\n\n\nAnother challenge that one can perceive regards international perception concerning the future of Hong Kong. Recently, well-known economist Stephen Roach authored an Op-Ed in the Financial Times titled \u201cIt pains to say Hong Kong is over,\u201d a piece that generated controversy. What\u2019s your take on this and how can perceptions be changed regarding the SAR\u2019s future?\n\n\n\nA. L. – Yes, there have been some comments like you mentioned in editorials. I would stress that most of them, I do not find a lot of data backing up; rather, it’s more like opinion pieces. Hong Kong is definitely an international financial centre and financial hub. Our stock market\u2019s total capitalisation size is still one of the greatest in the world. Companies keep coming to list. We are really only just after London and New York in terms of financial activity in terms of listings. We continue to attract a lot of foreign direct investment. InvestHK ourselves for clients that we actually handhold, we brought into Hong Kong a total of 382 FDI projects last year, which brought in HKD 61.6 billion of direct investments and created 41,000 jobs. But on top of that, because Hong Kong is such an easy place and a good place to do business, there are businesses who, through their own studies or through our promotion efforts, decided just to come into Hong Kong directly, because it just takes one hour to set up a company in Hong Kong. It’s very, very easy. And there are so many professionals here, global accountants and law firms to help them out. When we look at data, the total direct investment into Hong Kong in 2022, for example, we’re still waiting for the 2023 data, was HKD 860 billion. So the numbers speak for themselves. \n\n\n\nAnd the other thing is Hong Kong definitely still enjoys the One Country Two Systems policy, as our central government leaders have said time again. Hong Kong is an international centre and there’s no reason to change it whatsoever. In his recent visit to Hong Kong Xia Baolong [director of the Hong Kong and Macau Affairs Office] talked to a lot of business representatives and expatriate businesspeople based here. He reiterated that there’s absolutely no reason at all to change Hong Kong status of One Country Two Systems In fact, there will be more support for Hong Kong being one of the best international cities to do business.\n\n\n\nWhen we look at the source of FDI, out of the 382 completed projects in 2023 handled by InvestHK, 35 percent were originally from mainland China, with 12.5 percent from the United Kingdom and 8.9 percent from the United States. There has been a focus on diversifying the sources of FDI. Could you elaborate on it?\n\n\n\nA. L. – Last year, mainland China still led the way because of the proximity for Hong Kong is a jumping board for Chinese companies going outside. Number two is followed closely with the United Kingdom with 48, the US 34 and Singapore 27. This actually showcases that despite some perception or geopolitical situations other than mainland China, the main market or the main source of companies coming in are still from the UK and the US. I think that probably stems from a longer history of them investing into Hong Kong. They know already without too much promotion that Hong Kong is indeed a good place to do business. And so they are now resuming all these activities after the pandemic. Now of interest is number four, which is Singapore, in itself a financial hub. There are companies from there who really, truly want to use Hong Kong as a springboard to go into China, for example. And you can’t do that directly from Singapore. But to answer your question about promotion efforts to support the country’s Belt and Road Initiative, our Chief Executive as well as our main officials, bureau chiefs, have visited the Middle East several times, and the ASEAN countries and I shall also be doing so to further improve the communication and the understanding between our locations and to really promote Hong Kong as a gateway of going into and outside of China, because investments are actually two ways, always trade. And investments are always both ways. While we will continue to focus our efforts in Europe and US, we will increase our efforts in the Belt and Road countries.\n\n\n\n\n\n\n\nYou just mentioned Singapore. A recent report by Bloomberg Intelligence argues that Singapore is stealing the limelight with regards to hosting regional headquarters of multinational firms. They mentioned 4,200 multinational firms with regional headquarters, with 1,336 found in Hong Kong. Tell us about competition coming from Singapore and elsewhere in the region and the way forward to catch up.\n\n\n\nA. L. – Singapore and Hong Kong are very similar in several aspects. We are both common law locations. And we both have a very mature financial services sector. Although, I must say that the Hong Kong stock market is still several times their size, and it’s a destination of choice for fundraising. Now, with regards to regional headquarters, it really depends on what a company is trying to achieve or what kind of industries they’re in. I did look at the report. The data that they quoted for Hong Kong is from our own publication. We, the Census Department, which is a very trusted objective agency. Our figure in 2023 was 1,336, compared with pre-pandemic level of about 1,450. When I talk to some of these companies who have closed or exited, most of them are telling me it was because of the pandemic. They haven’t gone anywhere else. They have closed their international offices in a lot of locations because of the uncertainties brought about by the time the pandemic.\n\n\n\nWhat we are doing is for this year already, and the end of last year, several companies have announced that they’re going to set up either the regional or international headquarters in Hong Kong. A few very big Chinese companies going out of China are setting up their offshore or overseas head office in Hong Kong. \n\n\n\nSo you are positive about the number of multinationals with their regional headquarters in Hong Kong getting back to pre-pandemic levels or even surpassing it soon, right?\n\n\n\nA. L. – I strongly believe so. If not this year, then certainly at the end of next year. We are also now doubling our promotion efforts when in the past business just come to Hong Kong business, a good place to do business.\n\n\n\n \u201cI understand that everywhere in the world, there’s a shortage of talents and labour as a whole also because of fundamental changes in the younger generation’s work choices after the pandemic. But we are happy to say that talents are coming to Hong Kong\u201d \n\n\n\n\n\n\n\nMoving from FDI sources to the profile of investments and the kind of completed projects, financial services and FinTech lead the way, but technology and innovation projects are catching up. What are your targets in this respect?\n\n\n\nA. L. – Rather than targets, there is a focus by the Hong Kong government in four key areas of industries that we want to increase our work in: artificial intelligence, life sciences, FinTech, advanced manufacturing, and green new energy. So these are areas where we want to really focus on promotion efforts, and there are various schemes and subsidies in collaboration with the Science Park of Hong Kong, Cyberport, and also with the Innovation and Technology Bureau to double our efforts in these areas. And we’re happy to say that the growth is very quick. A lot of international research firms or companies in these areas would like to come to Hong Kong because of the strong research and development (R&D) support environment around here. And just across the border in Shenzhen is another huge talent pool with a lot of R&D industries already set up there. So the connectivity is there.\n\n\n\nIn addition to investment, human capital is pivotal. And competition for talent is fierce…\n\n\n\nA. L. \u2013 InvestHK has 33 offices around the world, and our outreach teams are in charge of investment promotion as well as talent attraction. We work very closely with the Hong Kong Talent Engage team of the Labour Department that was formed last year. I understand that everywhere in the world, there’s a shortage of talents and labour as a whole also because of fundamental changes in the younger generation’s work choices after the pandemic. But we are happy to say that talents are coming to Hong Kong. I have been quite happy to see in recent reports that, for example, the talent attraction schemes that we have put together attracted already over 40,000 people into Hong Kong.\n\n\n\nYou have recently launched the Capital Investment Entrant Scheme. What is the rationale behind it?\n\n\n\nA. L. \u2013 It caters to higher net worth, ultra-high net worth groups who might be interested in Hong Kong. And it’s also twofold, not only for them personally, but because these are frequently business owners who themselves have their business interests and will also be interested in Hong Kong for expanding their business as well as family investments. We have a very wide choice of investment for wealth management in Hong Kong. A lot of these families are interested in investing in start-ups, technology companies, particularly if they’re involved in say smart mobility, smart city or in green developments, green tech.\n\n\n\nTalking about the Greater Bay Area, there are ambitious targets for regional integration. Hong Kong has been portrayed as GBA\u2019s Super Connector. How do you foresee the interplay between Hong Kong, Macau, and the nine GBA cities in Guangdong throughout this decade? What’s next?\n\n\n\nA. L. \u2013 We place a lot of importance on the growth of the Greater Bay working together. Hong Kong is a springboard for overseas businesses going into China, as well as Chinese businesses going outside. We are one of the core engines to drive coordinated regional economic growth. We have a prime location as an international financial shipping and trading centre. So it’s very important for mainland businesses to go global. Other than Invest Hong Kong, we work very closely with the GBA offices in Macau, relevant teams in Macau, and abroad. So within Invest Hong Kong, we have a dedicated GBA business development team. Other than the nine industry sector teams, we have a business development team since 2021 responsible for attracting international companies to expand into GBA via Hong Kong.\n\n\n\nWhat kind of coordination and exchanges has InvestHK been carrying out with Macau?\n\n\n\nA. L. \u2013 We have a Pan-GBA investment liaison group with the mainland and Macau counterparts to strengthen collaboration and synergy concerning how to promote and run large-scale promotional events which had paused during the pandemic for face-to-face events. And we also line up the Commerce Bureau of the GBA cities to conduct a meeting. So, although I’ve only joined my position for three months now, we already had a, we call a leadership kick-off meeting this year with Mr. Vincent U, the Macao Trade and Investment Promotion Institute president, as well as Mr. Zhang Jinsong, director of the Guangdong Department of Commerce. And then the three of us sat down with our teams to discuss how to take cooperation further this year. So there’ll be a series of promotion activities and we also want to kind of be able to showcase to overseas businesses coming into the Greater Bay Area of where our relative strengths are and how we could help them. I want to work even closer with Macau with businesses and government because the GBA is about the whole area. There has been a shortage of public information about this area to the rest of the world.\n\n\n\n \u201cI want to work even closer with Macau\u201d \n\n\n\n\n\n\n\nAre you also keeping an eye on Hengqin\u2019s development?\n\n\n\nA. L. \u2013 Yes. Hengqin has become far closer to us, through Macau since the opening of the Hong Kong Zhuhai Macau Bridge. Macau has become a very important connection for Hong Kong and into the Greater Bay Area because the connection will be increasing more and more, with more border crossings.\n\n\n\nAnd just across the border here is Shenzhen\u2019s Qianhai area\u2026\n\n\n\nA. L. \u2013 Yes. We work very closely with Qianhai, which is also a special zone. Recently the Constitutional and Mainland Affairs Bureau of Hong Kong led a delegation including InvestHK and various bureaus to go to Qianhai and sign an agreement to work closer together and serve companies, including Hong Kong and Macau firms and overseas companies to go into Qianhai as a jumping board to the rest of the Greater Bay Area. Some of the things that we’ve discussed with Mr. Vincent U is that together with Qianhai we have to promote new measures to international enterprises because in the end, one of the key things Macau, Hong Kong, and GBA have to do is to attract more overseas companies coming into this area, particularly in the fields of financial services, legal services, professional services, and IT.\n\n\n\nThere are some voices who are concerned that the overall GBA integration process may end up being a zero-sum game instead of win-win. How do you address this kind of scepticism?\n\n\n\nA. L. \u2013 Well, I\u2019m not sceptical at all. It is a win-win situation because Hong Kong in addition to being a springboard we are a bridge. Hong Kong has always been a trade flow and investment flow bridge between mainland China and the rest of the world. The investments come into Hong Kong, companies setting up here and bringing about economic benefits to Hong Kong. Because Hong Kong has a certain landmass. We are a centre of excellence for research, education, and finance. When companies come in through Hong Kong, they also need some of the manufacture and they need a lot of land and support for that, and that will be across the border. For example, a lot of them will do research and development in Hong Kong because of the strong Intellectual Property protection laws and free flow of information and talents. And then they have to do development and building. And that will be in the Greater Bay Area because there is land, support, technology, and talents in terms of manufacturing. That\u2019s how we work closely together. It doesn’t divert investment but instead flows through Hong Kong. Some of it stays here, some of goes further through the rest of Mainland China.\n\n\n\nMacau has been portrayed as a platform for relations with Portuguese-speaking countries. Do you see opportunities for Hong Kong concerning those markets when it comes to investment inflows and outflows, for instance, when it comes to Portugal and Brazil?\n\n\n\nA. L. \u2013 There are a lot of very capable start-up companies in the two countries you mentioned. And they are also not only looking for funding and opportunities around the world but also, firstly, in Hong Kong because Invest Hong Kong not only works directly with companies, we also have a very close working relationship with the consuls general in Hong Kong. We have a special team looking after Chambers of Commerce. We also work very closely with the European Union Office in Hong Kong and Macau. Regarding the agenda of going green, there are a lot of European companies who want to also come into Hong Kong and the region, bearing in mind there are a lot of project opportunities in Hong Kong and the Greater Bay Area. We are doubling our efforts in this respect.", "date_published": "April 13, 2024", "date_modified": "April 14, 2024 - 00:23", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/04/Alpha-Lau-50.jpg", "tags": [ "Finance", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "The new Director-General of InvestHK is confident in Hong Kong\u2019s ability to remain a prime destination for FDI and talent. In an exclusive interview with Macau Business, Alpha Lau casts aside worries over the SAR\u2019s future and points to the GBA as a win-win process. She also wants to deepen ties with Macau." }, { "id": "https://www.macaubusiness.com/editorial-sink-or-swim/", "url": "https://www.macaubusiness.com/editorial-sink-or-swim/", "title": "EDITORIAL \u2013 Sink or swim?", "content_html": "\nMacau Business Editorial |April 2024 | By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nAn uneven recovery pattern has emerged in Macau with ever-widening disparity among the fates of many local small businesses. It\u2019s something this publication has already addressed, and it is now a pressing concern. Shops in residential areas such as the Northern district are struggling, while those in the city\u2019s tourist spots thrive.
\n\n\n\nThe Easter holidays only heightened the trend\u2019s stark contrasts, with hordes of residents eschewing local options and crossing the border to enjoy the mainland\u2019s wide range of shopping and dining options with better value for money. Shop owners and analysts alike point to the Northbound Travel for Macau Vehicles scheme as a significant contributor to this phenomenon, and a similar pattern has been observed in neighbouring Hong Kong.
\n\n\n\nRepresentatives from the Industry and Commerce Association of the Macau Northern District and the Macau Catering Industry Association have expressed serious concerns over the impact this trend is having on local small enterprise, citing a wave of business closures with numbers exceeding those during the pandemic in some areas. The predicament is easily understood as the result of an increase in commercial rents plus a decline in custom, particularly during weekends and holiday periods. But who can blame those northbound travellers? And what can be done to tackle the woes of the small, local shops serving residential zones? The first question may be rhetorical, but the second warrants serious thought and a nuanced approach.
\n\n\n\nThe Northbound Travel for Macau Vehicles programme could have been rolled out more gradually, but now there\u2019s no going back, despite the double-edged sword it presents to local residents and businesses. The government appears to be aware of the problem, having launched important initiatives aimed at boosting the attractiveness of residential areas and of consumption there, which include revitalisation projects undertaken in tandem with gaming operators in order to break the monopolisation of tourists\u2019 time by the integrated resorts and major tourist zones. These initiatives may not yield immediate sound results, however. Effective outcomes may only materialise in a future that may be too late for the number of small shops already running on borrowed time.
\n\n\n\nThe Government should provide additional tools, even life jackets, if needed, for those fighting hard to keep heads above choppy water
A pure, supply-and-demand, free-market approach requires local shops to adapt or perish, to adjust and innovate or fade into obsolescence. And while it\u2019s true that market rules will prevail and these businesses must strategize, the fact remains that for a number of them it will be a challenge in some ways tougher than the pandemic. They simply won\u2019t make it unless \u201cshopping small\u201d in Macau is afforded an adequate level of support and protection.
\n\n\n\nWhen Ho Iat Seng returns for a Legislative Assembly Q & A later this month, these issues will likely be foremost among the legislators\u2019 and community representatives\u2019 concerns. One hopes the Chief Executive won\u2019t downplay these worries but will instead provide additional tools, even life jackets, if needed, for those fighting to keep heads above choppy water. That sinking feeling is a recipe for disengagement.
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/eb2516df98a2cd0f69fa9ede19cc4f77-150x150.png\")
\n\u300a\u5546\u8a0a\u300b2024\u5e743\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/03/share-of-voice-kun-iam.jpg\")
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\n", "content_text": "\u300a\u5546\u8a0a\u300b2024\u5e743\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 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"summary": "\u6fb3\u9580\u9686\u91cd\u5176\u4e8b\u5730\u8fce\u4f86\u4e86\u9f8d\u5e74\uff0c\u5165\u5883\u65c5\u5ba2\u4eba\u6578\u5e7e\u4e4e\u6062\u5fa9\u81f3\u75ab\u60c5\u524d\u6c34\u5e73\u3002\u5118\u7ba11\u6708\u8ced\u6536\u8f15\u5fae\u4e0b\u8dcc\uff0c\u4f462\u6708\u4ecd\u4fdd\u6301\u7a69\u5065\u3002" }, { "id": "https://www.macaubusiness.com/editorial-share-of-voice/", "url": "https://www.macaubusiness.com/editorial-share-of-voice/", "title": "EDITORIAL \u2013 Share of voice", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/03/share-of-voice-kun-iam-150x150.jpg\")
\nMacau Business Editorial |March 2024| By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nMacau ushered in the Year of the Dragon in style and with a bang. Tourist arrivals came close to equalling pre-pandemic levels, and gaming revenue remained solid in February, even if slightly down on January\u2019s number. The city\u2019s macroeconomic figures continue to shine, with gross domestic product jumping 80.5 per cent year-on-year in 2023. Projections show another double-digit increase in the cards for 2024 (a per cent in the low teens), one that will bring the city\u2019s economic output to 90 percent of pre-pandemic 2019 levels.
\n\n\n\nYet we mustn\u2019t let the torrent of good news wash away those hard-earned miles we put between us and the \u2018good-old-heyday-when-the-sky-was-the-limit\u2019 way of thinking. Not to dampen the upbeat atmosphere, but it\u2019s easily to see not all is well in paradise. There has been a lot of recent focus on \u201ctelling the good stories\u201d, but the storytelling from the news media and journalism is not fairy tales; we should strive for fair, balanced reporting ever in pursuit of accuracy, public interest, and editorial independence. In an increasingly global polarised environment, we seem to find ourselves being forced to take sides \u2013 to choose between gloom and doom and everlasting sunshine and rainbows. Reality is far more nuanced than that.
\n\n\n\nWhile last year\u2019s results bode well for Macau\u2019s economic recovery, geopolitical and nationwide uncertainties remain key factors. The mainland\u2019s post-pandemic rebound has fallen short of expectations. And beyond the official figures, goings-on at street level, too, are cause for concern. Central authorities acknowledged this fact just prior to the opening on March 4 of this year\u2019s \u201cTwo Sessions\u201d \u2013 meetings of the country\u2019s top legislative body (NPC) and advisory body (CPPCC). While sceptics foresee China struggling to escape the so-called \u201cmiddle-income trap\u201d, others put things in perspective, comparing the Chinese economy to major powerhouses around the world and indicating that the mainland’s property market and youth unemployment woes are being addressed, with a new economic model emerging grounded in high-quality development.
\n\n\n\nOur city can navigate that course, aligned with national and regional development strategies, without losing its own voice \u2013 one of diversity, one that speaks for both citizens and businesses.
Should these challenges be tackled through demand-side economics or a supply-side approach? What might the right mix be?
\n\n\n\nRecent months have seen the Central Bank roll measures out including cutting the reserve requirement ratio for commercial banks, an adjustment aimed at boosting lending and injecting liquidity into the market. Some observers, however, make the case for bold, rather than piecemeal, moves, citing the need to massively spur consumption and prevent potential deflationary spirals. While it\u2019s not yet known if or when a massive stimulus package will come to fruition, Beijing has named reversing capital outflows and attracting a fresh influx of foreign direct investment as fundamental tasks. The new visa scheme designed to facilitate foreign tourism and business visitation is certainly a welcome measure, alongside other (re)opening-up policies. But does all of this go far enough?
\n\n\n\nAnd can Macau remain insulated from it all? Hardly. An increasingly robust economic recovery in the mainland, one that must remain sound, is key. It\u2019s true that Macau has been enjoying a windfall of visitation and spending from across the border, but the city\u2019s property market continues to stagnate, and concerns over current and future disposable income have not been put to rest. Against this backdrop, the impossibility of harnessing externalities notwithstanding, the right domestic public policies could make a difference in our city. While continuous support from the Central Government is an absolutely necessary condition, will it be enough, if the local government and bureaucratic and business elites fail to live up to the highly demanding tasks facing the SAR in years to come? The course is set, measures are being adopted, but of paramount importance is actually going beyond slogans and injecting more substance into the buzzwords.
\n\n\n\nOur city can navigate that course, aligned with national and regional development strategies, without losing its own voice \u2013 one of diversity, one that speaks for both citizens and businesses. That share of voice will certainly be heard, and it will be heeded \u2013up North and right here, down-to-earth.
\n", "content_text": "Macau Business Editorial |March 2024| By Jos\u00e9 Carlos Matias \u2013 Director\n\n\n\nMacau ushered in the Year of the Dragon in style and with a bang. Tourist arrivals came close to equalling pre-pandemic levels, and gaming revenue remained solid in February, even if slightly down on January\u2019s number. The city\u2019s macroeconomic figures continue to shine, with gross domestic product jumping 80.5 per cent year-on-year in 2023. Projections show another double-digit increase in the cards for 2024 (a per cent in the low teens), one that will bring the city\u2019s economic output to 90 percent of pre-pandemic 2019 levels. \n\n\n\n\n\n\n\nYet we mustn\u2019t let the torrent of good news wash away those hard-earned miles we put between us and the \u2018good-old-heyday-when-the-sky-was-the-limit\u2019 way of thinking. Not to dampen the upbeat atmosphere, but it\u2019s easily to see not all is well in paradise. There has been a lot of recent focus on \u201ctelling the good stories\u201d, but the storytelling from the news media and journalism is not fairy tales; we should strive for fair, balanced reporting ever in pursuit of accuracy, public interest, and editorial independence. In an increasingly global polarised environment, we seem to find ourselves being forced to take sides \u2013 to choose between gloom and doom and everlasting sunshine and rainbows. Reality is far more nuanced than that.\n\n\n\nWhile last year\u2019s results bode well for Macau\u2019s economic recovery, geopolitical and nationwide uncertainties remain key factors. The mainland\u2019s post-pandemic rebound has fallen short of expectations. And beyond the official figures, goings-on at street level, too, are cause for concern. Central authorities acknowledged this fact just prior to the opening on March 4 of this year\u2019s \u201cTwo Sessions\u201d \u2013 meetings of the country\u2019s top legislative body (NPC) and advisory body (CPPCC). While sceptics foresee China struggling to escape the so-called \u201cmiddle-income trap\u201d, others put things in perspective, comparing the Chinese economy to major powerhouses around the world and indicating that the mainland’s property market and youth unemployment woes are being addressed, with a new economic model emerging grounded in high-quality development.\n\n\n\nOur city can navigate that course, aligned with national and regional development strategies, without losing its own voice \u2013 one of diversity, one that speaks for both citizens and businesses.\n\n\n\nShould these challenges be tackled through demand-side economics or a supply-side approach? What might the right mix be? \n\n\n\nRecent months have seen the Central Bank roll measures out including cutting the reserve requirement ratio for commercial banks, an adjustment aimed at boosting lending and injecting liquidity into the market. Some observers, however, make the case for bold, rather than piecemeal, moves, citing the need to massively spur consumption and prevent potential deflationary spirals. While it\u2019s not yet known if or when a massive stimulus package will come to fruition, Beijing has named reversing capital outflows and attracting a fresh influx of foreign direct investment as fundamental tasks. The new visa scheme designed to facilitate foreign tourism and business visitation is certainly a welcome measure, alongside other (re)opening-up policies. But does all of this go far enough? \n\n\n\nAnd can Macau remain insulated from it all? Hardly. An increasingly robust economic recovery in the mainland, one that must remain sound, is key. It\u2019s true that Macau has been enjoying a windfall of visitation and spending from across the border, but the city\u2019s property market continues to stagnate, and concerns over current and future disposable income have not been put to rest. Against this backdrop, the impossibility of harnessing externalities notwithstanding, the right domestic public policies could make a difference in our city. While continuous support from the Central Government is an absolutely necessary condition, will it be enough, if the local government and bureaucratic and business elites fail to live up to the highly demanding tasks facing the SAR in years to come? The course is set, measures are being adopted, but of paramount importance is actually going beyond slogans and injecting more substance into the buzzwords.\n\n\n\nOur city can navigate that course, aligned with national and regional development strategies, without losing its own voice \u2013 one of diversity, one that speaks for both citizens and businesses. That share of voice will certainly be heard, and it will be heeded \u2013up North and right here, down-to-earth.", "date_published": "March 08, 2024", "date_modified": "March 08, 2024 - 23:34", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/03/share-of-voice-kun-iam.jpg", "tags": [ "Editorial", "Macau", "Macau Business", "MAG", "MAG Featured", "Opinion" ], "summary": "Our city can navigate that course, aligned with national and regional development strategies, without losing its own voice \u2013 one of diversity, one that speaks for both citizens and businesses." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%87%b8%e5%b4%96%e7%ab%8b%e9%a6%ac%ef%bc%8c%e9%be%8d%e8%ba%8d%e9%9b%b2%e6%b4%a5/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e6%87%b8%e5%b4%96%e7%ab%8b%e9%a6%ac%ef%bc%8c%e9%be%8d%e8%ba%8d%e9%9b%b2%e6%b4%a5/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u61f8\u5d16\u7acb\u99ac\uff0c\u9f8d\u8e8d\u96f2\u6d25", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/02/Dragons-and-horses-150x150.png\")
\n\u300a\u5546\u8a0a\u300b2024\u5e742\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
\u5728\u4e0a\u4e00\u500b\u9f8d\u5e74\uff08\u53732012\u5e74\uff09\uff0c\u6fb3\u9580\u8cfd\u99ac\u6295\u6ce8\u70ba\u535a\u5f69\u7e3d\u6536\u5165\u8ca2\u737b\u4e86\u6fb3\u9580\u5e633.56\u5104\u5143\u3002\u5118\u7ba1\u9019\u4e00\u8a18\u9304\u4ecd\u50c5\u70ba2005\u5e74\u6536\u5165\u7684\u4e0d\u5230\u4e00\u534a\uff0c\u4f46\u8207\u53bb\u5e74\u7684\u6158\u6de1\u6536\u76ca\u76f8\u6bd4\uff0c\u5df2\u9054\u4e5d\u500d\u4e4b\u591a\uff08\u7d044,000 \u842c\u5143\uff09\u3002\u5ba2\u89c0\u5730\u8aaa\uff0c2005\u5e74\u8cfd\u99ac\u6295\u6ce8\u6536\u5165\u50c5\u4f54\u535a\u5f69\u7e3d\u6536\u5165\u76841.38%\uff0c\u4f46\u52302023\u5e74\uff0c\u9019\u4e00\u6bd4\u4f8b\u6025\u5287\u840e\u7e2e\u81f30.021%\u3002\u6fb3\u9580\u8cfd\u99ac\u6703\u7684\u4e0d\u7965\u547d\u904b\u53ef\u8b02\u65e9\u5df2\u8a3b\u5b9a\uff0c\u4f46\u8acb\u6ce8\u610f\uff0c\u7576\u71df\u904b\u5546\u57282018\u5e74\u7372\u5ef6\u9577\u8cfd\u99ac\u5c08\u71df\u7279\u8a31\u5408\u540c24\u5e74\u6642\uff0c\u5176\u6295\u6ce8\u6536\u5165\u5c31\u5df2\u8dcc\u81f3\u4e861.01\u5104\u5143\u3002\u96e3\u9053\u7576\u6642\u7684\u6c7a\u7b56\u8005\u5c31\u4e0d\u662f\u672c\u672b\u5012\u7f6e\u55ce\uff1f
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/Horse-racing-Jockey-Club1-1028x729.jpg\")
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\n\n\n\n2024\u7532\u8fb0\u9f8d\u5e74\uff0c\u6211\u5011\u662f\u5f90\u5f90\u524d\u884c\uff1f\u9084\u662f\u9f8d\u9a64\u864e\u6b65\uff1f
\n\n\n\n\u9f8d\u99ac\u7cbe\u795e!
\n\n\n\n\u606d\u559c\u767c\u8ca1\uff01
\nMacau Business Editorial | February 2024| By Jos\u00e9 Carlos Matias \u2013 Director
The last time it was the Year of the Dragon (2012), Macau\u2019s Jockey Club (MJC) generated MOP356 million in gross gaming revenue (GGR). That was already half what it was in 2005, but it\u2019s nine times the meagre figure (MOP40 million) reported last year. To put things in perspective, while the take at the track in 2005 was just 1.38 per cent the amount of casino GGR, by 2023 that had been decimated to just 0.021 per cent. For the MJC\u2019s operator you could say the writing was on the wall and plain to see. It’s noteworthy to highlight that back in 2018 when its operating concession was renewed for an eyebrow-raising 24-year term, revenue had already dwindled to MOP101 million.
\n\n\n\nThe termination of the MJC\u2019s concession contract sees the city bid farewell to yet another gambling activity, six years after the closure of the Canidrome spelled the end for dog racing (a wise move and long-overdue in the case of the greyhounds). Remaining forms of gambling such as lotteries and sports betting are dwarved by the overwhelming hegemony of casino games of fortune. Within the gaming activities sector, diversification is a figment.
\n\n\n\nBeyond gaming, the MJC saga invites present discussion of the contract extension that was granted in the past and what use will be made of the site\u2019s precious land in the future. Both are addressed in this issue of Macau Business and will most likely see relevant developments in the not-so-distant future.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/02/MBFev24_Cover_final-780x1028.jpg\")
Also taking centre stage this month are the city\u2019s birth rate, fertility and overall demographic trends. Macau\u2019s famous \u201cdragon babies\u201d, born in an auspicious 2012 with 7,315 live births, will celebrate their 12th birthdays this year. It\u2019s a figure that has seen a steady decline, down year-on-year with the exception of 2014, with births in 2022 at just 60 per cent of the 2012 Dragon Year\u2019s total. This issue\u2019s special report delves into the multifaceted repercussions of a declining birth rate \u2013 a problem shared by a number of highly developed economies and one that is becoming an increasingly persistent challenge both here and over the border. The matter is now ensconced on the city\u2019s agenda, as evidenced by exchanges between legislators and the government, but so far any response has been piecemeal. While there\u2019s no magic elixir, due attention could be paid and an integrated package of measures and long-term policies adopted \u2013 not just to boost the birth rate but also to better address the city\u2019s ageing population, with Macau (thankfully) ranking second in the world for life expectancy (just behind Hong Kong).
\n\n\n\nIn his New Year Message for the Year of the Water Dragon, 2012, then Chief Executive Chui Sai On pledged to \u201ctake the necessary initiatives to realise the \u2018world centre of tourism and leisure\u2019 project, committing to consolidating existing advantages and promoting the appropriate diversification of the economy\u201d.
\n\n\n\nA similar, more emphatic message was conveyed by the current SAR leader, Ho Iat Seng, in his address for this year.
\n\n\n\nIn this Year of the Wood Dragon, 2024, will we hold our horses \u2013 or release the dragons?
\n\n\n\n\u9f8d\u99ac\u7cbe\u795e! \u00b7 Happy Chinese New Year of the Dragon! \u00b7 Kung Hei Fat Choi!
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Francis-Lui-e-Lui-Che-Woo-GEG-150x150.png\")
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\n\n\n\n\u6587\uff1a\u99ac\u5929\u9f8d\uff0fMandy Kuok
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Francis-Lui-e-Lui-Che-Woo.png\")
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\n\n\n\n\u900f\u904e\u9019\u4e9b\u6295\u8cc7\uff0c\u9280\u5a1b\u9810\u8a08\u5c07\u978f\u56fa\u5176\u4f5c\u70ba\u9818\u5148\u71df\u904b\u5546\u7684\u5730\u4f4d\u3002\u9280\u5a1b\u767c\u5c55\u7b56\u7565\u7684\u6838\u5fc3\u662f\u300cMICEE\u300d\u6982\u5ff5\uff0c\u5728\u9280\u5a1b\u4e3b\u5e2d\u5442\u5fd7\u548c\u7684\u63a8\u52d5\u4e0b\uff0c\u70ba\u73fe\u6709\u7684 MICE\uff08\u6703\u8b70\u3001\u734e\u52f5\u65c5\u904a\u53ca\u5c55\u89bd\uff09\u589e\u6dfb\u5a1b\u6a02\u5143\u7d20\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Lui-Che-Woo.png\")
\u535a\u5f69\u65c5\u904a\u696d\u8f49\u5411\u767c\u5c55
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Francis-Lui.png\")
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\n\n\n\n\u6fb3\u9580\u9280\u6cb3\u65b0\u7684\u7d9c\u85dd\u9928\u53ef\u5bb9\u7d0d16,000\u89c0\u773e\uff0c\u61c9\u8a72\u662f\u76ee\u524d\u6fb3\u9580\u6700\u5927\u7684\u6f14\u85dd\u9928\u3002\u5442\u8000\u6771\u8868\u793a\uff0c\u65b0\u6703\u8b70\u4e2d\u5fc3\u914d\u5099\u4e86\u5f88\u591a\u65b0\u79d1\u6280\u8a2d\u5099\uff0c\u53ef\u70ba\u7528\u8005\u63d0\u4f9b\u66f4\u9748\u6d3b\u3001\u66f4\u8cbc\u5fc3\u7684\u670d\u52d9\u3002\u6fb3\u9580\u9280\u6cb3\u80fd\u914d\u5408\u653f\u5e9c\u767c\u5c55\u6f14\u85dd\u4e4b\u90fd\u3001\u9ad4\u80b2\u4e4b\u57ce\u4e26\u975e\u5de7\u5408\uff0c\u800c\u662f\u7d93\u904e\u4e00\u9023\u4e32\u7684\u898f\u5283\u548c\u90e8\u7f72\uff0c\u70ba\u9019\u4e9b\u6d3b\u52d5\u76db\u4e8b\u505a\u597d\u6e96\u5099\u3002
\n\n\n\n\u81f3\u65bc\u672a\u4f86\u7684\u6311\u6230\uff0c\u5442\u8000\u6771\u5e0c\u671b\u6fb3\u9580\u80fd\u76e1\u5feb\u5f9e\u75ab\u60c5\u6062\u5fa9\u904e\u4f86\uff0c\u5c24\u5176\u662f\u4ea4\u901a\u548c\u901a\u95dc\u80fd\u66f4\u65b9\u4fbf\uff0c\u6a5f\u5834\u822a\u73ed\u4ea6\u80fd\u76e1\u5feb\u5fa9\u5e38\u3002\u6b64\u5916\uff0c\u4eba\u624d\u65b9\u9762\u5e0c\u671b\u80fd\u5438\u7d0d\u591a\u4e00\u4e9b\u8a9e\u8a00\u80fd\u529b\u5f37\u7684\u4eba\u58eb\uff0c\u4ee5\u5229\u8207\u5404\u65b9\u4eba\u58eb\u6e9d\u901a\uff0c\u4ee4\u6fb3\u9580\u672a\u4f86\u767c\u5c55\u66f4\u597d\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/GEG-Galaxy-ICC.png\")
\u591a\u5143\u5316\u652f\u6301\u6fb3\u9580\u5efa\u8a2d
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\n\n\n\n\u5728\u5438\u5f15\u570b\u969b\u65c5\u5ba2\u65b9\u9762\uff0c\u5442\u8000\u6771\u8868\u793a\uff0c\u6fb3\u9580\u53ef\u4ee5\u900f\u904e\u7af6\u722d\u4f86\u5438\u5f15\u570b\u969b\u904a\u5ba2\uff0c\u6fb3\u9580\u9280\u6cb3\u5f88\u6709\u4fe1\u5fc3\u5728\u9019\u65b9\u9762\u6703\u53d6\u5f97\u6210\u7e3e\uff0c\u4f46\u4e26\u4e0d\u6703\u662f\u56e0\u70ba\u50f9\u683c\u6bd4\u8f03\u4fbf\u5b9c\uff0c\u7562\u7adf\u6fb3\u9580\u7684\u71df\u904b\u6210\u672c\u5be6\u969b\u4e0a\u6bd4\u5176\u4ed6\u570b\u5bb6\u548c\u5730\u5340\u76f8\u5c0d\u8981\u9ad8\u3002\u56e0\u6b64\uff0c\u6fb3\u9580\u9280\u6cb3\u5fc5\u9808\u64c1\u6709\u898f\u6a21\u3001\u670d\u52d9\u548c\u4e16\u754c\u4e00\u6d41\u7684\u6d3b\u52d5\u624d\u80fd\u5438\u5f15\u65c5\u5ba2\u3002\u6b64\u5916\uff0c\u6fb3\u9580\u9700\u8981\u6709\u66f4\u591a\u4f86\u6fb3\u822a\u73ed\uff0c\u540c\u6642\u4ea4\u901a\u7db2\u7d61\u4ea6\u8981\u8b8a\u5f97\u66f4\u597d\uff0c\u4ee5\u53ca\u66f4\u591a\u591a\u8a9e\u8a00\u4eba\u624d\u3002\u6240\u6709\u9019\u4e9b\u689d\u4ef6\u52a0\u4e0a\u512a\u8cea\u670d\u52d9\uff0c\u4fbf\u662f\u9280\u5a1b\u652f\u6301\u6fb3\u9580\u653f\u5e9c\u5438\u5f15\u66f4\u591a\u570b\u969b\u904a\u5ba2\u4f86\u6fb3\u9580\u7684\u6b63\u78ba\u9014\u5f91\u3002
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Geg-Andaz-Raffles.png\")
\u53c3\u8207\u793e\u5340\u6d3b\u5316
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\n\n\n\n\u95dc\u65bc\u9280\u5a1b\u8207\u7279\u5340\u653f\u5e9c\u651c\u624b\u63a8\u9032\u7684\u8354\u679d\u7897\u8239\u5ee0\u7247\u5340\u6d3b\u5316\u9805\u76ee\uff0c\u5442\u8000\u6771\u8868\u793a\uff0c\u4e3b\u8981\u4ee5\u672c\u5730\u53ca\u9020\u8239\u696d\u6b77\u53f2\u70ba\u4e3b\u984c\uff0c\u7d50\u5408\u4f11\u9592\u5a1b\u6a02\u3001\u89aa\u5b50\u53ca\u904b\u52d5\u5143\u7d20\uff0c\u5c07\u8354\u679d\u7897\u8239\u5ee0\u7247\u5340\u6253\u9020\u6210\u6fb3\u9580\u6587\u5316\u7684\u65b0\u5730\u6a19\uff0c\u96c6\u5718\u4e00\u76f4\u8207\u6fb3\u9580\u653f\u5e9c\u6709\u4ea4\u6d41\uff0c\u6b63\u5c31\u843d\u5be6\u7b2c\u4e00\u671f\u9805\u76ee\u7684\u958b\u767c\u6982\u5ff5\uff0c\u4ee5\u53ca\u76f8\u95dc\u512a\u5316\u5de5\u7a0b\u9032\u884c\u7dca\u5bc6\u6e9d\u901a\uff0c\u653f\u5e9c\u4ea6\u6eff\u610f\u8a72\u8a08\u5283\uff0c\u4e26\u9010\u6b65\u63a8\u9032\u76f8\u95dc\u5de5\u4f5c\uff0c\u9810\u8a082024\u5e74\u7b2c\u4e09\u5b63\u8d77\u5206\u968e\u6bb5\u5b8c\u5de5\u3002\u7b2c\u4e00\u671f\u9805\u76ee\u8a2d\u65bd\u5305\u62ec\u591a\u9805\u89aa\u5b50\u5152\u7ae5\u904a\u6a02\u8a2d\u65bd\u3001\u5927\u578b\u8173\u8e0f\u8eca\u53ca\u6ed1\u677f\u8eca\u7b49\u904a\u73a9\u5834\u5730\u3002
\n\n\n\n\u8207\u6b64\u540c\u6642\uff0c\u96c6\u5718\u5df2\u958b\u59cb\u5b9a\u671f\u65bc\u7247\u5340\u8a2d\u7f6e\u4e0d\u540c\u7684\u6253\u5361\u88dd\u7f6e\u53ca\u8209\u8fa6\u4e0d\u540c\u6d3b\u52d5\uff0c\u5982\u65bc\u683c\u862d\u62ab\u6cbb\u5927\u8cfd\u8eca\u671f\u9593\u8a2d\u7f6e\u76f8\u95dc\u7684\u4e3b\u984c\u88dd\u7f6e\uff1b\u4e26\u65bc\u8056\u8a95\u3001\u9664\u5915\u53ca\u8fb2\u66c6\u65b0\u5e74\u671f\u9593\u7279\u5225\u88fd\u4f5c\u76f8\u95dc\u7684\u4e3b\u984c\u88dd\u7f6e\u3001\u8209\u8fa6\u6d3b\u52d5\u548c\u8868\u6f14\uff0c\u5982\uff1a\u904a\u6232\u6524\u4f4d\u3001\u85a9\u514b\u65af\u7ba1\u7b49\u97f3\u6a02\u6f14\u51fa\uff0c\u4ee5\u53ca\u8857\u982d\u9b54\u8853\u3001\u5c0f\u4e11\u4e92\u52d5\u8868\u6f14\u7b49\u3002
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/CKK_4735-150x150.jpg\")
\n\u300a\u5546\u8a0a\u300b2024\u5e741\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n2023\u5e74\uff0c\u535a\u5f69\u696d\u958b\u555f\u5d84\u65b0\u6642\u4ee3\u3002\u904e\u53bb\u4e00\u5e74\u7684\u767c\u5c55\u53ef\u898b\uff0c\u9019\u4e9b\u6182\u616e\u5728\u7576\u6642\u662f\u53ef\u4ee5\u7406\u89e3\uff0c\u4f46\u503c\u5f97\u6176\u5e78\uff0c\u4ed6\u5011\u7684\u60f3\u6cd5\u4e26\u4e0d\u6210\u7acb\u3002\u6fb3\u9580\u7684\u97cc\u6027\u548c\u6301\u7e8c\u7684\u5438\u5f15\u529b\uff0c\u5c24\u5176\u662f\u5c0d\u5167\u5730\u548c\u9999\u6e2f\u65c5\u5ba2\u4f86\u8aaa\uff0c\u62c9\u52d5\u4e86\u535a\u5f69\u884c\u696d\u7a69\u5065\u5fa9\u7526\uff08\u53bb\u5e74\u5168\u5e74\u8ced\u6536\u5171\u6fb3\u9580\u5e631,830 \u5104\u5143\uff09\u3002\u5118\u7ba1\u4ecd\u50c5\u6062\u5fa9\u81f3\u75ab\u60c5\u7206\u767c\u524d\u768462%\uff0c\u537b\u52e2\u5982\u7834\u7af9\u5730\u5927\u6b65\u5411\u524d\u8e8d\u9032\uff0c\u53cd\u5f48\u5e45\u5ea6\u9060\u8d85\u4e00\u5e74\u524d\u6700\u6a02\u89c0\u7684\u9810\u671f\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u6839\u64da2023\u5e74\u5e74\u7d42\u7d50\u7b97\uff0c\u672c\u5730\u535a\u5f69\u7e3d\u6536\u5165\u5df2\u6062\u5fa9\u81f32019\u5e74\u7684 81%\u3002
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/IMG_3251-1028x685.jpeg\")
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/F55FF280-F932-4773-AB3D-4AC0613B96AB-150x150.jpeg\")
\nBy Jos\u00e9 Carlos Matias and Mandy Kuok
\n\n\n\nPhotos by Oswald Vas
\n\n\n\nGalaxy’s leadership is optimistic about the prospects for this year and beyond. Following the recent inauguration of the group\u2019s Phase 3 properties, Chairman Lui Che Woo and Vice Chairman Francis Lui share their perspectives on the evolving gaming and non-gaming sectors in Macau. In an interview with Macau Business, they delve into the path forward as the push for diversification gains momentum and mass gaming revenue keeps on expanding. Mass market, leisure, entertainment, sports events, and MICE take centre stage.
\n\n\n\nConstruction works are progressing steadily at the Cotai land parcels under Galaxy Entertainment Group (GEG). Phase 3 properties are already up and running, bustling with activity due to the gradual opening of Galaxy International Convention Centre (GICC), Galaxy Arena, Andaz Macau, and Raffles at Galaxy Macau throughout 2023. However, there’s more in the pipeline, with a new high-end hotel brand within the Phase 3 parcel scheduled to be completed in 2024, bringing the total number of hotel brands under GEG to 10.
\n\n\n\nNext in line is Phase 4, slated for completion in 2027, featuring increased hotel capacity, integrated resorts, and MICE facilities. This phase will include additional high-end hotel brands, a 4,000-seat theatre, extensive F&B, retail, non-gaming amenities, landscaping, and a water resort deck, covering approximately 600,000 square meters of development.
\n\n\n\nWith these investments, GEG expects to solidify its position as a leading operator. This comes after the industry experienced a robust recovery in the first post-pandemic year, guided by the terms of the new concession contract, which prioritises non-gaming commitments.
\n\n\n\n\u201cWe will continue to support the Macau SAR government in developing community tourism so that different tourists can experience Macau\u2019s history and culture and help enrich the mix of Macau\u2019s tourist source markets\u201d – Lui Che Woo
\u201cI\u2019m confident Macau can compete to attract international visitors, but not because it\u2019s cheaper (\u2026) We will be competing because we have better quality\u201d – Francis Lui
MICE+Entertainment time
\n\n\n\nAt the core of Galaxy\u2019s approach is the concept of “MICEE,” which adds Entertainment to the existing MICE (Meetings, Incentives, Conventions, and Exhibitions), as promoted by GEG Chairman Lui Che Woo. This direction brings \u201cinnovative technology and thinking to the younger generation\u201d and \u201calso helps Macau break through the old structure, improve itself, move towards innovative technology, new modern thinking, and keep pace with world cities,\u201d explained the 94-year-old Chairman, Executive Director, and founder of Galaxy in a joint interview with Macau Business alongside the group\u2019s top officers.
\n\n\n\nThe company\u2019s new 16,000-seat capacity Galaxy Arena, hosting headline pop stars, shows, and sports events, along with the 40,000-square-meter GICC, align with the aim of supplementing the Galaxy Macau property with space to enhance its role in the MICE and entertainment segments. This, in turn, generates a spillover effect in gaming, retail, and dining revenue. The installed capacity is also in line with the government\u2019s upcoming focus on Macau as a \u201cCity of Performing Arts” and a “City of Sports,” objectives emphasised in the SAR\u2019s Policy Address for 2024, as underscored by the Galaxy Chairman. This is also intertwined with another key aim: boosting international visitation.
\n\n\n\nEnhancing overseas allure
\n\n\n\nGEG Vice Chairman and Executive Director, Francis Lui Yiu Tung, son of the senior Lui, advocates for a focus on quality and the role of entertainment and sports events. “We should concentrate on attracting more international tourists to Macau, especially leisure and family tourists,” he emphasises, adding that this entails attracting more high-quality and valued visitors.
\n\n\n\nThe government has set a goal of luring around two million overseas visitors to the SAR. Considering the global and regional competition, where main hubs compete for international tourists, how can we take the city to the next level in this respect? When asked about how to achieve this, Francis Lui highlights quality, mobility, and multilingual talent as key factors. “I’m confident Macau can compete to attract international visitors, but not because it’s cheaper,” he asserts, noting that, in that respect, Macau is more expensive than many other destinations. “So, this is where we have to have the scale, the service, and the world-class events to be here and attract foreign visitors.” Moreover, “we need to have the flights coming in, transportation improving, and we need to have multiple language talents.” In a nutshell, “with all that coming together, we will be competing because we have better quality,” added Francis Lui, who is also the managing director of Galaxy Casino SA, the GEG subsidiary holder of the Macau gaming concession.
\n\n\n\n\u201cWe have to have the scale, the service, and the world-class events to be here and attract foreign visitors [to Macau] (..) \u201cWe need to have the flights to come in, transportation to get better, and multiple language talents.\u201d \u2013 Francis Lui
\u201cThis direction [MICE+Entertainment] brings innovative technology and thinking to the younger generation and also helps Macau break through the old structure, improve itself and keep pace with world cities\u201d – Lui Che Woo
Revitalisation commitments
\n\n\n\nUnder the new ten-year gaming concessions that have been in effect since January 1, 2023, Galaxy pledged MOP28.4 billion in investments, with MOP27.5 billion allocated to non-gaming projects. These encompass new facilities such as a 61,000-square-metre “first-and-only high-tech amusement park,” a 4,000-seat music and performing arts theatre, and an art museum, among other initiatives, as announced a year ago.
\n\n\n\nThe gaming concessionaires are also contributing to the revitalisation of old neighbourhoods to support community tourism. GEG was assigned the task of revitalising the Lai Chi Vun shipyards in Coloane. \u201cWe have been working closely with the Macau government and are in constant communication regarding the implementation of the development concept for the first phase of the project and related optimisation projects,\u201d said Francis Lui, revealing that \u201cit is expected to be completed in phases starting from the third quarter of 2024.\u201d The renovation plan will be executed in two phases, with the first phase focusing on the construction of an exhibition hall that will celebrate the history of the shipbuilding industry in the area, including several family-oriented facilities.
\n\n\n\nLui Che Woo stresses that GEG \u201cwill continue to support the Macau SAR government in developing community tourism so that different tourists can experience Macau\u2019s history and culture and help enrich the mix of Macau\u2019s tourist source markets.\u201d
\n\n\n\nMass market supremacy
\n\n\n\nWhile non-gaming takes center stage, the lion\u2019s share of the revenue comes from gaming, the \u2018head of the dragon\u2019 that leads the other sectors. In terms of gross gaming revenue (GGR) market share, Galaxy has consistently ranked second among the city\u2019s six operators over the past years, trailing only behind Sands. This standing also applies to adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA), as shown in the latest quarterly results of the operators.
\n\n\n\n\u201cIt is now clear that tourists visiting Macau have many other needs, in addition to gaming\u201d \u2013 Lui Che Woo
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/Francis-Lui-e-Lui-Che-Woo-GEG.png\")
\u201cWe will continue to expand in mass gaming\u201d \u2013 Francis Lui
In the post-pandemic era and under the SAR\u2019s new gaming regulations and concessions, the GGR structure has shifted significantly compared to before the pandemic, with the VIP segment shrinking and the mass market expanding. In the case of Galaxy operations, the results for last year\u2019s third quarter show that the mass market segment surpassed pre-pandemic levels of the third quarter of 2019, while VIP-generated revenue only accounted for 12 per cent of what was recorded in 2019, according to data compiled by consultancy 2nt8 Limited.
\n\n\n\nAsked about the revenue stream trends, Francis Lui expressed satisfaction. \u201cWe are doing quite well,\u201d he said, adding that the group is \u201cpretty happy\u201d as the latest figures indicate that mass market revenue exceeded comparable levels in 2019. \u201cWe will continue to expand in mass gaming,\u201d emphasised the Vice Chairman of GEG. Sitting next to him in this joint interview, Galaxy\u2019s Chief Operating Officer (COO) Kevin Kelley noted that \u201cwith regards to gaming GGR, the competition is quite fierce, and we are up for the challenge,\u201d adding that the company pays \u201cclose attention to all segments of the business.\u201d
\n\n\n\nLifting non-gaming
\n\n\n\nHow much and how fast can non-gaming revenue grow? That is an important question when gauging diversification, starting with gaming and integrated resorts themselves. \u201cWe need to ensure that the non-gaming part is also progressing at the same rate,\u201d Francis Lui stresses.
\n\n\n\nNon-gaming net revenue has been claiming a larger share after the pandemic. For instance, non-gaming\u2019s share increased from just 13 percent of gaming net revenue in the third quarter of 2019 to 20 percent in the July-to-September period of 2023, as per Galaxy company results. The results show that non-gaming net revenue for the third quarter of 2019 has already surpassed that of the comparable period in 2019.
\n\n\n\nFrancis Lui mentions that the further expansion of non-gaming revenue is a challenge that Galaxy “is focusing on.” His confidence stems from the perspective that \u201cwhen people come to Macau, in addition to gambling, they can enjoy shopping, entertainment, sports events, and more.\u201d
\n\n\n\nVisitor patterns, behaviour, and expectations are evolving. \u201cIt is now evident that tourists visiting Macau have many other needs besides gaming,\u201d Lui Che Woo adds, pointing the way forward: \u201cOnly by discarding old thinking can society progress.”
\n\n\n\n\n", "content_text": "By Jos\u00e9 Carlos Matias and Mandy Kuok\n\n\n\nPhotos by Oswald Vas \n\n\n\n\n\n\n\nGalaxy’s leadership is optimistic about the prospects for this year and beyond. Following the recent inauguration of the group\u2019s Phase 3 properties, Chairman Lui Che Woo and Vice Chairman Francis Lui share their perspectives on the evolving gaming and non-gaming sectors in Macau. In an interview with Macau Business, they delve into the path forward as the push for diversification gains momentum and mass gaming revenue keeps on expanding. Mass market, leisure, entertainment, sports events, and MICE take centre stage.\n\n\n\nConstruction works are progressing steadily at the Cotai land parcels under Galaxy Entertainment Group (GEG). Phase 3 properties are already up and running, bustling with activity due to the gradual opening of Galaxy International Convention Centre (GICC), Galaxy Arena, Andaz Macau, and Raffles at Galaxy Macau throughout 2023. However, there’s more in the pipeline, with a new high-end hotel brand within the Phase 3 parcel scheduled to be completed in 2024, bringing the total number of hotel brands under GEG to 10.\n\n\n\nNext in line is Phase 4, slated for completion in 2027, featuring increased hotel capacity, integrated resorts, and MICE facilities. This phase will include additional high-end hotel brands, a 4,000-seat theatre, extensive F&B, retail, non-gaming amenities, landscaping, and a water resort deck, covering approximately 600,000 square meters of development.\n\n\n\nWith these investments, GEG expects to solidify its position as a leading operator. This comes after the industry experienced a robust recovery in the first post-pandemic year, guided by the terms of the new concession contract, which prioritises non-gaming commitments.\n\n\n\n\n\n\n\n\u201cWe will continue to support the Macau SAR government in developing community tourism so that different tourists can experience Macau\u2019s history and culture and help enrich the mix of Macau\u2019s tourist source markets\u201d – Lui Che Woo \n\n\n\n\n\n\n\n\n\n\n\n \u201cI\u2019m confident Macau can compete to attract international visitors, but not because it\u2019s cheaper (\u2026) We will be competing because we have better quality\u201d – Francis Lui \n\n\n\nMICE+Entertainment time\n\n\n\nAt the core of Galaxy\u2019s approach is the concept of “MICEE,” which adds Entertainment to the existing MICE (Meetings, Incentives, Conventions, and Exhibitions), as promoted by GEG Chairman Lui Che Woo. This direction brings \u201cinnovative technology and thinking to the younger generation\u201d and \u201calso helps Macau break through the old structure, improve itself, move towards innovative technology, new modern thinking, and keep pace with world cities,\u201d explained the 94-year-old Chairman, Executive Director, and founder of Galaxy in a joint interview with Macau Business alongside the group\u2019s top officers.\n\n\n\nThe company\u2019s new 16,000-seat capacity Galaxy Arena, hosting headline pop stars, shows, and sports events, along with the 40,000-square-meter GICC, align with the aim of supplementing the Galaxy Macau property with space to enhance its role in the MICE and entertainment segments. This, in turn, generates a spillover effect in gaming, retail, and dining revenue. The installed capacity is also in line with the government\u2019s upcoming focus on Macau as a \u201cCity of Performing Arts” and a “City of Sports,” objectives emphasised in the SAR\u2019s Policy Address for 2024, as underscored by the Galaxy Chairman. This is also intertwined with another key aim: boosting international visitation.\n\n\n\nEnhancing overseas allure\n\n\n\nGEG Vice Chairman and Executive Director, Francis Lui Yiu Tung, son of the senior Lui, advocates for a focus on quality and the role of entertainment and sports events. “We should concentrate on attracting more international tourists to Macau, especially leisure and family tourists,” he emphasises, adding that this entails attracting more high-quality and valued visitors.\n\n\n\nThe government has set a goal of luring around two million overseas visitors to the SAR. Considering the global and regional competition, where main hubs compete for international tourists, how can we take the city to the next level in this respect? When asked about how to achieve this, Francis Lui highlights quality, mobility, and multilingual talent as key factors. “I’m confident Macau can compete to attract international visitors, but not because it’s cheaper,” he asserts, noting that, in that respect, Macau is more expensive than many other destinations. “So, this is where we have to have the scale, the service, and the world-class events to be here and attract foreign visitors.” Moreover, “we need to have the flights coming in, transportation improving, and we need to have multiple language talents.” In a nutshell, “with all that coming together, we will be competing because we have better quality,” added Francis Lui, who is also the managing director of Galaxy Casino SA, the GEG subsidiary holder of the Macau gaming concession.\n\n\n\n\u201cWe have to have the scale, the service, and the world-class events to be here and attract foreign visitors [to Macau] (..) \u201cWe need to have the flights to come in, transportation to get better, and multiple language talents.\u201d \u2013 Francis Lui \n\n\n\n\n\n\n\n\u201cThis direction [MICE+Entertainment] brings innovative technology and thinking to the younger generation and also helps Macau break through the old structure, improve itself and keep pace with world cities\u201d – Lui Che Woo \n\n\n\nRevitalisation commitments\n\n\n\nUnder the new ten-year gaming concessions that have been in effect since January 1, 2023, Galaxy pledged MOP28.4 billion in investments, with MOP27.5 billion allocated to non-gaming projects. These encompass new facilities such as a 61,000-square-metre “first-and-only high-tech amusement park,” a 4,000-seat music and performing arts theatre, and an art museum, among other initiatives, as announced a year ago.\n\n\n\nThe gaming concessionaires are also contributing to the revitalisation of old neighbourhoods to support community tourism. GEG was assigned the task of revitalising the Lai Chi Vun shipyards in Coloane. \u201cWe have been working closely with the Macau government and are in constant communication regarding the implementation of the development concept for the first phase of the project and related optimisation projects,\u201d said Francis Lui, revealing that \u201cit is expected to be completed in phases starting from the third quarter of 2024.\u201d The renovation plan will be executed in two phases, with the first phase focusing on the construction of an exhibition hall that will celebrate the history of the shipbuilding industry in the area, including several family-oriented facilities.\n\n\n\nLui Che Woo stresses that GEG \u201cwill continue to support the Macau SAR government in developing community tourism so that different tourists can experience Macau\u2019s history and culture and help enrich the mix of Macau\u2019s tourist source markets.\u201d\n\n\n\nMass market supremacy\n\n\n\nWhile non-gaming takes center stage, the lion\u2019s share of the revenue comes from gaming, the \u2018head of the dragon\u2019 that leads the other sectors. In terms of gross gaming revenue (GGR) market share, Galaxy has consistently ranked second among the city\u2019s six operators over the past years, trailing only behind Sands. This standing also applies to adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA), as shown in the latest quarterly results of the operators.\n\n\n\n\u201cIt is now clear that tourists visiting Macau have many other needs, in addition to gaming\u201d \u2013 Lui Che Woo\n\n\n\n\n\n\n\n \u201cWe will continue to expand in mass gaming\u201d \u2013 Francis Lui \n\n\n\nIn the post-pandemic era and under the SAR\u2019s new gaming regulations and concessions, the GGR structure has shifted significantly compared to before the pandemic, with the VIP segment shrinking and the mass market expanding. In the case of Galaxy operations, the results for last year\u2019s third quarter show that the mass market segment surpassed pre-pandemic levels of the third quarter of 2019, while VIP-generated revenue only accounted for 12 per cent of what was recorded in 2019, according to data compiled by consultancy 2nt8 Limited.\n\n\n\nAsked about the revenue stream trends, Francis Lui expressed satisfaction. \u201cWe are doing quite well,\u201d he said, adding that the group is \u201cpretty happy\u201d as the latest figures indicate that mass market revenue exceeded comparable levels in 2019. \u201cWe will continue to expand in mass gaming,\u201d emphasised the Vice Chairman of GEG. Sitting next to him in this joint interview, Galaxy\u2019s Chief Operating Officer (COO) Kevin Kelley noted that \u201cwith regards to gaming GGR, the competition is quite fierce, and we are up for the challenge,\u201d adding that the company pays \u201cclose attention to all segments of the business.\u201d\n\n\n\n \n\n\n\n\n\n\n\nLifting non-gaming\n\n\n\nHow much and how fast can non-gaming revenue grow? That is an important question when gauging diversification, starting with gaming and integrated resorts themselves. \u201cWe need to ensure that the non-gaming part is also progressing at the same rate,\u201d Francis Lui stresses.\n\n\n\nNon-gaming net revenue has been claiming a larger share after the pandemic. For instance, non-gaming\u2019s share increased from just 13 percent of gaming net revenue in the third quarter of 2019 to 20 percent in the July-to-September period of 2023, as per Galaxy company results. The results show that non-gaming net revenue for the third quarter of 2019 has already surpassed that of the comparable period in 2019.\n\n\n\nFrancis Lui mentions that the further expansion of non-gaming revenue is a challenge that Galaxy “is focusing on.” His confidence stems from the perspective that \u201cwhen people come to Macau, in addition to gambling, they can enjoy shopping, entertainment, sports events, and more.\u201d\n\n\n\nVisitor patterns, behaviour, and expectations are evolving. \u201cIt is now evident that tourists visiting Macau have many other needs besides gaming,\u201d Lui Che Woo adds, pointing the way forward: \u201cOnly by discarding old thinking can society progress.”", "date_published": "January 07, 2024", "date_modified": "January 08, 2024 - 23:22", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/F55FF280-F932-4773-AB3D-4AC0613B96AB.jpeg", "tags": [ "Gaming", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "Galaxy's leadership is optimistic about the prospects for this year and beyond. Following the recent inauguration of the group\u2019s Phase 3 properties, Chairman Lui Che Woo and Vice Chairman Francis Lui share their perspectives on the evolving gaming and non-gaming sectors in Macau. In an interview with Macau Business, they delve into the path forward as the push for diversification gains momentum and mass gaming revenue keeps on expanding. Mass market, leisure, entertainment, sports events, and MICE take centre stage." }, { "id": "https://www.macaubusiness.com/editorial-the-chosen-one1/", "url": "https://www.macaubusiness.com/editorial-the-chosen-one1/", "title": "EDITORIAL \u2013 The \u2018Chosen One\u2019", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/CKK_4674-696x464-150x150.jpg\")
\nMacau Business Editorial | January 2024 | By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\n“Has gaming in Macau become ‘that which must not be named?'”, someone asked at a conference elsewhere in the Asia-Pacific region last year.
\n\n\n\nWhile it might be overstating things to give it taboo status just yet, the question does reflect a perception around the broader issue of the 2022 gaming public tender\u2019s non-gaming focus and the magnitude of the operators\u2019 commitments on non-gaming investments under the new gaming concessions.
\n\n\n\nAt some point, a couple of years ago, some voices even speculated about whether the authorities\u2019 endgame might involve phasing out casino gaming in the mid-to-long term. After all, how could the industry continue to shine with the near extinction of junkets (and the significant funds they brought in) and the screw-tightening from new gaming-related regulations and measures being implemented locally and across the border?
\n\n\n\nOne year into the gaming industry\u2019s ‘new era’ has shown us those concerns \u2013 though understandable at the time \u2013are thankfully not holding water. Macau\u2019s resilience combined with its persistent allure, especially for those hailing from mainland China and Hong Kong, resulted in sound recovery for gross gaming revenue (GGR) in 2023 (MOP183 billion), which despite being just 62 per cent of pre-pandemic levels is way beyond the most optimistic guesses hazarded a year ago. More importantly, year-end GGR figures (December) recovered to 81 per cent of 2019 levels.
\n\n\n\nSome analysts are already belittling the Government\u2019s MOP216 billion GGR forecast for 2024 as \u201ceasily surpassed\u201d. As our readers will know, we are not in the habit of jumping on the crystal ball bandwagon: we neither bought into astronomic sky\u2019s-the-limit predictions during the last decade\u2019s heyday nor foretold of the \u201ccoming collapse\u201d at the low-ebb of COVID-19, particularly in 2022. What is crystal clear, though, is that the pace of recovery bodes well not only for Macau\u2019s economy but for the new gaming revenue structure that emerged in the post-pandemic part of last year. The much-anticipated rise to supremacy of mass-market GGR is now a reality (with late 2023 levels outpacing 2019 levels), and VIP-generated revenue has taken a back seat. Nevertheless, as we explore in this issue\u2019s special report, the junket sector\u2019s near-demise was not an extinction event for high rollers. Far from it. Experts in our special report reveal they can still be found in company-direct VIP rooms and on gaming floors \u2013 as premium-mass customers.
\n\n\n\nWhat this suggests is that post-COVID pent-up demand and management by authorities on both sides (SAR and mainland) have been key factors, the latter reflecting an essential political dimension that warrants deeper analysis. Add to that the operators\u2019 ability to adjust to an evolving and more sophisticated clientele, and this is where we find an integrated, organic intertwining of gaming and non-gaming: namely through providing new experiences for visitors in terms of shows, performing arts, entertainment, sports events, dining, retail, and so on. Indeed, \u201cdiversification\u201d is no longer just a buzzword; it\u2019s now also the keyword. And we\u2019re already seeing results. Yet it\u2019s only early stage in the 10-year concession period, and there is still a long way to go to reach the ambitious targets set by both government and operators.
\n\n\n\nIt would be a disappointment to see the city resign itself to its massive Greater China market comfort zone, failing to live up to the World Tourism and Leisure Centre mantra. Yet with the tourism authorities showing themselves increasingly proactive in promoting the SAR abroad, alongside the \u201cBig Six\u201d and other players, it\u2019s within reason to hope for a much-needed boost in international visitation this year. To that end, more flights, easier mobility and skilled multilingual professionals will be key.
\n\n\n\nMeanwhile, the laudable focus on Macau\u2019s urban revitalisation and its \u201cCity of Performing Arts\u201d and \u201cCity of Sports\u201d ambitions is being delivered in a de facto \u201cpublic-private partnership\u201d between the government and gaming concessionaires. But therein lies an important duty to fine-tune those arrangements and keep an eye out for dysfunctions.
\n\n\n\nRather than ‘that which must not be named’, the history of Macau has shown gaming to be the ‘Chosen One’. And while addressing its side effects, a focus on maximising the gaming industry\u2019s contribution for the greater public good while fostering diversified, inclusive, and sustainable economic development stands as the quintessential undertaking for the SAR in this decade. What awaits us further down the road hinges on getting this leg of the journey right.
\n", "content_text": "Macau Business Editorial | January 2024 | By Jos\u00e9 Carlos Matias \u2013 Director \n\n\n\n“Has gaming in Macau become ‘that which must not be named?'”, someone asked at a conference elsewhere in the Asia-Pacific region last year. \n\n\n\nWhile it might be overstating things to give it taboo status just yet, the question does reflect a perception around the broader issue of the 2022 gaming public tender\u2019s non-gaming focus and the magnitude of the operators\u2019 commitments on non-gaming investments under the new gaming concessions. \n\n\n\n\n\n\n\nAt some point, a couple of years ago, some voices even speculated about whether the authorities\u2019 endgame might involve phasing out casino gaming in the mid-to-long term. After all, how could the industry continue to shine with the near extinction of junkets (and the significant funds they brought in) and the screw-tightening from new gaming-related regulations and measures being implemented locally and across the border?\n\n\n\nOne year into the gaming industry\u2019s ‘new era’ has shown us those concerns \u2013 though understandable at the time \u2013are thankfully not holding water. Macau\u2019s resilience combined with its persistent allure, especially for those hailing from mainland China and Hong Kong, resulted in sound recovery for gross gaming revenue (GGR) in 2023 (MOP183 billion), which despite being just 62 per cent of pre-pandemic levels is way beyond the most optimistic guesses hazarded a year ago. More importantly, year-end GGR figures (December) recovered to 81 per cent of 2019 levels.\n\n\n\nSome analysts are already belittling the Government\u2019s MOP216 billion GGR forecast for 2024 as \u201ceasily surpassed\u201d. As our readers will know, we are not in the habit of jumping on the crystal ball bandwagon: we neither bought into astronomic sky\u2019s-the-limit predictions during the last decade\u2019s heyday nor foretold of the \u201ccoming collapse\u201d at the low-ebb of COVID-19, particularly in 2022. What is crystal clear, though, is that the pace of recovery bodes well not only for Macau\u2019s economy but for the new gaming revenue structure that emerged in the post-pandemic part of last year. The much-anticipated rise to supremacy of mass-market GGR is now a reality (with late 2023 levels outpacing 2019 levels), and VIP-generated revenue has taken a back seat. Nevertheless, as we explore in this issue\u2019s special report, the junket sector\u2019s near-demise was not an extinction event for high rollers. Far from it. Experts in our special report reveal they can still be found in company-direct VIP rooms and on gaming floors \u2013 as premium-mass customers.\n\n\n\nWhat this suggests is that post-COVID pent-up demand and management by authorities on both sides (SAR and mainland) have been key factors, the latter reflecting an essential political dimension that warrants deeper analysis. Add to that the operators\u2019 ability to adjust to an evolving and more sophisticated clientele, and this is where we find an integrated, organic intertwining of gaming and non-gaming: namely through providing new experiences for visitors in terms of shows, performing arts, entertainment, sports events, dining, retail, and so on. Indeed, \u201cdiversification\u201d is no longer just a buzzword; it\u2019s now also the keyword. And we\u2019re already seeing results. Yet it\u2019s only early stage in the 10-year concession period, and there is still a long way to go to reach the ambitious targets set by both government and operators.\n\n\n\nIt would be a disappointment to see the city resign itself to its massive Greater China market comfort zone, failing to live up to the World Tourism and Leisure Centre mantra. Yet with the tourism authorities showing themselves increasingly proactive in promoting the SAR abroad, alongside the \u201cBig Six\u201d and other players, it\u2019s within reason to hope for a much-needed boost in international visitation this year. To that end, more flights, easier mobility and skilled multilingual professionals will be key.\n\n\n\nMeanwhile, the laudable focus on Macau\u2019s urban revitalisation and its \u201cCity of Performing Arts\u201d and \u201cCity of Sports\u201d ambitions is being delivered in a de facto \u201cpublic-private partnership\u201d between the government and gaming concessionaires. But therein lies an important duty to fine-tune those arrangements and keep an eye out for dysfunctions.\n\n\n\nRather than ‘that which must not be named’, the history of Macau has shown gaming to be the ‘Chosen One’. And while addressing its side effects, a focus on maximising the gaming industry\u2019s contribution for the greater public good while fostering diversified, inclusive, and sustainable economic development stands as the quintessential undertaking for the SAR in this decade. What awaits us further down the road hinges on getting this leg of the journey right.", "date_published": "January 07, 2024", "date_modified": "January 08, 2024 - 23:24", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2024/01/CKK_4674-696x464.jpg", "tags": [ "Editorial", "Gaming", "Macau", "Macau Business", "MAG", "MAG Featured", "Opinion" ], "summary": "A focus on maximising the gaming industry\u2019s contribution for the greater public good while fostering diversified, inclusive, and sustainable economic development stands as the quintessential undertaking for the SAR in this decade. What awaits us further down the road hinges on getting this leg of the journey right." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e7%9e%ac%e6%81%af%e4%b9%8b%e9%96%93/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e7%9e%ac%e6%81%af%e4%b9%8b%e9%96%93/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u77ac\u606f\u4e4b\u9593", "content_html": "![\"\"](\"https://mbusiness.sgp1.digitaloceanspaces.com/2020/10/woman-wear-face-mask-cycles-london-eye-britain-england-coronavirus-testing-xinhua-150x150.jpg\")
\n\u300a\u5546\u8a0a\u300b2023\u5e7412\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/eye-blink2.jpg\")
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/400605017_656574426648756_2435487299191163543_n-1028x685.jpg\")
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/Foto-2-150x150.jpg\")
\nMacau Business | December 2023 | Special Report | Portugal in Macau
Almost one year after taking office as Portugal\u2019s representative in the SARs, Alexandre Leit\u00e3o takes stock of the tasks, achievements, opportunities and challenges he has been dealing with as Consul General, serving some 154 thousand citizens, 90 per cent of whom are based in Macau.
\n\n\n\nMr. Leit\u00e3o stresses that professionals and companies coming from Portugal bring important added value and contribute to Macau\u2019s economic diversification strategy, as the country has key innovation-driven players in all \u201c1+4\u201d industries.
\n\n\n\nHong Kong also ranks high on his agenda as he sees plenty of untapped potential for expanding relations.
\n\n\n\nRegarding the recent controversy surrounding the SAR\u2019s changes to granting residency permits to Portuguese nationals without previous links to the city, the diplomat acknowledges finding this development strange, while he hopes to see improvements in this respect. The status and limitations of the practice of Portuguese as an official language are another concern he expects to see addressed, as he welcomes the recent moves by the local authorities in promoting Portuguese language education. Mr. Leit\u00e3o is upbeat about prospects for deeper ties between universities and exchanges in both education and research and development.
\n\n\n\nIt has been nearly one year since you took office. What would you highlight in terms of achievements and challenges so far?
\n\n\n\nAlexandre Leit\u00e3o – The Consulate General\u2019s mission encompasses two main areas: consular services and a more diplomatic realm, which comprises political, economic, and cultural dimensions. That is why this is one of Portugal\u2019s five consulates that is considered at the same level as diplomatic missions.
\n\n\n\nThe main challenge I had to face occurred right after I arrived in Macau on January 20: the demanding management of the impact of the pandemic, a period during which thousands of Portuguese nationals could not renew their ID cards and passports or request other services, such as applying for Portuguese nationality for their spouses. This surfaced as a very challenging task, aggravated by us having to handle these challenges with a small team \u2013 the smallest the Consulate had hitherto.
\n\n\n\nIn other more political domains, we also dealt with some complex issues, some of which we are still handling, such as the Portuguese School of Macau, the legal regime concerning residency permits for Portuguese nationals, supporting measures for associations, or the status of the Portuguese language.
\n\n\n\nTalking about consular services, we have seen some criticism regarding the quality of the services provided. What has been done in this respect, and what are you planning to introduce to improve the situation?
\n\n\n\nA.L. – Here I would like to clarify something. I believe some of the critical remarks that have been made public are outdated and no longer hold water. Despite the limitations I just mentioned, namely regarding the shortage of human resources and the substantial increase in demand for services, which nearly doubled compared with the pre-COVID period, the fact of the matter is that we managed to break records in service provision in many ways. We estimate that by the end of this year, we will have handled over 35 thousand passports and ID cards. These figures are clearly above what we recorded in 2019 and in the years before.
\n\n\n\nWhen I arrived in January, we were accepting 100 bookings per day regarding passport and ID card services, while as of now, we have managed to increase it to 160 daily. In March, we set up a special service channel for urgent cases, which is now seeing lower demand, something that is also an important indicator.
\n\n\n\nAll in all, in terms of passports, ID cards, notary services, civil registry, emission of student visas, and other visas, we have witnessed progress. Quality is not only about the number of people we serve. Here, we understand that we need to improve communication with the citizens, and in this respect, we still have plenty of room to get where we want to be. We have obvious human resources limitations in this regard.
\n\n\n\nIn terms of Portugal-Macau relations, the visit of Chief Executive Ho Iat Seng to Lisbon was a major highlight. Could you tell us about the relevance and outcomes of this visit, which was Ho\u2019s first overseas trip as the head of the SAR Government?
\n\n\n\nA.L. \u2013 As a courtesy visit, it was obviously important, as it signalled the Chief Executive\u2019s willingness to emphasise that the relationship with Portugal is a special one; that is why he chose Portugal as the first overseas visit of his term. He was welcomed at the highest level from the Portuguese state\u2019s side.
\n\n\n\nRegarding the results, one should note that the outcomes of this kind of initiative do not bear fruit overnight. These visits are part of a continuous process, of which these courtesy visits are essential as they convey a political message to various stakeholders. We will see how this follows through in terms of business opportunities for both sides’ investors, the preservation or enhancement of the Portuguese language, and also regarding tangible and intangible heritage.
\n\n\n\n
\u201cWe can have plenty of opportunities for cross investments between China and Portugal, business and scientific partnerships, and creating value and employment based on innovation. This is something also closely linked with the \u201c1+4\u201d strategy\u201d
The SAR Government has reiterated its focus on the development of the Portuguese language and continues to send local students for tertiary education studies in Portugal. This year, we also welcomed leadership from Portugal\u2019s top universities to Macau. Conditions seem suitable for enhancing relations in this field. Do you see it this way?
\n\n\n\nA.L. \u2013 Yes, I do. The recent statements from the SAR authorities about the importance of strengthening the Portuguese language here align with what I mentioned earlier regarding the Basic Law (concerning the status of Portuguese as an official language) and in fulfilling the role of a platform with Portuguese-Speaking Countries. I have also devoted plenty of time to the Portuguese School of Macau.
\n\n\n\nUniversities in Macau are dynamic, and as you mentioned, this year in the SAR, we hosted major Portuguese universities and all polytechnic institutes, indicating a commitment to resume exchanges and linkages interrupted by the pandemic. This signals an intention to embark on a process of intensified cooperation in terms of teaching and research and development.
\n\n\n\nAt the Portuguese Consulate, we carried out a reform in our visa system to better meet the rising demand of students going to Portugal. However, I also hope to see more students coming from Portugal to study here in the Macau universities. This is of paramount importance, as having youths from both sides learn about different cultures, gastronomy, and social systems will provide them with an invaluable experience and worldview.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/Foto-7-1028x685.jpg\")
When you took office, one of your priorities was promoting Portugal as a modern and competitive partner of the SAR. What would you single out in this respect? How to strengthen the footprint of Portugal\u2019s companies here, and what can be their role in Macau\u2019s push for economic diversification?
\n\n\n\nA.L. \u2013 After the pandemic took a toll on exchanges and in-person events, 2023 was a year of resumption and normalisation of relations at large. I am hopeful that benefits will be reaped in the coming years.
\n\n\n\nMacau has embarked on a mission to diversify its economy under the \u201c1+4\u201d formula. I would like to underline that in all these industries, Portugal has key players. Regarding ‘big health,’ we can already see that through Portuguese companies operating here, such as Hovione or GloballMed, in the IT sector where we have important incubators with a competitive innovation ecosystem, and also in the integrated leisure and conventions sector, an area where Portugal is highly developed as well. We can, therefore, see obvious opportunities for companies hailing from Portugal in the context of Macau\u2019s drive for economic diversification.
\n\n\n\nConsidering Macau\u2019s specific conditions, including the push towards diversification and the Sino-Lusophone platform, the fact that I was a Special Envoy for Climate Affairs of the Portuguese Ministry of Foreign Affairs and the main organiser of the second UN Ocean Conference, and also bearing in mind the new terms of the gaming concessions which mandate companies to invest a considerable sum of money in innovation, and also taking into account the proximity to the Hong Kong Stock Exchange and the Greater Bay Area, all of this led me to believe that under the Paris Agreement taking action on ocean affairs is absolutely indispensable, and China will certainly speed up involvement in the blue economy. For me, it seemed obvious that we have the suitable conditions for Macau to be one of the candidate cities in the GBA to set up a blue hub.
\n\n\n\nWith that in mind, I worked with Portugal\u2019s blue economy platform Forum Oceano on a proposal. This is something that I strongly believe in: We can have plenty of opportunities for cross investments between China and Portugal, business and scientific partnerships, and creating value and employment based on innovation. This is something also closely linked with the \u201c1+4\u201d strategy.
\n\n\n\n
\u201cI found the change [in the implementation of residency permits] to be strange. I do not question its legality (…) I did hold some doubts over the timing and rationale, in the framework of the mutual interests of the Macau SAR, Portugal and China\u201d
Regarding the Greater Bay Area and more specifically Henqin, what opportunities do you anticipate for Portugal and Portuguese companies in the neighbouring In-depth Cooperation Zone and the wider region?
\n\n\n\nA.L. \u2013 I would first note that Macau authorities promote a territory that is not located under the jurisdiction of Macau but rather in the Guangdong province’s jurisdiction. This poses a small difficulty for me as I am not accredited in Guangdong province, which is under my colleague, the Consul General in Guangzhou.
\n\n\n\nCertainly, being located just across the river, I pay close attention to the process, as there is a continuous message of promoting investment in Henqin. I hold a pragmatic approach to this. If we are talking about attracting investment, I want to listen to investors as they are the ones who will assess the conditions and advantages. I am paying close attention to the In-depth Cooperation Zone, which I understand is a pilot project that is very interesting. As a representative of Portugal, I am mostly focused on how this can be translated into practical terms for companies investing in Hengqin.
\n\n\n\nI believe Macau has the conditions and potential to continue to host investment from companies, particularly non-industrial firms that are not labour-intensive and do not require much space. For many service industries, including within the blue economy, namely high-tech projects, I believe Macau can host more companies but it probably needs to look into the legal regime for foreigners to stay and work here to attract talents and manpower in general. It seems to me, and I am not the only one saying it, that the regime is not especially attractive, particularly the blue card system and the residency permit system. I believe these regimes could be more favourable and open. For instance, I have seen in Hong Kong a significant effort over the past months to attract many people from abroad.
\n\n\n\n
\u201cWe estimate that by the end of this year, we will have handled over 35 thousand passports and ID cards. These figures are clearly above what we recorded in 2019 and in the years before\u201d
You mentioned the residency permit system, and this leads to an issue that generated some controversy in the past few months: Macau authorities’ changes to the residency permit system (for granting Macau Non-Permanent Resident ID Card) for Portuguese nationals without a prior link with the city. Are you worried about this? Can you share with us the outcome of the dialogue you initiated with the SAR Government on this matter?
\n\n\n\nA.L. \u2013 I have been avoiding answering this question because there is an ongoing dialogue with the SAR Government on the legal regime related to the entry and staying of Portuguese nationals who are not eligible to be permanent residents of the SAR under Article 24 of the Basic Law [concerning criteria for holding the status of Macau SAR Resident]. It is of paramount importance to frame the issue this way because I have read a lot of things, and I opted not to comment on it because it is my understanding that when one is participating in conversations or negotiations with authorities, it is advisable to respect the customary rules, and it’s a matter of common sense that you don’t negotiate these issues by discussing them publicly. Therefore, I will not be doing it. I will only say that conversations continue, which means that they haven’t concluded.
\n\n\n\nThere was a recent positive indication by local authorities. Within the framework of the new Talent Attraction Legal regime (Law 7/2023) and the publication of criteria for assessing applications, there was a positive indication whereby the Portuguese language is an asset.
\n\n\n\nWithout going into further details, I would like to clarify that this is a problem for a small group within the Portuguese community. We are talking about those who want to settle in Macau, not those who are already living here. It is a small figure, and based on what I just said, I would like it to grow bigger. Not because of any privilege for Portuguese or Portugal per se, just because. Portugal no longer administers Macau. The Basic Law is crystal clear on this issue. However, one should also note that for some reason, Article 24 of the Basic Law spells out Chinese and Portuguese nationals and others going beyond referring to Chinese nationals and others. This was not a distraction and it is not irrelevant.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/Foto-6-1028x685.jpg\")
However, I do not wish to be focusing that much on the past, which I cherish and respect, but mostly on the future and the path towards economic diversification, because I believe Portuguese citizens can play an important role. Portuguese nationals are well-prepared, educated, law-abiding communities everywhere where they settle around the world, and we always integrate very well in the hosting countries. We all know in Macau that the Portuguese community and citizens have been adding value and are capable and ready to further contribute to Macau\u2019s future.
\n\n\n\nConsidering all of this, I found the change [in the implementation of residency permits] to be strange. I do not question its legality. It is unquestionably legal. Nothing that the SAR authorities did is against the Basic Law or the Sino-Portuguese Joint Declaration.
\n\n\n\nNow, I did hold some doubts over the timing and rationale, in the framework of the mutual interests of the Macau SAR, Portugal and China, and I have been expressing our views in closed-door meetings. I believe we can expect positive outcomes in the sense that we truly have an official stance from local and central authorities of enhancing relations with Portuguese Speaking Countries. Now, I also believe we need to have a reasonable approach to these measures and bear in mind that these conversations are carried out in the context of absolute respect for Chinese sovereignty and the Basic Law, which was promulgated by the National People\u2019s Congress of the People\u2019s Republic of China (PRC) and has to be in line with the PRC\u2019s Constitution.
\n\n\n\n
\u201cWe, Portuguese, have all reasons to feel proud for what we left in Macau and the path and development since 1999\u201d
Several voices in the community have noted a perceived contradiction between words and deeds regarding the role and importance of the Portuguese community and certain measures taken by the SAR authorities. What is your view on this?
\n\n\n\nA.L. \u2013 The Consul General of Portugal can only address two focal points of this issue: Firstly, if what is done is in-line with the Joint Declaration between Portugal and China. In this we are entitled to have a say. The Basic Law is the outcome of the preparatory works related to the Joint Declaration and was approved while Portugal still administered Macau. And the only note of concern I have regards Article 9 of the Basic Law [the article states: \u201cIn addition to the Chinese language, Portuguese may also be used by the executive, legislative and judiciary authorities of the Macau Special Administrative Region. Portuguese is also an official language of the Macau SAR\u201d].
\n\n\n\nUnder this provision, any individual should be able to address a public department (within the executive, legislative, or judicial branches) and use the Portuguese language, receiving a reply in Portuguese in all occasions. And we are aware that this is not always effectively being observed.
\n\n\n\nFor example, I am told that there is a difference in this respect in the courts, between crime and civil procedures.
\n\n\n\nThese matters are noticeable in our daily interactions. However one should note that this issue is not new.
\n\n\n\nThe main issue is: which measures and what is the priority given by local authorities to Portuguese language? And it appears that there is an effort to prioritise the Portuguese language, with announced measures that, once implemented, will hopefully substantially increase its use and proficiency in the SAR among local residents, students, officials, and civil servants.
\n\n\n\nThe other focal issue is the obligation we have to assess if there is discrimination in treatment between Portuguese individuals without a Macau SAR Resident ID card and other foreigners in Macau. I do not see evidence of negative discrimination against Portuguese nationals. On the contrary, there are many signs of goodwill from the authorities.
\n\n\n\nResearch studies on Macau\u2019s Portuguese community have signalled a sense of ‘orphanhood’ regarding Lisbon\u2019s lack of focus and attention after the handover and in recent years. How do you perceive this quasi-existential question? What can be done to bridge this gap?
\n\n\n\nA.L. \u2013 The complaint about Lisbon\u2019s lack of attention is a common criticism among millions of overseas Portuguese. We face human resource limitations here, and my colleagues around the world encounter similar challenges. We would like to have more resources to provide better services. That would be a way to close the gap and the feeling of distance.
\n\n\n\nRegarding government official visits, the last time we had ministers visiting Macau was in 2019. Since the post-pandemic reopening almost a year ago, there has been no visit at that level, let alone at the head-of-government level. Will we see visits by ministers or the prime minister to Macau in 2024?
\n\n\n\nA.L. \u2013 We had three Secretaries of State visiting Macau this year, and recently we had a visit from the Minister of Science and Technology to mainland China. I would stress that the political presence of Portuguese officials has probably been the strongest of any EU member state in the Greater Bay Area. One should note that Secretaries of State are of the level of vice-ministers. Here in Macau, we had three members of the Government visiting the SAR in 2023, paving the way for future projects. We were planning to hold a Joint Committee Meeting in early 2024 at the ministerial level, but with the current political situation in Portugal, we don\u2019t know yet what the next Government will decide. In any case, there is continuity in the state\u2019s foreign affairs regardless of the governments.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/Foto-9-1028x685.jpg\")
Next year, the Forum Macau\u2019s Sixth Ministerial Conference is finally slated to be held in Macau, most likely in the first half of the year. How relevant is this, and what is Portugal\u2019s view on the Forum\u2019s development?
\n\n\n\nA.L. \u2013 Portugal attaches great importance to the Forum Macau and has actively participated in the works of this organization over the past 20 years. Having said this, there is a need to ‘walk the talk.’ This is something being followed up by Portugal\u2019s Embassy in Beijing. The time has come to enhance the capacity to approve projects in a more inclusive approach. The preparation of the Action Plan for the Sixth Ministerial Conference is an indicator of China and Lusophone countries\u2019 approaches, namely whether we are all willing to evolve towards a more inclusive and effective process. The Forum Macau is an example of an organization that is what its member parties want it to be.
\n\n\n\n
\u201cRelations between Portugal and Hong Kong are below their potential across the board. We don\u2019t want to miss this opportunity amid Hong Kong\u2019s rapid re-emergence\u201d
2024 marks the 25th anniversary of the Macau handover. How are you anticipating the celebrations?
\n\n\n\nA.L. \u2013 Yes we are looking into it. It is also the 50th anniversary of the April 25 [Carnation Revolution], the 500 hundred years of Cam\u00f5es and the 45th anniversary of establishment of diplomatic ties between Portugal and the PRC.
\n\n\n\nWe believe the handover is something to be celebrated. After centuries of mutually beneficial and generally peaceful co-existence, two sovereign nations willingly decided, without external pressure, to agree on this handover of administration. In general, we, Portuguese, have all reasons to feel proud for what we left in Macau and the path and development since 1999. The format of this celebration will naturally be decided by the SAR and Central authorities. In what they see as fit, Portugal and the Consulate are open and totally willing to contribute and be part of this celebration.
\n\n\n\nIn addition to Macau, you also serve as the Consul General of Portugal accredited in Hong Kong. Can you share insights into your activities and tasks in Hong Kong? What opportunities lie ahead as Hong Kong embarks on a process aimed at attracting investment and professionals after the pandemic?
\n\n\n\nA.L. \u2013 I intend to maintain my focus on Hong Kong in 2024. Alongside the two informal advisory groups on economic affairs and cultural and academic affairs that I established; I am creating a similar group dedicated to Hong Kong. This city holds significant importance for several reasons. Firstly, we have a considerable number of Portuguese nationals living there. Secondly, it remains a major global financial and business hub, boasting a deep-water harbour that ranks among the top ten container ports globally. In the post-pandemic period, Hong Kong is evidently keen on making up for lost time by stimulating economic growth, welcoming new companies, and attracting foreign professionals.
\n\n\n\nWhen I mention Macau as an incubation hub with capital and know-how, the same applies to Hong Kong on a larger scale. I believe that relations between Portugal and Hong Kong are below their potential across the board. Portugal\u2019s trade relations with both Macau and Hong Kong fall short of their potential. We don\u2019t want to miss this opportunity amid Hong Kong\u2019s rapid re-emergence for Portuguese companies.
\n\n\n\n\n", "content_text": "Macau Business | December 2023 | Special Report | Portugal in Macau\n\n\n\n\n\n\n\nAlmost one year after taking office as Portugal\u2019s representative in the SARs, Alexandre Leit\u00e3o takes stock of the tasks, achievements, opportunities and challenges he has been dealing with as Consul General, serving some 154 thousand citizens, 90 per cent of whom are based in Macau.\n\n\n\nMr. Leit\u00e3o stresses that professionals and companies coming from Portugal bring important added value and contribute to Macau\u2019s economic diversification strategy, as the country has key innovation-driven players in all \u201c1+4\u201d industries.\n\n\n\nHong Kong also ranks high on his agenda as he sees plenty of untapped potential for expanding relations.\n\n\n\nRegarding the recent controversy surrounding the SAR\u2019s changes to granting residency permits to Portuguese nationals without previous links to the city, the diplomat acknowledges finding this development strange, while he hopes to see improvements in this respect. The status and limitations of the practice of Portuguese as an official language are another concern he expects to see addressed, as he welcomes the recent moves by the local authorities in promoting Portuguese language education. Mr. Leit\u00e3o is upbeat about prospects for deeper ties between universities and exchanges in both education and research and development.\n\n\n\nIt has been nearly one year since you took office. What would you highlight in terms of achievements and challenges so far?\n\n\n\nAlexandre Leit\u00e3o – The Consulate General\u2019s mission encompasses two main areas: consular services and a more diplomatic realm, which comprises political, economic, and cultural dimensions. That is why this is one of Portugal\u2019s five consulates that is considered at the same level as diplomatic missions.\n\n\n\nThe main challenge I had to face occurred right after I arrived in Macau on January 20: the demanding management of the impact of the pandemic, a period during which thousands of Portuguese nationals could not renew their ID cards and passports or request other services, such as applying for Portuguese nationality for their spouses. This surfaced as a very challenging task, aggravated by us having to handle these challenges with a small team \u2013 the smallest the Consulate had hitherto.\n\n\n\nIn other more political domains, we also dealt with some complex issues, some of which we are still handling, such as the Portuguese School of Macau, the legal regime concerning residency permits for Portuguese nationals, supporting measures for associations, or the status of the Portuguese language.\n\n\n\nTalking about consular services, we have seen some criticism regarding the quality of the services provided. What has been done in this respect, and what are you planning to introduce to improve the situation?\n\n\n\nA.L. – Here I would like to clarify something. I believe some of the critical remarks that have been made public are outdated and no longer hold water. Despite the limitations I just mentioned, namely regarding the shortage of human resources and the substantial increase in demand for services, which nearly doubled compared with the pre-COVID period, the fact of the matter is that we managed to break records in service provision in many ways. We estimate that by the end of this year, we will have handled over 35 thousand passports and ID cards. These figures are clearly above what we recorded in 2019 and in the years before.\n\n\n\nWhen I arrived in January, we were accepting 100 bookings per day regarding passport and ID card services, while as of now, we have managed to increase it to 160 daily. In March, we set up a special service channel for urgent cases, which is now seeing lower demand, something that is also an important indicator.\n\n\n\nAll in all, in terms of passports, ID cards, notary services, civil registry, emission of student visas, and other visas, we have witnessed progress. Quality is not only about the number of people we serve. Here, we understand that we need to improve communication with the citizens, and in this respect, we still have plenty of room to get where we want to be. We have obvious human resources limitations in this regard.\n\n\n\nIn terms of Portugal-Macau relations, the visit of Chief Executive Ho Iat Seng to Lisbon was a major highlight. Could you tell us about the relevance and outcomes of this visit, which was Ho\u2019s first overseas trip as the head of the SAR Government?\n\n\n\nA.L. \u2013 As a courtesy visit, it was obviously important, as it signalled the Chief Executive\u2019s willingness to emphasise that the relationship with Portugal is a special one; that is why he chose Portugal as the first overseas visit of his term. He was welcomed at the highest level from the Portuguese state\u2019s side. \n\n\n\nRegarding the results, one should note that the outcomes of this kind of initiative do not bear fruit overnight. These visits are part of a continuous process, of which these courtesy visits are essential as they convey a political message to various stakeholders. We will see how this follows through in terms of business opportunities for both sides’ investors, the preservation or enhancement of the Portuguese language, and also regarding tangible and intangible heritage.\n\n\n\n \u201cWe can have plenty of opportunities for cross investments between China and Portugal, business and scientific partnerships, and creating value and employment based on innovation. This is something also closely linked with the \u201c1+4\u201d strategy\u201d \n\n\n\nThe SAR Government has reiterated its focus on the development of the Portuguese language and continues to send local students for tertiary education studies in Portugal. This year, we also welcomed leadership from Portugal\u2019s top universities to Macau. Conditions seem suitable for enhancing relations in this field. Do you see it this way?\n\n\n\nA.L. \u2013 Yes, I do. The recent statements from the SAR authorities about the importance of strengthening the Portuguese language here align with what I mentioned earlier regarding the Basic Law (concerning the status of Portuguese as an official language) and in fulfilling the role of a platform with Portuguese-Speaking Countries. I have also devoted plenty of time to the Portuguese School of Macau.\n\n\n\nUniversities in Macau are dynamic, and as you mentioned, this year in the SAR, we hosted major Portuguese universities and all polytechnic institutes, indicating a commitment to resume exchanges and linkages interrupted by the pandemic. This signals an intention to embark on a process of intensified cooperation in terms of teaching and research and development.\n\n\n\nAt the Portuguese Consulate, we carried out a reform in our visa system to better meet the rising demand of students going to Portugal. However, I also hope to see more students coming from Portugal to study here in the Macau universities. This is of paramount importance, as having youths from both sides learn about different cultures, gastronomy, and social systems will provide them with an invaluable experience and worldview.\n\n\n\n \n\n\n\n\n\n\n\nWhen you took office, one of your priorities was promoting Portugal as a modern and competitive partner of the SAR. What would you single out in this respect? How to strengthen the footprint of Portugal\u2019s companies here, and what can be their role in Macau\u2019s push for economic diversification?\n\n\n\nA.L. \u2013 After the pandemic took a toll on exchanges and in-person events, 2023 was a year of resumption and normalisation of relations at large. I am hopeful that benefits will be reaped in the coming years.\n\n\n\nMacau has embarked on a mission to diversify its economy under the \u201c1+4\u201d formula. I would like to underline that in all these industries, Portugal has key players. Regarding ‘big health,’ we can already see that through Portuguese companies operating here, such as Hovione or GloballMed, in the IT sector where we have important incubators with a competitive innovation ecosystem, and also in the integrated leisure and conventions sector, an area where Portugal is highly developed as well. We can, therefore, see obvious opportunities for companies hailing from Portugal in the context of Macau\u2019s drive for economic diversification.\n\n\n\nConsidering Macau\u2019s specific conditions, including the push towards diversification and the Sino-Lusophone platform, the fact that I was a Special Envoy for Climate Affairs of the Portuguese Ministry of Foreign Affairs and the main organiser of the second UN Ocean Conference, and also bearing in mind the new terms of the gaming concessions which mandate companies to invest a considerable sum of money in innovation, and also taking into account the proximity to the Hong Kong Stock Exchange and the Greater Bay Area, all of this led me to believe that under the Paris Agreement taking action on ocean affairs is absolutely indispensable, and China will certainly speed up involvement in the blue economy. For me, it seemed obvious that we have the suitable conditions for Macau to be one of the candidate cities in the GBA to set up a blue hub.\n\n\n\nWith that in mind, I worked with Portugal\u2019s blue economy platform Forum Oceano on a proposal. This is something that I strongly believe in: We can have plenty of opportunities for cross investments between China and Portugal, business and scientific partnerships, and creating value and employment based on innovation. This is something also closely linked with the \u201c1+4\u201d strategy.\n\n\n\n \u201cI found the change [in the implementation of residency permits] to be strange. I do not question its legality (…) I did hold some doubts over the timing and rationale, in the framework of the mutual interests of the Macau SAR, Portugal and China\u201d \n\n\n\nRegarding the Greater Bay Area and more specifically Henqin, what opportunities do you anticipate for Portugal and Portuguese companies in the neighbouring In-depth Cooperation Zone and the wider region?\n\n\n\nA.L. \u2013 I would first note that Macau authorities promote a territory that is not located under the jurisdiction of Macau but rather in the Guangdong province’s jurisdiction. This poses a small difficulty for me as I am not accredited in Guangdong province, which is under my colleague, the Consul General in Guangzhou.\n\n\n\nCertainly, being located just across the river, I pay close attention to the process, as there is a continuous message of promoting investment in Henqin. I hold a pragmatic approach to this. If we are talking about attracting investment, I want to listen to investors as they are the ones who will assess the conditions and advantages. I am paying close attention to the In-depth Cooperation Zone, which I understand is a pilot project that is very interesting. As a representative of Portugal, I am mostly focused on how this can be translated into practical terms for companies investing in Hengqin.\n\n\n\nI believe Macau has the conditions and potential to continue to host investment from companies, particularly non-industrial firms that are not labour-intensive and do not require much space. For many service industries, including within the blue economy, namely high-tech projects, I believe Macau can host more companies but it probably needs to look into the legal regime for foreigners to stay and work here to attract talents and manpower in general. It seems to me, and I am not the only one saying it, that the regime is not especially attractive, particularly the blue card system and the residency permit system. I believe these regimes could be more favourable and open. For instance, I have seen in Hong Kong a significant effort over the past months to attract many people from abroad.\n\n\n\n \u201cWe estimate that by the end of this year, we will have handled over 35 thousand passports and ID cards. These figures are clearly above what we recorded in 2019 and in the years before\u201d \n\n\n\nYou mentioned the residency permit system, and this leads to an issue that generated some controversy in the past few months: Macau authorities’ changes to the residency permit system (for granting Macau Non-Permanent Resident ID Card) for Portuguese nationals without a prior link with the city. Are you worried about this? Can you share with us the outcome of the dialogue you initiated with the SAR Government on this matter?\n\n\n\nA.L. \u2013 I have been avoiding answering this question because there is an ongoing dialogue with the SAR Government on the legal regime related to the entry and staying of Portuguese nationals who are not eligible to be permanent residents of the SAR under Article 24 of the Basic Law [concerning criteria for holding the status of Macau SAR Resident]. It is of paramount importance to frame the issue this way because I have read a lot of things, and I opted not to comment on it because it is my understanding that when one is participating in conversations or negotiations with authorities, it is advisable to respect the customary rules, and it’s a matter of common sense that you don’t negotiate these issues by discussing them publicly. Therefore, I will not be doing it. I will only say that conversations continue, which means that they haven’t concluded.\n\n\n\nThere was a recent positive indication by local authorities. Within the framework of the new Talent Attraction Legal regime (Law 7/2023) and the publication of criteria for assessing applications, there was a positive indication whereby the Portuguese language is an asset.\n\n\n\nWithout going into further details, I would like to clarify that this is a problem for a small group within the Portuguese community. We are talking about those who want to settle in Macau, not those who are already living here. It is a small figure, and based on what I just said, I would like it to grow bigger. Not because of any privilege for Portuguese or Portugal per se, just because. Portugal no longer administers Macau. The Basic Law is crystal clear on this issue. However, one should also note that for some reason, Article 24 of the Basic Law spells out Chinese and Portuguese nationals and others going beyond referring to Chinese nationals and others. This was not a distraction and it is not irrelevant.\n\n\n\n\n\n\n\nHowever, I do not wish to be focusing that much on the past, which I cherish and respect, but mostly on the future and the path towards economic diversification, because I believe Portuguese citizens can play an important role. Portuguese nationals are well-prepared, educated, law-abiding communities everywhere where they settle around the world, and we always integrate very well in the hosting countries. We all know in Macau that the Portuguese community and citizens have been adding value and are capable and ready to further contribute to Macau\u2019s future.\n\n\n\n Considering all of this, I found the change [in the implementation of residency permits] to be strange. I do not question its legality. It is unquestionably legal. Nothing that the SAR authorities did is against the Basic Law or the Sino-Portuguese Joint Declaration.\n\n\n\nNow, I did hold some doubts over the timing and rationale, in the framework of the mutual interests of the Macau SAR, Portugal and China, and I have been expressing our views in closed-door meetings. I believe we can expect positive outcomes in the sense that we truly have an official stance from local and central authorities of enhancing relations with Portuguese Speaking Countries. Now, I also believe we need to have a reasonable approach to these measures and bear in mind that these conversations are carried out in the context of absolute respect for Chinese sovereignty and the Basic Law, which was promulgated by the National People\u2019s Congress of the People\u2019s Republic of China (PRC) and has to be in line with the PRC\u2019s Constitution.\n\n\n\n \u201cWe, Portuguese, have all reasons to feel proud for what we left in Macau and the path and development since 1999\u201d \n\n\n\nSeveral voices in the community have noted a perceived contradiction between words and deeds regarding the role and importance of the Portuguese community and certain measures taken by the SAR authorities. What is your view on this?\n\n\n\nA.L. \u2013 The Consul General of Portugal can only address two focal points of this issue: Firstly, if what is done is in-line with the Joint Declaration between Portugal and China. In this we are entitled to have a say. The Basic Law is the outcome of the preparatory works related to the Joint Declaration and was approved while Portugal still administered Macau. And the only note of concern I have regards Article 9 of the Basic Law [the article states: \u201cIn addition to the Chinese language, Portuguese may also be used by the executive, legislative and judiciary authorities of the Macau Special Administrative Region. Portuguese is also an official language of the Macau SAR\u201d]. \n\n\n\nUnder this provision, any individual should be able to address a public department (within the executive, legislative, or judicial branches) and use the Portuguese language, receiving a reply in Portuguese in all occasions. And we are aware that this is not always effectively being observed. \n\n\n\nFor example, I am told that there is a difference in this respect in the courts, between crime and civil procedures. \n\n\n\nThese matters are noticeable in our daily interactions. However one should note that this issue is not new. \n\n\n\nThe main issue is: which measures and what is the priority given by local authorities to Portuguese language? And it appears that there is an effort to prioritise the Portuguese language, with announced measures that, once implemented, will hopefully substantially increase its use and proficiency in the SAR among local residents, students, officials, and civil servants.\n\n\n\nThe other focal issue is the obligation we have to assess if there is discrimination in treatment between Portuguese individuals without a Macau SAR Resident ID card and other foreigners in Macau. I do not see evidence of negative discrimination against Portuguese nationals. On the contrary, there are many signs of goodwill from the authorities.\n\n\n\nResearch studies on Macau\u2019s Portuguese community have signalled a sense of ‘orphanhood’ regarding Lisbon\u2019s lack of focus and attention after the handover and in recent years. How do you perceive this quasi-existential question? What can be done to bridge this gap?\n\n\n\nA.L. \u2013 The complaint about Lisbon\u2019s lack of attention is a common criticism among millions of overseas Portuguese. We face human resource limitations here, and my colleagues around the world encounter similar challenges. We would like to have more resources to provide better services. That would be a way to close the gap and the feeling of distance.\n\n\n\nRegarding government official visits, the last time we had ministers visiting Macau was in 2019. Since the post-pandemic reopening almost a year ago, there has been no visit at that level, let alone at the head-of-government level. Will we see visits by ministers or the prime minister to Macau in 2024?\n\n\n\nA.L. \u2013 We had three Secretaries of State visiting Macau this year, and recently we had a visit from the Minister of Science and Technology to mainland China. I would stress that the political presence of Portuguese officials has probably been the strongest of any EU member state in the Greater Bay Area. One should note that Secretaries of State are of the level of vice-ministers. Here in Macau, we had three members of the Government visiting the SAR in 2023, paving the way for future projects. We were planning to hold a Joint Committee Meeting in early 2024 at the ministerial level, but with the current political situation in Portugal, we don\u2019t know yet what the next Government will decide. In any case, there is continuity in the state\u2019s foreign affairs regardless of the governments.\n\n\n\n\n\n\n\nNext year, the Forum Macau\u2019s Sixth Ministerial Conference is finally slated to be held in Macau, most likely in the first half of the year. How relevant is this, and what is Portugal\u2019s view on the Forum\u2019s development?\n\n\n\nA.L. \u2013 Portugal attaches great importance to the Forum Macau and has actively participated in the works of this organization over the past 20 years. Having said this, there is a need to ‘walk the talk.’ This is something being followed up by Portugal\u2019s Embassy in Beijing. The time has come to enhance the capacity to approve projects in a more inclusive approach. The preparation of the Action Plan for the Sixth Ministerial Conference is an indicator of China and Lusophone countries\u2019 approaches, namely whether we are all willing to evolve towards a more inclusive and effective process. The Forum Macau is an example of an organization that is what its member parties want it to be.\n\n\n\n \u201cRelations between Portugal and Hong Kong are below their potential across the board. We don\u2019t want to miss this opportunity amid Hong Kong\u2019s rapid re-emergence\u201d \n\n\n\n2024 marks the 25th anniversary of the Macau handover. How are you anticipating the celebrations?\n\n\n\nA.L. \u2013 Yes we are looking into it. It is also the 50th anniversary of the April 25 [Carnation Revolution], the 500 hundred years of Cam\u00f5es and the 45th anniversary of establishment of diplomatic ties between Portugal and the PRC. \n\n\n\nWe believe the handover is something to be celebrated. After centuries of mutually beneficial and generally peaceful co-existence, two sovereign nations willingly decided, without external pressure, to agree on this handover of administration. In general, we, Portuguese, have all reasons to feel proud for what we left in Macau and the path and development since 1999. The format of this celebration will naturally be decided by the SAR and Central authorities. In what they see as fit, Portugal and the Consulate are open and totally willing to contribute and be part of this celebration. \n\n\n\nIn addition to Macau, you also serve as the Consul General of Portugal accredited in Hong Kong. Can you share insights into your activities and tasks in Hong Kong? What opportunities lie ahead as Hong Kong embarks on a process aimed at attracting investment and professionals after the pandemic?\n\n\n\nA.L. \u2013 I intend to maintain my focus on Hong Kong in 2024. Alongside the two informal advisory groups on economic affairs and cultural and academic affairs that I established; I am creating a similar group dedicated to Hong Kong. This city holds significant importance for several reasons. Firstly, we have a considerable number of Portuguese nationals living there. Secondly, it remains a major global financial and business hub, boasting a deep-water harbour that ranks among the top ten container ports globally. In the post-pandemic period, Hong Kong is evidently keen on making up for lost time by stimulating economic growth, welcoming new companies, and attracting foreign professionals.\n\n\n\nWhen I mention Macau as an incubation hub with capital and know-how, the same applies to Hong Kong on a larger scale. I believe that relations between Portugal and Hong Kong are below their potential across the board. Portugal\u2019s trade relations with both Macau and Hong Kong fall short of their potential. We don\u2019t want to miss this opportunity amid Hong Kong\u2019s rapid re-emergence for Portuguese companies. ", "date_published": "December 10, 2023", "date_modified": "December 12, 2023 - 18:21", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/Foto-2.jpg", "tags": [ "Interview", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "Interview with Alexandre Leit\u00e3o, Consul General of Portugal in Macau and Hong Kong" }, { "id": "https://www.macaubusiness.com/editorial-the-blink-of-an-eye/", "url": "https://www.macaubusiness.com/editorial-the-blink-of-an-eye/", "title": "EDITORIAL \u2013 The blink of an eye", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/12/eye-blink2-150x150.jpg\")
\nMacau Business Editorial |December 2023 | By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nWhat a difference a year makes. Last year, just as we were finally glimpsing the light at the end of the ‘zero-COVID’ tunnel, there was a sudden \u2013 somewhat unexpected but absolutely necessary and overdue \u2013 departure from pandemic restrictions. We all tend to somehow bury that three-year period in our memory \u2013 suspended as a sort of alternative timeline \u2013 and then bridge from late 2019 straight to early 2023.
\n\n\n\nBut we all know it’s not that simple. Unsurprisingly, we were never going to emerge from those years unscathed, coinciding as they did with heightened geopolitical tensions globally and transformations in the SARs internally.
\n\n\n\nNevertheless, as those who refused to hear the mantra of ‘the end is nigh’ stressed, ‘We will always have Macau,’ and whoever is long on Macau reaps benefits. Despite lingering problems, what we have witnessed in 2023 conspicuously validates that sentiment.
\n\n\n\nStill, no matter how unique this place is, we do not live in a bubble. The SAR is undoubtedly impacted by domestic, national and global developments.
\n\n\n\nThe fourth quarter of the year has brought an important reminder that global interdependence mandates a return to a managed (cooperation and rivalry) model that ‘sets the floor’ for relations between the two top powerhouses of our era \u2013 China and the United States \u2013 as indicated when the leaders of both countries met in mid-November. A few days earlier, the visit by Australia\u2019s Prime Minister to China embodied a much-welcomed change of tone and substance in relations between Canberra and Beijing.
\n\n\n\nWhile thorny issues remain, the prospect of a ‘stabilizer’ is prerequisite to finding a way forward. Still, we all know that risks loom large, and in that respect, the world in 2024 is poised for pivotal political events, among them January\u2019s elections in Taiwan, the European Parliament elections in June and the US presidential vote in November. All of this will take place against the backdrop of ongoing armed conflicts in Ukraine and the Middle East, with the engines of growth in the international economy struggling to gain steam. According to the International Monetary Fund (IMF), the average growth rate of advanced economies is forecast to slow to 1.4 per cent in 2024.
\n\n\n\nMacau, with its idiosyncratic economic structure, is set to continue its stellar expansion of gross domestic product (GDP): from 74.4 per cent estimated for this year to 27.2 per cent in 2024. It’s worth noting, however, that if the IMF\u2019s prediction is met, the city will still only have recovered to 88 per cent of pre-pandemic (2019) levels by next year.
\n\n\n\nAs we are aware, the lion\u2019s share of the SAR\u2019s GDP is related to exports of services: gaming and tourism. In this respect, the recovery trend seems sound, though one should keep an eye on the pace of economic growth in the region\u2019s major source market of visitors, mainland China, and how disposable income will expand alongside the approach to capital (out)flows. The impact of the recent stimulus measures adopted by the Central Government and the prospect of additional, perhaps bolder, moves in early 2024 will determine not only China\u2019s growth rate but also how it will contribute to offsetting the sluggish performance of advanced economies. Macau would obviously benefit from the spillover effect of a larger-scale stimulus package, as seen in the aftermath of the 2008 financial crisis. In any case, the spectre of a mammoth hot money bundle like the one we saw back then understandably haunts policymakers.
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With the local economy in sound recovery mode, the case for a more expansionary budget may seem counterintuitive, but we would call it necessary. In that respect, while it was wise and key to continue key social welfare policies and resume others, including a salary hike for civil servants, maintaining the pandemic-era cuts to public service expenditure is questionable and out of sync. One mustn\u2019t forget that procurement of goods and services by the Administration can be critical for local SMEs, which deserve to be stimulated alongside an integrated \u2013 not piecemeal \u2013 set of measures. It would be wrong and a mistake to sweep these woes under the rug.
\n\n\n\nBeing the last year of Ho Iat Seng\u2019s first term and a year filled with momentous milestones, namely the Chief Executive election, the appointment of high-ranking officials for a new term, the 25th anniversary of the establishment of the Macau SAR, and the sixth Forum Macau ministerial conference, effective management of time and allocation of resources in 2024 will be key to making up for the lost time during the pandemic and meeting important development targets in the SAR and in Hengqin\u2019s In-depth Cooperation Zone, which is set to take a more centre stage position in the concrete steps and results. Hopefully, all in time for the anticipated visit of President Xi Jinping, expected to be held around December 19/20.
\n\n\n\nA year can make a difference, but time flies in the blink of an eye.
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/013A4009-150x150.jpg\")
\nThe General manager of newly established Prudential Macau sees plenty of potential for growth in Macau\u2019s life insurance sector. Chris Ma says the British 175-year-old multinational will bring innovation to the local market in line with the city\u2019s push for diversification and with an eye on neighbouring Hengqin
\n\n\n\n\n\n\n\nGlobal insurance firm Prudential plc opened its Macau branch in early July marking a milestone moment for the British insurer which is now present in all Greater Bay Area cities. In an interview with Macau Business and Business Intelligence, Prudential Macau\u2019s general manager Chris Ma share an upbeat outlook on the region\u2019s business development, as Macau residents \u201care grossly underinsurance and underprotected\u201d. With the city adopting an updated and upgraded financial system act, he sees good prospects for new and innovative financial services, with a focus on life and health insurance, asset management and the future development of trust insurance. Looking beyond Macau, the company eyes opening an after-sales service centre in Hengqin.
\n\n\n\nChris Ma has had more than 30 years of experience in the life insurance business, starting his career in Canada in 1991. He relocated to Macau in 2001 to head the then largest life insurance company here. He retired in 2020, and was invited out from retirement in 2021 to join Prudential to work on the licensing application process, and to be the General Manager in 2023 when the Macau Branch was established.
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\u201cWe see that there is a big protection gap among Macau residents. According to a report by Swiss Re Institute concerning 2021 figures, Macau\u2019s insurance penetration in Macau is only 6.4 per cent\u201d
You are a well-seasoned top executive in this industry. Tell us about this mission, views and challenges as the inaugural general manager of Prudential Macau.
\n\n\n\nChris Ma \u2013 For any startup company, the challenge is to get the right people to do the right thing at the right time and in the right way. So, in the past few months, we started recruiting not only staff but also agents. Given the small [sized] community and insurance industry in Macau, the talent pool for us to source our people is limited. So that’s one big challenge that we’ve faced in the past few months since starting this business. I believe going forward, we will be able to have the right people in the right positions to help bring our business forward. But it takes us some time.
\n\n\n\nOur top priority is to give opportunities to local talents to develop themselves. We are an international company, so we offer a lot of opportunities for our staff to gain international experience. We could train them; we could even post them to other markets to gain international experience and then come back to help Macau develop the economy. That’s our plan.
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\u201cWe are very positive about the Macau market, given its proximity to the GBA, and in the past two to three years, we have witnessed significant growth in the life insurance market\u201d
Prudential is a 175-year-old global company. What\u2019s the significance of opening a branch in the Macau SAR?
\n\n\n\nC.M. – Prudential started 175 years ago, in 1848, in the United Kingdom, then started its operations in Asia a hundred years ago, and then opened in Hong Kong 59 years ago.
\n\n\n\nSo we have a long history, and Hong Kong and Macau are the two key components of the Greater Bay Area (GBA) the 9+2 cities. We had a presence in all 10 others before Macau. So now Macau completes our footprint in the GBA.
\n\n\n\nThat\u2019s the background. Now, there are three key reasons why we are here. First, we see that there is a big protection gap among Macau residents. According to a report by Swiss Re Institute concerning 2021 figures, Macau\u2019s insurance penetration in Macau is only 6.4 per cent. Insurance penetration is calculated as total premium over GDP. In Hong Kong, that same figure is close to 18 per cent. Given those figures, we see that Macau residents are grossly underinsured and underprotected. We want to help as many as possible as we can local residents to get the right protections, the enough amount of protection that they need.
\n\n\n\nSo that is one of our missions\u2014to help as many local residents as possible get protected.
\n\n\n\nThat’s one reason we are here. The second is to be aligned with the government’s administrative strategies, namely the \u201c1+4\u201d diversification strategy, one being tourism and the four others being big health, modern finance, high technology, MICE and cultural and creative industries.
\n\n\n\nIn fact, we can have a role in all four of those.
\n\n\n\nHow?
\n\n\n\nC.M. – On big health insurance, insurance definitely has a big role to play in big health. And given Prudential’s experience and position in the health insurance arena, we can definitely contribute towards the development of big health. On modern finance, life insurance is an old industry. So how modern can it be now? There is a modern way to manage an old business. So we are moving in that direction. We are more than a company with 175 years of experience. We use a lot of new thinking in managing our old business. So that will be our contribution towards modern finance, like wealth management. We can do that. We can also contribute to the development of the Macau bond market by investing part of our reserves in the local bond market.
\n\n\n\nIt goes without saying that we engage high technology to enhance our customer experience, employee experience, and agency experience. So we use a lot of new technologies like Artificial Intelligence (AI). We are big in AI.
\n\n\n\nConcerning meetings, conventions, culture, and sports. one of the key features of running an agency organisation is organising conventions for our agents. We will be able to help develop the MICE area in Macau. Regarding culture, we sponsor a lot of cultural activities, including concerts and arts.
\n\n\n\nAnd there\u2019s a third reason.
\n\n\n\nC.M. \u2013 Yes. The third reason is that, as I said earlier, Macau is an important component of the GBA.
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\u201cThere is still demand for more appropriate products to be introduced into the market\u201d
In Macau, we already had 12 companies providing life insurance. With Prudential operating, it\u2019s now 13. Is it a crowded place?
\n\n\n\nC.M. – As I said earlier, there’s a huge protection gap among Macau residents. The penetration is only 6.4%, so there’s huge upside potential.
\n\n\n\nSo with 13 players in the market of about 700,000 people, it’s not crowded at all, particularly when the need for insurance is still there. There is still demand for more appropriate products to be introduced into the market.
\n\n\n\nMacau has just adopted a new Financial System Act. How relevant is this step?
\n\n\n\nC.M. – It is an important step. We are still assessing the implications or impact of the new legislation. Our lawyers are already on top of it, but it will definitely help bring the financial services sector forward. The existing legislation was already decades old. Particularly when the government wants to develop more than finance with the bond market already in place, we need an updated system and an updated legislative framework for us to operate. Definitely. It is a good thing.
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\u201cI think the first thing that will happen, and that will happen before too long, is an after-sales service insurance service centre in Hengqin\u201d
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/013A4016.jpg\")
Macau also adopted a new trust law. Is it also a significant development?
\n\n\n\nC.M. – Yes. We are already working on that. We see big potential in helping our customers set up insurance trusts so that they can have a more controlled way of distributing their wealth to their next generation by shifting some of their assets to markets that they desire.
\n\n\n\nAnd the trust law is a big way forward. Traditionally, within the continental legal system, there’s no concept of trust. That is a common law concept.
\n\n\n\nYou are pretty familiar with common law jurisdictions.
\n\n\n\nC.M. – Initially, people were just asked, How can you build a trust law within a continental law system? But it works. Although lawyers are still working to align the trust stipulations with some of the other legislation, like the civil code and the commercial code, Eventually, it works out.
\n\n\n\nThis leads me to the wider issue of wealth management. This is a trend in Macau and the wider Greater Bay Area.
\n\n\n\nC.M. – We have a lot of experience in the wealth management area. We have a wealth management setup in Hong Kong. When the time is appropriate, suitable, we can bring the wealth management setup to Macau to work hand in hand with the insurance units to better serve our customers.
\n\n\n\nYou have a foothold in every single one of the 11 GBA cities. You mentioned cooperation with Hong Kong; how about the branches in the mainland GBA cities? How do you foresee cooperation between the Macau unit and the neighbouring mainland units?
\n\n\n\nC.M. – Prudential inside of China is a joint venture, but Prudential outside of mainland China is wholly owned. So we need to work with our joint venture partners in cooperation with branches within China. And we see big potential in that area. Of course, for example, in the GBA, there is a population of something like 85\u201386 million people, compared to Macau\u2019s 600\u2013700 thousand.
\n\n\n\nOf course, our first step will not be to target the 85/86 million. It will be the In-Depth Cooperation Zone (Hengqin) and then we will expand to the other GBA places.
\n\n\n\nRegarding Hengqin, what could be the first steps and then the longer-term approach?
\n\n\n\nC.M. – I think the first thing that will happen, and that will happen before too long, is an after-sales service insurance service centre in Hengqin. The Monetary Authority of Macau (AMCM) is driving that initiative forward.
\n\n\n\nAnd I believe all insurers in Macau will participate.
\n\n\n\nWe’re working out details on how we’re going to work, how we’re going to transfer customer data across the border, and those kinds of technical issues. But the first thing that I see in the In-Depth Cooperation Zone is the establishment of that after-sales service centre. The same is true for Hong Kong companies establishing [these centres] in Qianhai. A lot of mainland Chinese have bought policies in Hong Kong and Macau. So if we can have an after-sales service centre there, it will help them a lot. So that will be the first step forward, and moving forward, I think both the industry in Hong Kong and in Macau are lobbying for actual sales in the GBA. So, there are quite a lot of technical issues to be worked out. There are different legislative requirements and different regulatory requirements for licensing. Those have to be worked out. But for the industries to develop beyond the 600,000, 700,000 people here is the step into Hengqin.
\n\n\n\nHave you any targets for market share in the coming year, or five or ten years down the road?
\n\n\n\nC.M. – We are a listed company, and we cannot provide the forward-looking forecast figures. For the longer term, five years down the road, we are looking at 500 professional agents. That will give us a solid foundation to further develop. Talking about agents, we have a commitment to ourselves and to AMCM that we will not disturb our competitors. We will not go after the agents. We will recruit our agents, train them, and groom them organically on our own. We disrupt the markets, but we do not disturb the markets. Now, disturb is the negative word. Now, we disrupt the market by doing business in a new way and bringing in innovative products.
\n\n\n\nWhat\u2019s your take on Macau\u2019s macroeconomic outlook?
\n\n\n\nC.M. – We are very positive about the Macau market, given its proximity to the GBA, and in the past two to three years, we have witnessed significant growth in the life insurance market. And as I said, Macau\u2019s market is still underinsured. One significant phenomenon I’ve observed in Macau in the 20 odd years that I’ve been here is the growth of the middle class. A large segment of Macau citizens are in that class, the middle class. They are needed for life insurance, health insurance, investment, and retirement planning. The demand is huge.
\n\n\n\n\n", "content_text": "The General manager of newly established Prudential Macau sees plenty of potential for growth in Macau\u2019s life insurance sector. Chris Ma says the British 175-year-old multinational will bring innovation to the local market in line with the city\u2019s push for diversification and with an eye on neighbouring Hengqin \n\n\n\n\n\n\n\n\n\n\n\nGlobal insurance firm Prudential plc opened its Macau branch in early July marking a milestone moment for the British insurer which is now present in all Greater Bay Area cities. In an interview with Macau Business and Business Intelligence, Prudential Macau\u2019s general manager Chris Ma share an upbeat outlook on the region\u2019s business development, as Macau residents \u201care grossly underinsurance and underprotected\u201d. With the city adopting an updated and upgraded financial system act, he sees good prospects for new and innovative financial services, with a focus on life and health insurance, asset management and the future development of trust insurance. Looking beyond Macau, the company eyes opening an after-sales service centre in Hengqin.\n\n\n\nChris Ma has had more than 30 years of experience in the life insurance business, starting his career in Canada in 1991. He relocated to Macau in 2001 to head the then largest life insurance company here. He retired in 2020, and was invited out from retirement in 2021 to join Prudential to work on the licensing application process, and to be the General Manager in 2023 when the Macau Branch was established. \n\n\n\n \u201cWe see that there is a big protection gap among Macau residents. According to a report by Swiss Re Institute concerning 2021 figures, Macau\u2019s insurance penetration in Macau is only 6.4 per cent\u201d \n\n\n\n\n\n\n\nYou are a well-seasoned top executive in this industry. Tell us about this mission, views and challenges as the inaugural general manager of Prudential Macau.\n\n\n\nChris Ma \u2013 For any startup company, the challenge is to get the right people to do the right thing at the right time and in the right way. So, in the past few months, we started recruiting not only staff but also agents. Given the small [sized] community and insurance industry in Macau, the talent pool for us to source our people is limited. So that’s one big challenge that we’ve faced in the past few months since starting this business. I believe going forward, we will be able to have the right people in the right positions to help bring our business forward. But it takes us some time.\n\n\n\nOur top priority is to give opportunities to local talents to develop themselves. We are an international company, so we offer a lot of opportunities for our staff to gain international experience. We could train them; we could even post them to other markets to gain international experience and then come back to help Macau develop the economy. That’s our plan.\n\n\n\n \u201cWe are very positive about the Macau market, given its proximity to the GBA, and in the past two to three years, we have witnessed significant growth in the life insurance market\u201d \n\n\n\nPrudential is a 175-year-old global company. What\u2019s the significance of opening a branch in the Macau SAR?\n\n\n\nC.M. – Prudential started 175 years ago, in 1848, in the United Kingdom, then started its operations in Asia a hundred years ago, and then opened in Hong Kong 59 years ago.\n\n\n\nSo we have a long history, and Hong Kong and Macau are the two key components of the Greater Bay Area (GBA) the 9+2 cities. We had a presence in all 10 others before Macau. So now Macau completes our footprint in the GBA.\n\n\n\nThat\u2019s the background. Now, there are three key reasons why we are here. First, we see that there is a big protection gap among Macau residents. According to a report by Swiss Re Institute concerning 2021 figures, Macau\u2019s insurance penetration in Macau is only 6.4 per cent. Insurance penetration is calculated as total premium over GDP. In Hong Kong, that same figure is close to 18 per cent. Given those figures, we see that Macau residents are grossly underinsured and underprotected. We want to help as many as possible as we can local residents to get the right protections, the enough amount of protection that they need.\n\n\n\nSo that is one of our missions\u2014to help as many local residents as possible get protected.\n\n\n\nThat’s one reason we are here. The second is to be aligned with the government’s administrative strategies, namely the \u201c1+4\u201d diversification strategy, one being tourism and the four others being big health, modern finance, high technology, MICE and cultural and creative industries.\n\n\n\nIn fact, we can have a role in all four of those.\n\n\n\nHow? \n\n\n\nC.M. – On big health insurance, insurance definitely has a big role to play in big health. And given Prudential’s experience and position in the health insurance arena, we can definitely contribute towards the development of big health. On modern finance, life insurance is an old industry. So how modern can it be now? There is a modern way to manage an old business. So we are moving in that direction. We are more than a company with 175 years of experience. We use a lot of new thinking in managing our old business. So that will be our contribution towards modern finance, like wealth management. We can do that. We can also contribute to the development of the Macau bond market by investing part of our reserves in the local bond market.\n\n\n\nIt goes without saying that we engage high technology to enhance our customer experience, employee experience, and agency experience. So we use a lot of new technologies like Artificial Intelligence (AI). We are big in AI.\n\n\n\nConcerning meetings, conventions, culture, and sports. one of the key features of running an agency organisation is organising conventions for our agents. We will be able to help develop the MICE area in Macau. Regarding culture, we sponsor a lot of cultural activities, including concerts and arts.\n\n\n\nAnd there\u2019s a third reason. \n\n\n\nC.M. \u2013 Yes. The third reason is that, as I said earlier, Macau is an important component of the GBA.\n\n\n\n \u201cThere is still demand for more appropriate products to be introduced into the market\u201d \n\n\n\n\n\n\n\nIn Macau, we already had 12 companies providing life insurance. With Prudential operating, it\u2019s now 13. Is it a crowded place? \n\n\n\nC.M. – As I said earlier, there’s a huge protection gap among Macau residents. The penetration is only 6.4%, so there’s huge upside potential.\n\n\n\nSo with 13 players in the market of about 700,000 people, it’s not crowded at all, particularly when the need for insurance is still there. There is still demand for more appropriate products to be introduced into the market.\n\n\n\nMacau has just adopted a new Financial System Act. How relevant is this step?\n\n\n\nC.M. – It is an important step. We are still assessing the implications or impact of the new legislation. Our lawyers are already on top of it, but it will definitely help bring the financial services sector forward. The existing legislation was already decades old. Particularly when the government wants to develop more than finance with the bond market already in place, we need an updated system and an updated legislative framework for us to operate. Definitely. It is a good thing.\n\n\n\n \u201cI think the first thing that will happen, and that will happen before too long, is an after-sales service insurance service centre in Hengqin\u201d \n\n\n\n\n\n\n\nMacau also adopted a new trust law. Is it also a significant development? \n\n\n\nC.M. – Yes. We are already working on that. We see big potential in helping our customers set up insurance trusts so that they can have a more controlled way of distributing their wealth to their next generation by shifting some of their assets to markets that they desire.\n\n\n\n And the trust law is a big way forward. Traditionally, within the continental legal system, there’s no concept of trust. That is a common law concept.\n\n\n\nYou are pretty familiar with common law jurisdictions. \n\n\n\nC.M. – Initially, people were just asked, How can you build a trust law within a continental law system? But it works. Although lawyers are still working to align the trust stipulations with some of the other legislation, like the civil code and the commercial code, Eventually, it works out.\n\n\n\nThis leads me to the wider issue of wealth management. This is a trend in Macau and the wider Greater Bay Area. \n\n\n\nC.M. – We have a lot of experience in the wealth management area. We have a wealth management setup in Hong Kong. When the time is appropriate, suitable, we can bring the wealth management setup to Macau to work hand in hand with the insurance units to better serve our customers.\n\n\n\nYou have a foothold in every single one of the 11 GBA cities. You mentioned cooperation with Hong Kong; how about the branches in the mainland GBA cities? How do you foresee cooperation between the Macau unit and the neighbouring mainland units? \n\n\n\nC.M. – Prudential inside of China is a joint venture, but Prudential outside of mainland China is wholly owned. So we need to work with our joint venture partners in cooperation with branches within China. And we see big potential in that area. Of course, for example, in the GBA, there is a population of something like 85\u201386 million people, compared to Macau\u2019s 600\u2013700 thousand.\n\n\n\nOf course, our first step will not be to target the 85/86 million. It will be the In-Depth Cooperation Zone (Hengqin) and then we will expand to the other GBA places.\n\n\n\n\n\n\n\nRegarding Hengqin, what could be the first steps and then the longer-term approach? \n\n\n\nC.M. – I think the first thing that will happen, and that will happen before too long, is an after-sales service insurance service centre in Hengqin. The Monetary Authority of Macau (AMCM) is driving that initiative forward.\n\n\n\nAnd I believe all insurers in Macau will participate.\n\n\n\nWe’re working out details on how we’re going to work, how we’re going to transfer customer data across the border, and those kinds of technical issues. But the first thing that I see in the In-Depth Cooperation Zone is the establishment of that after-sales service centre. The same is true for Hong Kong companies establishing [these centres] in Qianhai. A lot of mainland Chinese have bought policies in Hong Kong and Macau. So if we can have an after-sales service centre there, it will help them a lot. So that will be the first step forward, and moving forward, I think both the industry in Hong Kong and in Macau are lobbying for actual sales in the GBA. So, there are quite a lot of technical issues to be worked out. There are different legislative requirements and different regulatory requirements for licensing. Those have to be worked out. But for the industries to develop beyond the 600,000, 700,000 people here is the step into Hengqin.\n\n\n\nHave you any targets for market share in the coming year, or five or ten years down the road? \n\n\n\nC.M. – We are a listed company, and we cannot provide the forward-looking forecast figures. For the longer term, five years down the road, we are looking at 500 professional agents. That will give us a solid foundation to further develop. Talking about agents, we have a commitment to ourselves and to AMCM that we will not disturb our competitors. We will not go after the agents. We will recruit our agents, train them, and groom them organically on our own. We disrupt the markets, but we do not disturb the markets. Now, disturb is the negative word. Now, we disrupt the market by doing business in a new way and bringing in innovative products.\n\n\n\nWhat\u2019s your take on Macau\u2019s macroeconomic outlook? \n\n\n\nC.M. – We are very positive about the Macau market, given its proximity to the GBA, and in the past two to three years, we have witnessed significant growth in the life insurance market. And as I said, Macau\u2019s market is still underinsured. One significant phenomenon I’ve observed in Macau in the 20 odd years that I’ve been here is the growth of the middle class. A large segment of Macau citizens are in that class, the middle class. They are needed for life insurance, health insurance, investment, and retirement planning. The demand is huge.", "date_published": "November 18, 2023", "date_modified": "November 18, 2023 - 21:04", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/013A4009.jpg", "tags": [ "finance", "Interview", "prudential", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "The General manager of newly established Prudential Macau sees plenty of potential for growth in Macau\u2019s life insurance sector. Chris Ma says the British 175-year-old multinational will bring innovation to the local market in line with the city\u2019s push for diversification and with an eye on neighbouring Hengqin " }, { "id": "https://www.macaubusiness.com/%e3%80%90%e6%81%af%e6%81%af%e7%9b%b8%e9%97%9c%e3%80%91%e5%9c%a8%e5%8f%af%e9%a0%90%e8%a6%8b%e7%9a%84%e6%9c%aa%e4%be%86%ef%bc%8c%e6%88%91%e5%80%91%e5%b0%87%e6%93%81%e6%9c%89%e9%9d%9e%e5%b8%b8/", "url": "https://www.macaubusiness.com/%e3%80%90%e6%81%af%e6%81%af%e7%9b%b8%e9%97%9c%e3%80%91%e5%9c%a8%e5%8f%af%e9%a0%90%e8%a6%8b%e7%9a%84%e6%9c%aa%e4%be%86%ef%bc%8c%e6%88%91%e5%80%91%e5%b0%87%e6%93%81%e6%9c%89%e9%9d%9e%e5%b8%b8/", "title": "\u3010\u606f\u606f\u76f8\u95dc\u3011\u201c\u5728\u53ef\u9810\u898b\u7684\u672a\u4f86\uff0c\u6211\u5011\u5c07\u64c1\u6709\u975e\u5e38\u7a69\u5b9a\u7684\u65b0\u6295\u8cc7\u201d", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/news099750_04-150x150.jpg\")
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/vincent-u-u-sang.png\")
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/news099738_04.jpg\")
2024\u5e74\u53c8\u5982\u4f55\uff1f
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\n\n\n\n\n", "content_text": 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– \u662f\u7684\u3002\u4ed6\u5011\u5c0d\u5927\u7063\u5340\u4e5f\u8208\u8da3\u76ce\u7136\u3002 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– 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– 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"date_published": "November 15, 2023", "date_modified": "November 15, 2023 - 16:21", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/news099750_04.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured" ], "summary": "\u8cbf\u4fc3\u5c40\u4e3b\u5e2d\u4f59\u96e8\u751f\u5f37\u8abf\uff0c\u535a\u5f69\u7279\u8a31\u7d93\u71df\u5546\u627f\u8afe\u7684\u975e\u535a\u5f69\u6295\u8cc7\u8a08\u5283\u3001\u653f\u5e9c\u63d0\u51fa\u7684\u201c1+4\u201d\u591a\u5143\u5316\u7b56\u7565\uff0c\u4ee5\u53ca\u6a6b\u7434\u767c\u5c55\u90fd\u662f\u95dc\u9375\u7684\u8cc7\u7522\u3002\u8461\u8a9e\u570b\u5bb6\u5e73\u53f0\u53ca\u6703\u5c55\u884c\u696d\u7684\u767c\u5c55\u540c\u6a23\u88ab\u63d0\u4e0a\u4e86\u65e5\u7a0b\u3002" }, { "id": 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\n\u300a\u5546\u8a0a\u300b2023\u5e7411\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/01/20221212092437_1772883-1028x683.jpg\")
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\n\n\n\n\n", "content_text": "\u300a\u5546\u8a0a\u300b2023\u5e7411\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d\n\n\n\n\n\n\n\n\u201c\u7f3a\u4e4f\u8a08\u5283\u7684\u76ee\u6a19\uff0c\u53ea\u80fd\u53eb\u505a\u9858\u671b\uff0c\u201d\u6cd5\u570b\u8457\u540d\u4f5c\u5bb6Antoine de Saint-Exup\u00e9ry\u5728\u4ed6\u7684\u958b\u5275\u6027\u4e2d\u7bc7\u5c0f\u8aaa\u300aLe Petit 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"date_published": "November 13, 2023", "date_modified": "November 13, 2023 - 00:59", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/IMG_3399.jpeg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": "\u201c\u7f3a\u4e4f\u8a08\u5283\u7684\u76ee\u6a19\uff0c\u53ea\u80fd\u53eb\u505a\u9858\u671b\uff0c\u201d\u6cd5\u570b\u8457\u540d\u4f5c\u5bb6Antoine de Saint-Exup\u00e9ry\u5728\u4ed6\u7684\u958b\u5275\u6027\u4e2d\u7bc7\u5c0f\u8aaa\u300aLe Petit Prince(\u5c0f\u738b\u5b50)\u300b\u4e2d\u5beb\u9053\u3002" }, { "id": "https://www.macaubusiness.com/we-have-a-very-stable-flow-of-new-investment-in-the-foreseeable-future/", "url": "https://www.macaubusiness.com/we-have-a-very-stable-flow-of-new-investment-in-the-foreseeable-future/", "title": "\u201cWe have a very stable flow of new investment in the foreseeable future\u201d", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/Vincet-U-U-Sang-at-MIF-1-150x150.png\")
\nNon-gaming investment plans by the casino concessionaires, \u201c1+4\u201d diversification strategy and Henqgin development are key assets, stresses \u00a0IPIM president U U Sang. The Portuguese-speaking countries\u2019 platform and MICE development also rank high on the agenda
\n\n\n\nPhotos by Cheong Kam Ka
\n\n\n\nOctober is a high time for the city’s MICE (Meetings, Incentives, Conferences, and Exhibitions) and trade show scene. This year, the Macao Trade and Investment Promotion Institute (IPIM) organised three concurrent expos: the 1st China-Portuguese-Speaking Countries Economic and Trade Expo (Macao) (1st C-PLPEX), the 28th Macao International Trade and Investment Fair (MIF), and the Macao Franchise Expo 2023 (2023MFE). In an interview about the trade shows, MICE, and the latest promotion missions carried out overseas, the president of IPIM expressed optimism regarding a new perception that is emerging of Macau beyond gaming and tourism. The focus is shifting towards emerging industries such as traditional Chinese medicine and big health, modern finance, new and high technologies, conventions and exhibitions, and culture and sports. New investment and content will be needed to foster the development of these sectors.
\n\n\n\nU U Sang also added that the perception of Macau as part of a wider economic space involving Hengqin and the Greater Bay Area is taking shape internationally.
\n\n\n\nThis year, we had three major fairs taking place simultaneously: MIF, MFE, and the new C-PLPEX, organised by IPIM. What\u2019s your assessment and highlight of the first post-pandemic editions of these trade shows?
\n\n\n\nU. U. S. – I would like to emphasise that for the C-PLPEX, it is not just a Macau event; it is under the framework of the Forum for Economic Trade Cooperation between China and the Portuguese-speaking Countries. In the Extraordinary Ministerial Conference of the Forum held in April last year, China\u2019s Minister of Commerce, Mr. Wang Wentao, announced to have a China Portuguese Speaking Countries Economic Expo, and after more than one and a half years, we implemented the first edition. Regarding the scale, it is the first time that the three exhibitions have spanned four exhibition halls, covering a total area of 37,000 square metres, with 20 exhibition areas at the Venetian Macao Expo. The exhibitions attracted on-site exhibitors from 15 countries and regions and delegations led by eight ministerial officials from Mainland China and Portuguese-speaking countries. From mainland China, we also had exhibitors from 20 out of the 31 provinces, municipalities, and autonomous regions.
\n\n\n\nA second highlight I would like to point out is the improvement of the transaction facilitation function. We had more than 1,000 business matching talks arranged during the four days, an increase of 30 per cent over last year. For contract signing, we reached 101, up by 8.6 per cent.
\n\n\n\nThere was plenty of focus on the \u201c1+4\u201d economic diversification strategy.
\n\n\n\nU. U. S. – Yes, the third highlight is the enhancement on facilitating economic diversification through conventions and exhibitions following the \u201c1+4\u201d diversification strategy. A MICE event is not only a MICE event; it has content. Therefore, the MICE industry can facilitate the development of other industries. It is our mission. And visitors can also learn that Macau is striving to follow the \u201c1+4\u201d strategy and has more interest in the emerging industries. And with events focused on those emerging industries, it will raise their interest in coming to Macau and attending those events. For the emerging industries, we have, at some point, to strengthen the so-called \u2018blood creation\u2019 function of these industries. That means we need more new blood and new content to enter our Macau market, which enriches our sustainability and ecosystem.
\n\n\n\nRegarding attracting investment, you were talking about new blood. IPIM has been carrying out a number of missions overseas and on the mainland this year since the post-pandemic reopening. Tell us about the feedback you have received so far and your expectations for prospective foreign investment.
\n\n\n\nU. U. S. –\u00a0After the pandemic, we strived to have more investment promotion events. From the beginning of this year, we went to Portuguese-speaking Countries, ASEAN countries and other markets to carry out our promotional activities. The feedback I would like to highlight is very interesting. From the point of view of the foreign investors, firstly, after the pandemic, they are perfectly aware that the mainland Chinese market is a huge market, and they have some sense regarding Macau. However, originally, according to their idea, Macau was a relatively small economic entity just concentrated in the tourism industry, with a limitation on land space. After our promotion, they learned that now it\u2019s not only Macau. We have Hengqin, with an area approximately three times the area of Macau. There\u2019s a new space for Macau, and Hengqin has a series of preferential policies there.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/CKK_3842-1028x685.jpg\")
Are they also interested in the Greater Bay Area development?
\n\n\n\nU. U. S. – Yes. They are also very interested in the Greater Bay Area. China is such a massive market with three key advanced major regional economic integrated areas: Beijing-Tianjin-Hebei Region (north), Yangtze River Delta Area (east), andthe Greater Bay Area(south). They look at the GBA as a whole. They welcome us providing more information on the development of the Greater Bay Area, and they are very happy to see that Macau is one of the core cities of the GBA and that Macau has a very special integration arrangement with Henqqin. Therefore, for our promotion, compared to the pre-pandemic events, we have new elements. We have the \u201c1+4\u201d strategy, which brings new opportunities, and we have Henqing, a new space for investment. Also, we highlight that in the coming decade, we have received commitments from the six gaming concessionaires to invest about US$15 billion. Investors can see we have a very stable flow of new investment in the foreseeable future with these new projects. This is very encouraging for them.
\n\n\n\nMy main message for investors is to look at Macau as a platform through which they can capitalise on the development of GBA and also the broader market space. We can provide more business opportunities. We have our unique advantages, with our free port status, free flow of capital, and low and simple taxation regime.
\n\n\n\nAre you anticipating a new flagship investment in these emerging industries? Which one could be the first one to take off?
\n\n\n\nU. U. S. –\u00a0During the pandemic, our economy was hardly hit. Therefore, there was a significant drop in the GDP figures. However, for the investment initiated via IPIM, actually the finished projects kept stable. There was even some increase. The figures related to private investment related to IPIM remained stable. Also, for the inquiries about investment, even during the pandemic, it remained stable, and sometimes there was even an increase. Not only about Macau but also about Henqgin and GBA. For instance, companies told me that they have set up their subsidiaries in 10 of the 11 GBA cities, with Macau missing. They feel the need to complete their foothold in the GBA by adding Macau.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/MIF-signing.png\")
Regarding expectations, in what concerns the four emerging industries, there are different government departments to coordinate the development of those industries, and IPIM is responsible for coordinating the development of MICE. In this respect, last year we had less than 500 events taking place in Macau. This year, we are confident we can reach our goal of hosting more than 1,000 events in Macau, which is more than a 100 per cent growth rate compared with 2022.
\n\n\n\nWhat about 2024?
\n\n\n\nU. U. S. – For next year, we anticipate we can reach 1,500 MICE events, which would be a 50 per cent growth rate and match the figures of pre-pandemic 2019. I would like to stress here that even though we are talking about getting back to pre-pandemic figures, there has been an improvement in the structure of MICE events held here. One needs to consider that we are talking about two main types of events \u2013 conventions and exhibitions \u2013 and that holding exhibitions is a more complex process. For the figures on exhibitions, in 2022 we outnumbered 2019. This reflects improvement on the structure of events, as exhibitions are more related to investment and enhance Macau\u2019s standing in the regional MICE market.
\n\n\n\nOne of the new concepts being developed is the \u201cOne Event, Two Places\u201d, meaning in Macau and Hengqin. How do you see this unfolding?
\n\n\n\nU. U. S. – Henqgin is a very important element for the development of Macau. Therefore, we have more Henqgin elements in our MICE events, including “One Event, Two Places\u201d . In the first half of this year, we had nine of these events, and for the second half of this year, we have a series of events already. During the MIF, we had four of these events. I would like to put it this way: for the visitors, this concept is also very interesting and convenient for visitors who travel from afar and have the opportunity of being not only in Macau but also Henqgin and the GBA. They welcome this. That\u2019s why during this year\u2019s MIF/C-PLPEX, we led a delegation from Portuguese-speaking Countries to Henqgin.
\n", "content_text": "Non-gaming investment plans by the casino concessionaires, \u201c1+4\u201d diversification strategy and Henqgin development are key assets, stresses \u00a0IPIM president U U Sang. The Portuguese-speaking countries\u2019 platform and MICE development also rank high on the agenda\n\n\n\nPhotos by Cheong Kam Ka \n\n\n\nOctober is a high time for the city’s MICE (Meetings, Incentives, Conferences, and Exhibitions) and trade show scene. This year, the Macao Trade and Investment Promotion Institute (IPIM) organised three concurrent expos: the 1st China-Portuguese-Speaking Countries Economic and Trade Expo (Macao) (1st C-PLPEX), the 28th Macao International Trade and Investment Fair (MIF), and the Macao Franchise Expo 2023 (2023MFE). In an interview about the trade shows, MICE, and the latest promotion missions carried out overseas, the president of IPIM expressed optimism regarding a new perception that is emerging of Macau beyond gaming and tourism. The focus is shifting towards emerging industries such as traditional Chinese medicine and big health, modern finance, new and high technologies, conventions and exhibitions, and culture and sports. New investment and content will be needed to foster the development of these sectors.\n\n\n\nU U Sang also added that the perception of Macau as part of a wider economic space involving Hengqin and the Greater Bay Area is taking shape internationally.\n\n\n\nThis year, we had three major fairs taking place simultaneously: MIF, MFE, and the new C-PLPEX, organised by IPIM. What\u2019s your assessment and highlight of the first post-pandemic editions of these trade shows?\n\n\n\nU. U. S. – I would like to emphasise that for the C-PLPEX, it is not just a Macau event; it is under the framework of the Forum for Economic Trade Cooperation between China and the Portuguese-speaking Countries. In the Extraordinary Ministerial Conference of the Forum held in April last year, China\u2019s Minister of Commerce, Mr. Wang Wentao, announced to have a China Portuguese Speaking Countries Economic Expo, and after more than one and a half years, we implemented the first edition. Regarding the scale, it is the first time that the three exhibitions have spanned four exhibition halls, covering a total area of 37,000 square metres, with 20 exhibition areas at the Venetian Macao Expo. The exhibitions attracted on-site exhibitors from 15 countries and regions and delegations led by eight ministerial officials from Mainland China and Portuguese-speaking countries. From mainland China, we also had exhibitors from 20 out of the 31 provinces, municipalities, and autonomous regions.\n\n\n\nA second highlight I would like to point out is the improvement of the transaction facilitation function. We had more than 1,000 business matching talks arranged during the four days, an increase of 30 per cent over last year. For contract signing, we reached 101, up by 8.6 per cent.\n\n\n\nThere was plenty of focus on the \u201c1+4\u201d economic diversification strategy. \n\n\n\nU. U. S. – Yes, the third highlight is the enhancement on facilitating economic diversification through conventions and exhibitions following the \u201c1+4\u201d diversification strategy. A MICE event is not only a MICE event; it has content. Therefore, the MICE industry can facilitate the development of other industries. It is our mission. And visitors can also learn that Macau is striving to follow the \u201c1+4\u201d strategy and has more interest in the emerging industries. And with events focused on those emerging industries, it will raise their interest in coming to Macau and attending those events. For the emerging industries, we have, at some point, to strengthen the so-called \u2018blood creation\u2019 function of these industries. That means we need more new blood and new content to enter our Macau market, which enriches our sustainability and ecosystem.\n\n\n\nRegarding attracting investment, you were talking about new blood. IPIM has been carrying out a number of missions overseas and on the mainland this year since the post-pandemic reopening. Tell us about the feedback you have received so far and your expectations for prospective foreign investment.\n\n\n\nU. U. S. –\u00a0After the pandemic, we strived to have more investment promotion events. From the beginning of this year, we went to Portuguese-speaking Countries, ASEAN countries and other markets to carry out our promotional activities. The feedback I would like to highlight is very interesting. From the point of view of the foreign investors, firstly, after the pandemic, they are perfectly aware that the mainland Chinese market is a huge market, and they have some sense regarding Macau. However, originally, according to their idea, Macau was a relatively small economic entity just concentrated in the tourism industry, with a limitation on land space. After our promotion, they learned that now it\u2019s not only Macau. We have Hengqin, with an area approximately three times the area of Macau. There\u2019s a new space for Macau, and Hengqin has a series of preferential policies there.\n\n\n\n\n\n\n\nAre they also interested in the Greater Bay Area development? \n\n\n\nU. U. S. – Yes. They are also very interested in the Greater Bay Area. China is such a massive market with three key advanced major regional economic integrated areas: Beijing-Tianjin-Hebei Region (north), Yangtze River Delta Area (east), andthe Greater Bay Area(south). They look at the GBA as a whole. They welcome us providing more information on the development of the Greater Bay Area, and they are very happy to see that Macau is one of the core cities of the GBA and that Macau has a very special integration arrangement with Henqqin. Therefore, for our promotion, compared to the pre-pandemic events, we have new elements. We have the \u201c1+4\u201d strategy, which brings new opportunities, and we have Henqing, a new space for investment. Also, we highlight that in the coming decade, we have received commitments from the six gaming concessionaires to invest about US$15 billion. Investors can see we have a very stable flow of new investment in the foreseeable future with these new projects. This is very encouraging for them.\n\n\n\nMy main message for investors is to look at Macau as a platform through which they can capitalise on the development of GBA and also the broader market space. We can provide more business opportunities. We have our unique advantages, with our free port status, free flow of capital, and low and simple taxation regime.\n\n\n\nAre you anticipating a new flagship investment in these emerging industries? Which one could be the first one to take off?\n\n\n\nU. U. S. –\u00a0During the pandemic, our economy was hardly hit. Therefore, there was a significant drop in the GDP figures. However, for the investment initiated via IPIM, actually the finished projects kept stable. There was even some increase. The figures related to private investment related to IPIM remained stable. Also, for the inquiries about investment, even during the pandemic, it remained stable, and sometimes there was even an increase. Not only about Macau but also about Henqgin and GBA. For instance, companies told me that they have set up their subsidiaries in 10 of the 11 GBA cities, with Macau missing. They feel the need to complete their foothold in the GBA by adding Macau.\n\n\n\n\n\n\n\nRegarding expectations, in what concerns the four emerging industries, there are different government departments to coordinate the development of those industries, and IPIM is responsible for coordinating the development of MICE. In this respect, last year we had less than 500 events taking place in Macau. This year, we are confident we can reach our goal of hosting more than 1,000 events in Macau, which is more than a 100 per cent growth rate compared with 2022.\n\n\n\nWhat about 2024?\n\n\n\nU. U. S. – For next year, we anticipate we can reach 1,500 MICE events, which would be a 50 per cent growth rate and match the figures of pre-pandemic 2019. I would like to stress here that even though we are talking about getting back to pre-pandemic figures, there has been an improvement in the structure of MICE events held here. One needs to consider that we are talking about two main types of events \u2013 conventions and exhibitions \u2013 and that holding exhibitions is a more complex process. For the figures on exhibitions, in 2022 we outnumbered 2019. This reflects improvement on the structure of events, as exhibitions are more related to investment and enhance Macau\u2019s standing in the regional MICE market.\n\n\n\nOne of the new concepts being developed is the \u201cOne Event, Two Places\u201d, meaning in Macau and Hengqin. How do you see this unfolding?\n\n\n\nU. U. S. – Henqgin is a very important element for the development of Macau. Therefore, we have more Henqgin elements in our MICE events, including “One Event, Two Places\u201d . In the first half of this year, we had nine of these events, and for the second half of this year, we have a series of events already. During the MIF, we had four of these events. I would like to put it this way: for the visitors, this concept is also very interesting and convenient for visitors who travel from afar and have the opportunity of being not only in Macau but also Henqgin and the GBA. They welcome this. That\u2019s why during this year\u2019s MIF/C-PLPEX, we led a delegation from Portuguese-speaking Countries to Henqgin.", "date_published": "November 12, 2023", "date_modified": "November 13, 2023 - 12:39", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/Vincet-U-U-Sang-at-MIF-1.png", "tags": [ "Macau Business", "MAG" ], "summary": "Non-gaming investment plans by the casino concessionaires, \u201c1+4\u201d diversification strategy and Henqgin development are key assets, stresses IPIM president U U Sang. The Portuguese-speaking countries\u2019 platform and MICE development also rank high on the agenda" }, { "id": "https://www.macaubusiness.com/editorial-best-wishes-now-the-proof-is-in-the-pudding/", "url": "https://www.macaubusiness.com/editorial-best-wishes-now-the-proof-is-in-the-pudding/", "title": "EDITORIAL \u2013 Best wishes: Now the proof is in the pudding", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/Pudding-150x150.png\")
\nMacau Business Editorial |November 2023 | By Jos\u00e9 Carlos Matias \u2013 Director
“A goal without a plan is just a wish,” Antoine de Saint-Exup\u00e9ry tells us in The Little Prince.
\n\n\n\nThankfully, Macau has no shortage of plans charting paths towards its multiple goals. Just the last two years have brought us the General Plan for building a Guangdong-Macau In-depth Cooperation Zone in Hengqin [September 2021], the Second Five-Year Plan for Economic and Social Development (2021\u20132025) [December 2021], and the Development Plan for Adequate Economic Diversification of the Macau SAR (2024\u20132028) [just launched].
\n\n\n\nThese blueprints converge on a pivotal a direction: towards a more diversified and sustainable economic structure that is less reliant on gaming, articulation and coordination with the development of Hengqin and the wider Greater Bay Area, and integration of the city into the national development processes.
\n\n\n\nA formula has been emerging, one that now takes centre stage in the newly announced diversification blueprint: “1+4”. This sum represents integrated Tourism & Leisure being supplemented by the four \u201cemerging\u201d industries of Big Health (with a focus on Traditional Chinese Medicine), Modern Finance, High & New Technology, and the Conventions & Exhibitions, Sports and Commercial & Trade Industries. A closer look at two primary, overall goals \u2013 namely decreasing gaming\u2019s share of the overall economy and lessening the government’s reliance on taxes from gaming in the total tax revenue mix \u2013 reveals two different measurements of attainment. While the Plan aims to bring the proportion of gaming\u2019s gross added value down to about 40 per cent by 2028 (from 51 per cent in 2019) \u2013 an ambitious goal \u2013 its target for the reduction of dependence on gaming revenue amounts to merely “attaining a lower level than in 2019\u201d. How do we make sense of this? Is there something to unpack in this apparent disparity?
\n\n\n\nAchieving a level of tax revenue reliance on gaming simply lower than the 84.8 per cent rate recorded in 2019 is a goal that is not just vague but easy to reach. It goes without saying that 2019 saw the city\u2019s peak reliance on gaming taxes for the recent period (at least since 2014, judging from the detailed information available at the Financial Services Bureau website). This indicates a sparing approach on the part of authorities when quantifying this goal.
\n\n\n\nAnd that may well be understandable, given that taxation on gaming is entirely different from that levied on other industries. However, it suggests there is low confidence in a significant reduction of the SAR\u2019s reliance on gaming for current revenue.
\n\n\n\nOn the other hand, increasing non-gaming\u2019s economic share from 49 per cent (in pre-Covid 2019) to around 60 per cent (by 2028) seems a more daring aim. Is it achievable? While t will certainly depend on a number of factors, it may not be a bridge too far. In 2016, for instance, non-gaming reached 53.6 per cent.
\n\n\n\nOne should underline here the relevance of listing 81 priority projects within the “1+4” framework. Nevertheless, the Blueprint tends to be somewhat vague concerning more specific and quantifiable targets for the “emerging” industries, opting for the phrase “improvement from previous levels.” While this qualitative assessment allows for goals to be achieved, for anyone anticipating a plan with a comprehensive set of concrete objectives, it falls short of the mark.
\n\n\n\nStill, there are notable exceptions in the Blueprint indicating less guarded optimism, such as the heightened numbers for tertiary education programs, MICE events in general and internationally accredited and professionals involved in the convention and exhibition sector. Other encouraging targets concern high technology, with the Government pledging a substantial MOP 5 billion in accumulated investment in research and development. The focus on enhancing overseas ties and attracting startups and innovation companies from abroad, namely from Portugal and Brazil, is a forward-looking policy that can solidify the city\u2019s Sino-Lusophone platform and bring new value to both Macau and Hengqin.
\n\n\n\nIn the background, everyone will understand that support from the Central Government is absolutely crucial, and that recovery of the gaming industry to steady healthy levels \u2013 like those seen in the latest figures \u2013 is a key pre-requisite to all these financial resources and investments being able to move forward.
\n\n\n\nIt has been said before \u2013 and local officials have mentioned it too, to a degree \u2013 but let us reiterate: pragmatism, realism, flexibility, wise public policies and government guidance, and perhaps most importantly a market-oriented attitude will be crucial to converting wishes into tangible goals. To this recipe we add: avoidance of both wishful thinking and the temptations of hubris.
\n\n\n\nIn the end, beyond the visionary plans and quantitative and qualitative goals, the proof is in the pudding.
\n\n\n\nAll aboard? The \u201cadequate\u201d diversification train is departing, destination 2028.
\n\n\n\nBest wishes!
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/MB235_Nov2023_Cover1-781x1028.jpg\"){kind=spacer}
Beyond the specific \u201c1+4\u201d box, a more ambitious approach to attracting foreign direct investment in general could well be embraced. An improvement of investment laws and regulations, coupled with an upgrade of the status of imported top executives and skilled professionals (beyond that set out in the newly established talent attraction scheme), would be highly beneficial.
\n\n\n\nIn this respect, the proposals put forth at the latest seminar held by the Portugal-China Chamber of Commerce and industry for Macau to become a hub where multinationals can set up their Asia headquarters deserve attention.
\n\n\n\nThe first time I had the chance to take a closer look at Li Keqiang was in October 2007, when I was in Beijing as a reporter covering the 17th Congress of the Communist Party of China (CPC) in Beijing. Back then, all eyes were on two leading figures of the fifth generation, as it was then known, who were promoted to the Standing Committee of the Politburo of the CPC: Xi Jinping and Li Keqiang. Shortly thereafter, Li would become Vice Premier and then in 2013 Premier of the State Council, a position he held for 10 years until March of this year.
\n\n\n\nThe second time was in Macau, in 2016, when Li presided over the opening of the Ministerial Conference of the Forum Macau. Li\u2019s three-day visit to the SAR was filled with announcements of measures to support the city\u2019s economy and its function as a Sino-Lusophone hub, along with visits to tourist spots where he was warmly greeted. The role of the mild-mannered premier, who was trained as a legal expert first and then went on to earn a PhD in economics, was highlighted in the official obituary. Among other achievements and contributions, he “consistently advanced the reforms to develop the socialist market economy and struck a proper balance between the government and the market\u201d.
\n\n\n\nIn his later years, one of his signature quotes was “The Yellow River and Yangtze River will not flow backward”, indicating that “China’s reform and opening-up will continue to move forward\u201d.
\n\n\n\nHis sudden passing at the age of 68 in late October came as a shock. Li Keqiang’s legacy of public service to the nation and contributions to global development will endure.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/IMG_3478-150x150.jpeg\")
\nThe long-awaited blueprint sets the tone and targets for ‘adequate’ economic diversification, grounded on the \u201c1+4\u201d strategy. The aim: by 2028, increasing the share of value added to the economy of non-gaming activities to about 60 per cent, up from 49 per cent in 2019, leveraged by the expected development of the four designated emerging industries. To attain such a goal, the government has spelled out 81 priority projects and several targets. Can it be delivered? Senior economists told Macau Business they are positive about the plan and point to the areas with more potential to yield more palpable results. Tourism-related activities and financial services will likely lead the way.
\n\n\n\n
“While most of these industries will still need time to take off, the sectors expected to produce most of the dynamics of diversification in the next few years will still be those connected to tourism and leisure and, eventually, modern finance” \u2013 Jos\u00e9 Sales Marques, economist
Diversification has been a recurrent topic in Macau over the past few decades and more so in recent years. The pandemic further highlights the risks associated with being too dependent on gaming and tourism. In fact, statistics speak for themselves when it comes to the city’s reliance on a single industry: gaming. In pre-pandemic 2019, 84.8 per cent of the SAR’s current revenue was sourced from taxes on gross gaming revenue, and the gaming industry accounted for 51 per cent of the total gross added value in the economy. With regards to the latter indicator, over the past decade, with the exception of the 2020-2023 pandemic period, government current revenue reliance on gaming taxes ranged between 77.7 per cent (2015) and 85 per cent (2019), as can be seen in Figure 2. In this respect, the “Development Plan for Adequate Economic Diversification of the Macau SAR (2024-2028),” announced on November 1, falls short of providing a specific target for 2028, other than attaining a lower percentage than that of 2019, which was the year with a higher dependence ratio since 2019. The blueprint, however, holds a more ambitious and specific target concerning the share of gross added value. It aims to achieve a new pattern of economic wealth creation based on about 60 percent (non-gaming) and 40 per cent (gaming). With the exception of the COVID years (2020-2022), the last time gaming was at a level close to 40 per cent was 2003 (42.3 per cent) just before the first foreign-owned casinos opened after the liberalisation of the casino industry (see Figure 1). Over the past decade, the lowest share was 46.7 per cent in 2016 when gross gaming revenue was MOP 223 billion, an amount slightly higher than the MOP 216 billion the Government is projecting for 2024, according to the newly announced budget proposal for next year.
\n\n\n\n
“Given the realistic targets contained in the plan, there’s a high chance of successful implementation” – Henry Lei, professor in Business Economics
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/IMG_0471-1028x685.jpeg\")
Adding value
\n\n\n\nSenior economist and Macau Business contributor Jos\u00e9 Sales Marques notes that while the target for the share of gross added value of gaming is quantified and ambitious (bringing it down to 40 per cent), the aim of lowering the government’s current revenue reliance on gaming is not translated into a number. The plan only states a percentage below the 84.8 per cent level of 2029. “Although the gaming sector is set to drop around 10 percentage points in the structure of Macau GDP from 2019 levels, the fiscal revenue may well stand around 80 per cent of the total current revenues by the end of the five-year period,” Sales Marques underlines. This may imply that there is an understanding that the non-gaming tourism and activities and the four emerging industries altogether will need some time to develop and generate significant fiscal revenue. One should also note that gaming is a special business activity in Macau, which is taxed based on gross revenue, being subject to a 40 per cent levy, instead of profit, as in the remaining activities, which are subject to a 12 per cent corporate tax rate on their net income. “This figure gives a good indication that the government is not expecting, in the meantime, that the other sectors of the 1+4 equation to generate significant fiscal revenues, eventually due to the low tax policies existing in Macau,” the economist points out.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE-2023-11-06-195010-1028x740.png\")
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE-2023-11-06-195032-1028x566.png\")
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE-2023-11-06-195109-1028x862.png\")
Tourism+, finance leading the way
\n\n\n\nIn the “1+4” formula, 1 stands for integrated tourism and leisure, and four for the designated merging industries: big health, modern finance, high and new technologies, and Convention and exhibition, sports, and the commercial and trade industries. Sales Marques anticipates that “while most of these industries will still need time to take off, the sectors expected to produce most of the dynamics of diversification in the next few years will still be those connected to tourism and leisure and, eventually, modern finance.” Gaming concessionaires are expected to continue to assist the Government in the pursuit of economic diversification in line with the new 10-year concession contracts and the MOP 108 billion pledge from the six operators regarding non-gaming investments throughout the decade-long concession. The diversification blueprint reiterates the requirement for casino companies to “reinforce marketing abroad, promote non-gambling activities and enhance Macau’s reputation on the international level, improving complementary transport services upon arrival in Macau,” thus contributing to the “promotion and dissemination of Macau as a destination for tourism and leisure.”
\n\n\n\n
“The market itself is an invisible hand, while the government has a visible hand,” guiding and fine-tuning the economy’s operation \u2013 Lei Wai Nong, Secretary for Economy and Finance
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/11/The-Development-Plan-for-Adequate-Economic-Diversification-of-the-Macao-SAR-2024-2028-is-officially-announced.-1028x685.jpg\")
1+4=
\n\n\n\nConcerning overseas visitation, authorities aim to return to 2019 numbers by 2028, meaning reach around 3 million. To support this objective, a total of MOP 235 million (US$29.2 million) in public funds has already been allocated for next year. The SAR’s financial legal regime will continue to be updated. After taking steps such as the enactment of the Financial Services Act and adopting a Trust Law, authorities will move ahead with a ‘Securities Law,’ which covers the bond market, the revision of the Law regulating the establishment and operation of investment funds and fund management companies and a legal Regime for Insurance Activities, among other moves. On financial services indicators, the plan does not specify a target for 2028; it only mentions achieving ‘sustained increases’ for added value and total assets, which stood at MOP 37.9 billion and MOP 2.8 trillion respectively in 2022. As for high-technology development, the government has set its sights on accrediting a minimum of 40 enterprises by 2028. Besides, it believes that it will be able to select 20 teams from Portugal or Brazil and cultivate partnerships between them and their counterparts in Hengqin or the Greater Bay Area. As much as MOP 5 billion will have been invested in scientific research by 2028 to support the city in embracing that cause. The development of big health is to be mainly driven by Traditional Chinese Medicine, with a projected increase of gross added value, the number of manufacturing units, and a substantial growth of licensed medicines. In terms of meetings, incentives, conferences, and exhibitions, a range of 2,000 to 2,500 events will have taken place by 2028, up from about 1,500 in 2019. Around 600 to 800 accredited MICE professionals are also expected to enter the industry by then.
\n\n\n\nVisible, invisible: hand-in-hand
\n\n\n\nThe overall concept and policy direction underpinning the economic diversification strategy were summed up by Secretary for Economy and Finance Lei Wai Nong: “The market itself is an invisible hand, while the government has a visible hand,” guiding and fine-tuning the economy’s operation. The Secretary added that with the central government’s strong support and Macau government’s implementation of various measures, the local government is now “more confident than any time before” in achieving the city’s appropriate economic diversification. Henry Lei Chun Kwok, vice chairman of the local think tank Macau Economic Association, shares also stress that with this blueprint, the city’s development path is sailing towards a solid shore. “The development direction of the Macau economy in the coming 5 years, with the responsibilities of different involved clearly stated and the qualitative and quantitative targets and implied works thoughtfully specified,” underlines Lei, also an Associate Professor in Business Economics at the University of Macau. Asked whether the targets can be achieved, he sees a high probability of that happening: “Given the past practice of the SAR government and the realistic targets contained in the plan, there’s a high chance of successful implementation.”
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/OLDT5412-150x150.jpg\")
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\n\n\n\n\u674e\u5b50\u851a – \u8ac7\u5230\u6a6b\u7434\u7684\u767c\u5c55\uff0c\u6211\u5011\u8981\u8ffd\u6eaf\u52302009\u5e74\u3002\u7576\u6642\uff0c\u570b\u52d9\u9662\u6b63\u5f0f\u6279\u51c6\u5be6\u65bd\u300a\u6a6b\u7434\u7e3d\u9ad4\u767c\u5c55\u898f\u5283\u300b\uff0c\u5c07\u6a6b\u7434\u5cf6\u5b9a\u4f4d\u70ba\u201c\u7cb5\u6e2f\u6fb3\u5408\u4f5c\u65b0\u6a21\u5f0f\u7684\u793a\u7bc4\u5340\u201d\u3002
\n\n\n\n2021\u5e749\u670817\u65e5\uff0c\u6a6b\u7434\u7cb5\u6fb3\u6df1\u5ea6\u5408\u4f5c\u5340\u6b63\u5f0f\u639b\u724c\u6210\u7acb\uff0c\u6a6b\u7434\u81ea\u6b64\u8e0f\u5165\u4e86\u4e00\u500b\u5d84\u65b0\u7684\u6642\u4ee3\u3002\u70ba\u4f55\uff1f\u56e0\u70ba\u6211\u5011\u63a1\u7528\u4e86\u5275\u65b0\u7684\u7ba1\u7406\u6a21\u5f0f\uff0c\u7cb5\u6fb3\u5169\u5730\u653f\u5e9c\u548c\u5b98\u54e1\u5171\u540c\u8ca0\u8d77\u7ba1\u7406\u9019\u500b\u4f54\u5730106\u5e73\u65b9\u516c\u91cc\u3001\u8ddd\u96e2\u6fb3\u9580\u7279\u5225\u884c\u653f\u5340\u50c5187\u516c\u5c3a\u5cf6\u5dbc\u7684\u8cac\u4efb\u3002
\n\n\n\n\u6839\u64da\u300a\u6a6b\u7434\u5efa\u8a2d\u7cb5\u6fb3\u6df1\u5ea6\u5408\u4f5c\u5340\u7e3d\u9ad4\u65b9\u6848\u300b\uff0c\u6df1\u5408\u5340\u7684\u5b9a\u4f4d\u662f\u4fc3\u9032\u6fb3\u9580\u7d93\u6fdf\u9069\u5ea6\u591a\u5143\u767c\u5c55\u7684\u65b0\u5e73\u53f0\u3002\u70ba\u6b64\uff0c\u4ee5\u6fb3\u9580 \u201c1+4\u201d\u9069\u5ea6\u591a\u5143\u767c\u5c55\u7b56\u7565\u4e2d\u63d0\u51fa\u7684\u767c\u5c55\u56db\u5927\u65b0\u8208\u7522\u696d\u767c\u5c55\u70ba\u6838\u5fc3\uff0c\u7ba1\u7406\u6a5f\u69cb\u63a8\u884c\u4e86\u4e00\u7cfb\u5217\u8209\u63aa\u3002\u5728\u5167\u90e8\uff0c\u6211\u5011\u59cb\u7d42\u81f4\u529b\u4fc3\u9032\u532f\u805a\u65bc\u6b64\u7684\u5169\u500b\u9ad4\u5236\u4e4b\u9593\u7684\u76f8\u4e92\u7406\u89e3\u3002
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\n\n\n\n\u674e\u5b50\u851a – \u5728\u75ab\u5f8c\u91cd\u65b0\u958b\u653e\u524d\u5f8c\uff0c\u6211\u5011\u78ba\u5be6\u7d93\u6b77\u4e86\u4e00\u6bb5\u8271\u96e3\u6642\u671f\u3002\u53d7\u5230\u75ab\u60c5\u9632\u63a7\u9650\u5236\uff0c\u6d41\u52d5\u6027\u65b9\u9762\u906d\u9047\u4e86\u8a31\u591a\u969c\u7919\u3002
\n\n\n\n2023\u5e74\u521d\uff0c\u6211\u5011\u8fce\u4f86\u4e86\u8b8a\u5316\u3002\u4f8b\u5982\uff0c\u5230\u6a6b\u7434\u7684\u65c5\u5ba2\u6578\u91cf\u5927\u5e45\u589e\u52a0\u3002\u4f5c\u70ba\u6a6b\u7434\u7684\u5927\u578b\u4e3b\u984c\u6a02\u5712\uff0c\u9577\u9686\u6d77\u6d0b\u738b\u570b\u5e74\u5ea6\u904a\u5ba2\u63a5\u5f85\u91cf\u540d\u5217\u5168\u7403\u7b2c\u516b\u3002
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\n\n\n\n\u674e\u5b50\u851a – \u6211\u5011\u8fd1\u671f\u5c07\u7e7c\u7e8c\u8209\u884c\u9019\u4e9b\u8003\u5bdf\u6d3b\u52d5\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u6211\u5011\u4e5f\u5e0c\u671b\u5145\u5206\u767c\u63ee\u6fb3\u9580\u4f5c\u70ba\u570b\u969b\u90fd\u6703\u7684\u512a\u52e2\uff0c\u9080\u8acb\u66f4\u591a\u570b\u969b\u4f01\u696d\u5bb6\u5230\u6a6b\u7434\u8003\u5bdf\u3002
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/OLDT5418.jpg\")
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/013A4998.jpg\")
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![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/OLDT5421.jpg\")
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\u4e00\u662f\u843d\u5be6\u63a8\u884c\u6a6b\u7434\u5206\u7dda\u7ba1\u7406\uff08\u4e00\u7dda\u3001\u4e8c\u7dda\uff09\u3002\u5728\u62db\u5546\u5f15\u8cc7\u65b9\u9762\uff0c\u6211\u5011\u5e0c\u671b\u7e7c\u7e8c\u8207\u6fb3\u9580\u958b\u5c55\u806f\u5408\u63a8\u5ee3\u6d3b\u52d5\uff0c\u8b93\u4eba\u5011\u4e0d\u50c5\u53ef\u4ee5\u770b\u5230\u6a6b\u7434\u7684\u6a5f\u9047\uff0c\u9084\u53ef\u4ee5\u770b\u5230\u66f4\u5ee3\u95ca\u7684\u6fb3\u9580\uff0c\u5305\u62ec\u6a6b\u7434\u6df1\u5408\u5340\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u535a\u5f69\u98db\u5730\u548c\u65c5\u904a\u76ee\u7684\u5730\u3002\n\n\n\n\u540c\u6642\uff0c\u6211\u5011\u5e0c\u671b\u5438\u5f15\u4f86\u81ea\u4e16\u754c\u5404\u5730\u7684\u4eba\u624d\uff0c\u6b61\u8fce\u5404\u754c\u4eba\u58eb\u849e\u81e8\u6a6b\u7434\u3002\u6a6b\u7434\u662f\u4e2d\u570b\u6700\u958b\u653e\u7684\u5340\u57df\u4e4b\u4e00\uff0c\u9019\u88e1\u6a5f\u6703\u7121\u9650\uff0c\u6211\u5011\u7684\u5927\u9580\u7e3d\u662f\u655e\u958b\u7684\u3002\n\n\n\n\u6295\u8cc7\u6a6b\u7434\u7684\u6700\u4f73\u6642\u6a5f\uff1f\n\n\n\n\u674e\u5b50\u851a – \u6c38\u9060\u90fd\u4e0d\u6703\u592a\u65e9\u3002", "date_published": "October 18, 2023", "date_modified": "October 18, 2023 - 23:34", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/OLDT5412.jpg", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured" ], "summary": "\u6a6b\u7434\u6df1\u5408\u5340\u7d93\u6fdf\u767c\u5c55\u5c40\u5c40\u9577\u674e\u5b50\u851a\u627f\u8afe\u5c07\u66f4\u91cd\u8996\u63d0\u5347\u6a6b\u7434\u958b\u767c\u5340\u7684\u570b\u969b\u5438\u5f15\u529b\u3002 \u4ed6\u6307\u51fa\uff0c\u5373\u5c07\u5be6\u65bd\u7684\u6d77\u95dc\u5206\u7dda\u7ba1\u7406\u548c\u6fb3\u9580\u65b0\u8857\u574a\u9805\u76ee\u5c07\u6709\u52a9\u65bc\u514b\u670d\u7336\u8c6b\u3001\u63d0\u632f\u4fe1\u5fc3\u3002 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\n\u300a\u5546\u8a0a\u300b2023\u5e7410\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\u61c9\u8a31\u4e4b\u5730
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/matt-wilson-1-150x150.jpg\")
\nLight & Wonder CEO Matt Wilson sees room for growth in Macau’s highly competitive market. The slot machine supplier is introducing new games catering to the new crowds on the gaming floors
\n\n\n\nMacau’s market for slot machine suppliers has been highly competitive over the years, even more so under the new 10-year gaming concession arrangement, which allocates the number of tables and slot machines per concessionaire, bringing the compounded figure to 12 thousand.
\n\n\n\nGlobal gaming company Light & Wonder, formerly known as Scientific Games, is one of the major players in town, and CEO Matt Wilson is positive about enhancing their foothold. While acknowledging that Macau is “obviously a very competitive market,” Wilson says the Nasdaq-listed company, which recently joined the Australian Securities Exchange, is not fixated on the competition. “We are not really focused on the competition; we’re focused on supplying the best products for casino operators,” he tells Macau Business.
\n\n\n\nSlot machine suppliers have been busy upgrading machines on casino floors in line with the government’s new technical standards initiative, which will see all properties gradually change their games until the end of 2026. While that process, as instructed by the industry regulator Gaming Inspection and Coordination Bureau (DICJ), will take shape gradually, Light & Wonder is focused on “building on the great franchises that players know and love.” An example is the Duo Fu Duo Cai Grand, a product they are bringing to the market.
\n\n\n\nPhilippines as a testing ground
\n\n\n\nThe CEO of Light & Wonder acknowledges that in other markets less constrained than Macau in terms of slot caps, it is easier to bring in and test new products, such as the Philippine market. “In the Philippines, as an example, which is a wild growth market, we are introducing lots of new products to that market. So, I guess the idea will be to test and learn in the Philippines and bring back the successful things that give us a high chance of success.”
\n\n\n\n
\u201cThe idea will be to test and learn in the Philippines and bring back the successful things that give us a high chance of success\u201d
Operators and suppliers have been bullish on the Philippine market as gaming revenue this year may surpass the 2019 tally, according to an estimate by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (PAGCOR).
\n\n\n\nWhile noting that “the near-term focus is on putting the right level of investment into the markets in Asia and around the world that are delivering results for us over the next few years,” Macau will always be Macau. “I always say, remember the lady that brought you to the dance. You know, Macau has been great to us,” stresses Wilson, who was based in Macau between 2008 and 2012 when he was with another major slot machine supplier, Aristocrat. He finds the city’s gaming industry recovery something “fantastic to see,” especially considering that “only a year ago, many were questioning whether Macau would fully recover.” Matt Wilson emphasises that the SAR market “has been very resilient for a long time.” So, “I would say, question the Macau gaming market at your peril.”
\n\n\n\nIn the second quarter of 2023 alone, gross gaming revenue generated by slot machines had reached 71 percent of what was recorded in the second quarter of pre-COVID 2019, according to data from DICJ. In early September, the investment bank JP Morgan estimated that Macau’s mass market GGR was reaching 93 to 94 percent of pre-COVID levels.
\n\n\n\n“We want to be a partner in perpetuity in this market,” Wilson concludes.
\n\n\n\n\n", "content_text": "Light & Wonder CEO Matt Wilson sees room for growth in Macau’s highly competitive market. The slot machine supplier is introducing new games catering to the new crowds on the gaming floors\n\n\n\n\n\n\n\nMacau’s market for slot machine suppliers has been highly competitive over the years, even more so under the new 10-year gaming concession arrangement, which allocates the number of tables and slot machines per concessionaire, bringing the compounded figure to 12 thousand.\n\n\n\nGlobal gaming company Light & Wonder, formerly known as Scientific Games, is one of the major players in town, and CEO Matt Wilson is positive about enhancing their foothold. While acknowledging that Macau is “obviously a very competitive market,” Wilson says the Nasdaq-listed company, which recently joined the Australian Securities Exchange, is not fixated on the competition. “We are not really focused on the competition; we’re focused on supplying the best products for casino operators,” he tells Macau Business.\n\n\n\nSlot machine suppliers have been busy upgrading machines on casino floors in line with the government’s new technical standards initiative, which will see all properties gradually change their games until the end of 2026. While that process, as instructed by the industry regulator Gaming Inspection and Coordination Bureau (DICJ), will take shape gradually, Light & Wonder is focused on “building on the great franchises that players know and love.” An example is the Duo Fu Duo Cai Grand, a product they are bringing to the market.\n\n\n\nPhilippines as a testing ground\n\n\n\nThe CEO of Light & Wonder acknowledges that in other markets less constrained than Macau in terms of slot caps, it is easier to bring in and test new products, such as the Philippine market. “In the Philippines, as an example, which is a wild growth market, we are introducing lots of new products to that market. So, I guess the idea will be to test and learn in the Philippines and bring back the successful things that give us a high chance of success.”\n\n\n\n \u201cThe idea will be to test and learn in the Philippines and bring back the successful things that give us a high chance of success\u201d \n\n\n\nOperators and suppliers have been bullish on the Philippine market as gaming revenue this year may surpass the 2019 tally, according to an estimate by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (PAGCOR).\n\n\n\nWhile noting that “the near-term focus is on putting the right level of investment into the markets in Asia and around the world that are delivering results for us over the next few years,” Macau will always be Macau. “I always say, remember the lady that brought you to the dance. You know, Macau has been great to us,” stresses Wilson, who was based in Macau between 2008 and 2012 when he was with another major slot machine supplier, Aristocrat. He finds the city’s gaming industry recovery something “fantastic to see,” especially considering that “only a year ago, many were questioning whether Macau would fully recover.” Matt Wilson emphasises that the SAR market “has been very resilient for a long time.” So, “I would say, question the Macau gaming market at your peril.”\n\n\n\nIn the second quarter of 2023 alone, gross gaming revenue generated by slot machines had reached 71 percent of what was recorded in the second quarter of pre-COVID 2019, according to data from DICJ. In early September, the investment bank JP Morgan estimated that Macau’s mass market GGR was reaching 93 to 94 percent of pre-COVID levels.\n\n\n\n“We want to be a partner in perpetuity in this market,” Wilson concludes.", "date_published": "October 15, 2023", "date_modified": "October 16, 2023 - 01:13", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/matt-wilson-1.jpg", "tags": [ "Gaming", "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "Light & Wonder CEO Matt Wilson sees room for growth in Macau's highly competitive market. The slot machine supplier is introducing new games catering to the new crowds on the gaming floors" }, { "id": "https://www.macaubusiness.com/we-want-to-attract-talent-from-all-over-the-world/", "url": "https://www.macaubusiness.com/we-want-to-attract-talent-from-all-over-the-world/", "title": "\u201cWe want to attract talent from all over the world\u201d \u2013 Hengqin Economic Bureau head", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/013A5121-150x150.jpg\")
\nHengqin Economic Bureau chief Ant\u00f3nio Lei pledges a stronger focus on increasing the Zone\u2019s international appeal. The soon-to-be implemented two-tier customs management and the New Macau Neighbourhood project will help overcome hesitancy and boost confidence, he notes. Hengqqin is keen on attracting foreign investment and professionals, Lei stresses
\n\n\n\nIt has been two years since the Central Government established the Guangdong-Macau In-Depth Cooperation Zone in Hengqin, under a co-management model. In an interview with Macau Business, Ant\u00f3nio Lei, director of the Zone\u2019s Economic Development Bureau, reviews the main results and challenges and points to big leaps in trade, investment, and mobility resulting from the upcoming ‘first-line, second-line’ separate customs management system. For SAR residents, the Macau New Neighbourhood project is set to be a game changer, he indicates, which will help ease hesitancy among SAR residents. Lei, who previously served as senior manager of the Lusophone Markets Economic and Trade Promotion Department at the Macau Trade and Investment and Promotion Institute (IPIM), is also keen on bringing companies from Portuguese-speaking countries.
\n\n\n\nTwo years after the establishment of the Guangdong-Macau In-depth Cooperation Zone in Hengqin what are the main highlights regarding the zone\u2019s developments?
\n\n\n\nAnt\u00f3nio Lei -When we are talking about the development of Hengqin, we should go back to 2009 [ when the State Council of the People\u00b4s Republic of China officially approved the Overall Development Plan of Hengqin, whereby Hengqin Island was positioned as a demonstration area for the new model of cooperation between Guangdong Province, Hong Kong and Macau.]
\n\n\n\nHowever, it was on September 17, 2021, that the Guangdong-Macau In-depth Cooperation Zone in Hengqin was established. From then on, Hengqin heralded a new era. Why? Because we adopted a new model of administration with officials and civil servants coming from Guangdong and Macau, working side by side to administer this 106-square-kilometer island, which is just 187 metres from the Macau SAR.
\n\n\n\nAccording to the General Plan [for Building the Guangdong-Macau In-Depth Cooperation Zone in Hengqin], the Zone\u2019s function is to assist Macau in the adequate diversification of its economy. To this end, a number of measures were adopted, centred around the need to develop the four nascent industries that comprise Macau\u2019s \u201c1+4\u201d economic diversification strategy. Internally, we have been focusing on promoting mutual understanding of the two systems that converge here.
\n\n\n\nExternally, we have been working together and launching measures to accelerate the development of the four major industries, such as supporting the integrated circuit industry, big health, conventions and exhibitions, as well as tourism. All this is aimed at laying the foundations for development. Over the past two years, we have seen this already taking shape.
\n\n\n\nIn what concerns my area of investment promotion, we have welcomed here many investors from mainland China and overseas interested in developing business activities. They show interest not only in Hengqin proper but also because of the Macau-Hengqin integration process.
\n\n\n\nSome of them are already developing their businesses and projects.
\n\n\n\n
We understand that smooth mobility is very important for the integration of both sides, not only for Chinese nationals but also for the international communities of Macau
For more than half of this two-year period since the Zone\u2019s establishment, the pandemic posed a number of obstacles. What would you single out as hurdles and achievements in these couple of years?
\n\n\n\nA. L. – There is indeed a period before and after the post-pandemic reopening. While under pandemic restrictions, we faced many hurdles in terms of mobility.
\n\n\n\nIn early 2023, everything changed. We noticed, for instance, that the number of visitors to Hengqin had increased substantially.
\n\n\n\nHengqin has a well-known large-scale theme park, Chimelong, which ranks eighth around the world in visitation.
\n\n\n\nOn the other hand, we also carried out a number of visits abroad. I would like to stress that all these visits were conducted jointly with Macau representatives in one single delegation, following a joint investment promotion strategy. We visited Portugal, Spain, Singapore, Malaysia, and Indonesia. I can tell you that the feedback has been very positive.
\n\n\n\nIf you ask most people overseas if they have heard of Hengqin, only some are familiar with it, but if we mention Macau, everybody knows about Macau. They find it very interesting that Macau has Hengqin as a supporting Zone and when we talk about the various incentives and measures, they are even more interested, anticipating many opportunities. We have therefore welcomed many potential inestors visiting both Macau and Hengqin over the past few months.
\n\n\n\n
Hengqin will certainly offer many opportunities for professional development. For example, here we have many vacancies that one cannot find easily in Macau
What are the next steps you plan to take to further raise awareness about Hengqin?
\n\n\n\nA. L. – In the near future, we will continue to carry out these visits. On the other hand, we also want to make the most of Macau as an international city that welcomes many international business people to extend their visit to Hengqin.
\n\n\n\nThese visits are a first step. Next is to explain what Hengqin is and how the integration with Macau will come to fruition. All of this is very interesting, namely for those coming from Portuguese-speaking countries.
\n\n\n\nWhile we have seen a number of well-known mainland companies making investments in Hengqin, some observers say there is a need for a large-scale FDI flagship project to take root in Hengqin and pave the way for others. What\u2019s your view on this?
\n\n\n\nA. L. – Yes, I agree with that view. You mentioned that there are several big names from the mainland already setting up shop here. That is a good sign. They decided to invest here because this is a different place, as it will be a very international zone. These investors anticipate the results of the Macau-Hengqin integration and will expand their businesses.
\n\n\n\nMany of these companies that invested here also set up units in Macau, projecting the internationalisation of their operations.
\n\n\n\nIn addition, we want to have large-scale overseas investments, as this is evidence that Macau-Hengqin is a gateway for the mainland China market.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/OLDT5412.jpg\")
Are we close to that point?
\n\n\n\nA. L. – I believe so.
\n\n\n\nThroughout this year, a number of incentives have been rolled out to attract Macau companies and residents. What\u2019s the case for them to settle here?
\n\n\n\nA. L. – We have been providing preferential measures for Macau companies to operate here, with several special subsidies for Macau enterprises in order to promote the development of adequate diversification in Macau\u2019s industries.
\n\n\n\nAs an example, Macau companies that establish and invest in Hengqin can benefit from revenue incentives, brand settlement incentives, operation incentives, and R&D subsidies under the Support Measures for the Development of Macau-funded Enterprises in the Guangdong-Macau In-Depth Cooperation Zone in Hengqin.
\n\n\n\nAccording to the Measures for Promoting the Development of the Integrated Circuit Industry, Macau residents or individuals with a bachelor\u2019s degree or higher obtained from higher education institutions in Macau, upon approval, can enjoy 1.5 times the talent incentives . Additionally, Macau enterprises that have received technology funding from the Macau SAR Government will receive a subsidy equivalent to 50 per cent of the funds up to RMB 8 million per project.
\n\n\n\nAccording to the Support Measures for the High-Quality Development of Biomedicine and Big Health Industries, a subsidy of up to 20 million RMB per product will be granted to traditional Chinese medicine products, food products, and health products that have been approved and registered in Macau, manufactured in the Cooperation Zone and authorised to use the \u201cproduction supervised by Macau\u201d, \u201cproduced by Macau\u201d and \u201cdesign by Macau\u201d signs.
\n\n\n\nThrough these measures, we want to encourage more companies, namely SMEs from Macau, to come to Hengqin.
\n\n\n\n
We expect this measure [first line/second line] to be implemented in the very near future.
Recent studies, however, indicate that the percentage of Macau people, including young people, planning to settle in Hengqin is relatively low. What can be done to mobilise the Macau residents for this project?
\n\n\n\nA. L. – I think we need to work harder to promote Hengqin. I believe these residents will enjoy Hengqin once they come and pour around. Certainly, Macau is a highly developed city, while in Hengqin we are still in a developing phase. So that view is understandable. But in the future, Hengqin will certainly offer many opportunities for professional development. For example, here we have many vacancies that one cannot find easily in Macau. For example, in integrated circuits, biomedicine These companies are looking for manpoqwe. With more promotion, once Macau residents come here, they will also enjoy Hengqin.
\n\n\n\nThe Macau New Neighbourhood is expected to play an important role in this respect.
\n\n\n\nA. L. – Yes. Exactly. The Macau New Neighbourhood will provide over 4,000 housing units exclusively for Macau residents. With the new neighbourhood, more and more Macau residents will be living in Hengqin.
\n\n\n\n
The Portuguese community and other communities can help Hengqin develop their projects more easily by bringing more investments to Macau and Hengqin.
What about the Macau business community? Some observers say the Macau business community tends to be risk-averse, conservative. What can be done to make them more eager to invest in Hengqin?
\n\n\n\nA. L. – Well, there are many Macau businessmen who are not that conservative in that sense.
\n\n\n\nCurrently, we have about 57 thousand companies incorporated in Hengqin, of which about 10 per cent are from Macau\u2014about 5,700. This figure has been steadily increasing over the past two years.
\n\n\n\nWe have been launching measures and subsidies to attract Macau companies to Hengqin. On the other hand, we are also working to provide a familiar and convenient business environment for them, be it in the retail or food and beverage sectors, among others.
\n\n\n\nThe Chief Executive has also pointed out that a portion of land earmarked for industrial parks in Hengqin will be allocated for Macau firms to develop operations.
\n\n\n\nMobility plays a key role in attracting businesses and people. A pivotal policy is the \u201cfirst line/second line\u201d measure. Could you update us on that? How is that going to work?
\n\n\n\nA. L. – The aim is to implement this system in the near future. Once the first line/second line system is implemented, all merchandise transiting from Macau to Hengqin (first line. will be free of customs tariffs And these products, which are transformed in Hengqin with an added value of at least 30 per cent, will also benefit from tax exemption when crossing from Hengqin to the rest of the mainland (second line). This is spelled out in our plan. We expect this measure to be implemented in the very near future.
\n\n\n\nWhat will be the role of the In-depth Cooperation Zone in Macau\u2019s function as a platform between China and the Portuguese-speaking countries?
\n\n\n\nA. L. – The main mission of Hengqin is to assist Macau in the SAR\u2019s adequate economic diversification, and Macau plays the role as a Sino-Lusophone platform. Therefore, Hengqin has a function here in relation to the Portuguese-speaking countries. We have been working on this.
\n\n\n\nIn December last year, Macau, Zhuhai, and Hengqin jointly signed the Strategic Cooperation Agreement on the Centre for Science and Technology Exchange and Cooperation. Currently, the Centre is finishing its interior decoration works, and its entry into operation is scheduled for this year. The Centre can provide six main services: technology support, filing applications for patent registration in mainland China on behalf of enterprises, talent training, training professional managers, exchanges, and holding convention and exhibition activities. The Centre will also serve as an important platform for introducing investment funds and promoting exchanges and cooperation between China and Portuguese-speaking countries.
\n\n\n\nHengqin will launch new supportive measures for young entrepreneurs, startups and high-tech companies to come to Hengqin and explore new opportunities. Through this Centre, we will promote workshops, training, and exchanges so these companies from PSC can meet partners from mainland China and funds.
\n\n\n\nWe have also been cooperating with the Macau Trade and Investment Promotion Institute (IPIM) to jointly promote Portuguese-speaking countries\u2019 products by bringing importers of Lusophone goods to Hengqin. And the outcome was very successful.
\n\n\n\nWe are planning to set up a dedicated space in Hengqin to promote these products.
\n\n\n\nWhat about non-Chinese Macau residents cross-border mobility to Heqngin?
\n\n\n\nA. L. – We are perfectly aware that when we talk about Macau residents, we cannot only address the Chinese residents, as we have many non-Chinese Macau residents.
\n\n\n\nWe are working with authorities so that there will be a simplification of visa procedures.
\n\n\n\nWe understand that smooth mobility is very important for the integration of both sides, not only of Chinese nationals but also of the international communities of Macau.
\n\n\n\nWhat role could these international communities have in the development of Hengqin?
\n\n\n\nA. L. – Macau offers many opportunities due to its fast-paced development, but there are limitations regarding space. The Portuguese community and other communities can help Hengqin develop their projects more easily by bringing more investments to Macau and Hengqin.
\n\n\n\nAll our measures are available in three languages: Chinese, Portuguese, and English. This is very important to further attract people from abroad.
\n\n\n\nWhat are your priorities for the near future?
\n\n\n\nA. L. – One is to implement Hengqin\u2019s separate administration (first line and second line). In terms of investment promotion, we want to continue to carry out joint promotional activities with Macau so people can not only see the opportunities in Heqngqin but also have a broader view of Macau, which includes the Hengqin Zone and not solely as a gaming and tourism destination.
\n\n\n\nWe also want to attract talents from all over the world. All are welcome to Hengqin.
\n\n\n\nHengqin is one of the most open zones of China as it\u2019s full of opportunities. Our doors are open.
\n\n\n\nWhen is the right time to invest in Hengqin?
\n\n\n\nA. L. – It\u2019s never too early.
\n\n\n\n\n", "content_text": "Hengqin Economic Bureau chief Ant\u00f3nio Lei pledges a stronger focus on increasing the Zone\u2019s international appeal. The soon-to-be implemented two-tier customs management and the New Macau Neighbourhood project will help overcome hesitancy and boost confidence, he notes. Hengqqin is keen on attracting foreign investment and professionals, Lei stresses \n\n\n\nIt has been two years since the Central Government established the Guangdong-Macau In-Depth Cooperation Zone in Hengqin, under a co-management model. In an interview with Macau Business, Ant\u00f3nio Lei, director of the Zone\u2019s Economic Development Bureau, reviews the main results and challenges and points to big leaps in trade, investment, and mobility resulting from the upcoming ‘first-line, second-line’ separate customs management system. For SAR residents, the Macau New Neighbourhood project is set to be a game changer, he indicates, which will help ease hesitancy among SAR residents. Lei, who previously served as senior manager of the Lusophone Markets Economic and Trade Promotion Department at the Macau Trade and Investment and Promotion Institute (IPIM), is also keen on bringing companies from Portuguese-speaking countries.\n\n\n\n\n\n\n\nTwo years after the establishment of the Guangdong-Macau In-depth Cooperation Zone in Hengqin what are the main highlights regarding the zone\u2019s developments?\n\n\n\nAnt\u00f3nio Lei -When we are talking about the development of Hengqin, we should go back to 2009 [ when the State Council of the People\u00b4s Republic of China officially approved the Overall Development Plan of Hengqin, whereby Hengqin Island was positioned as a demonstration area for the new model of cooperation between Guangdong Province, Hong Kong and Macau.]\n\n\n\nHowever, it was on September 17, 2021, that the Guangdong-Macau In-depth Cooperation Zone in Hengqin was established. From then on, Hengqin heralded a new era. Why? Because we adopted a new model of administration with officials and civil servants coming from Guangdong and Macau, working side by side to administer this 106-square-kilometer island, which is just 187 metres from the Macau SAR.\n\n\n\nAccording to the General Plan [for Building the Guangdong-Macau In-Depth Cooperation Zone in Hengqin], the Zone\u2019s function is to assist Macau in the adequate diversification of its economy. To this end, a number of measures were adopted, centred around the need to develop the four nascent industries that comprise Macau\u2019s \u201c1+4\u201d economic diversification strategy. Internally, we have been focusing on promoting mutual understanding of the two systems that converge here. \n\n\n\nExternally, we have been working together and launching measures to accelerate the development of the four major industries, such as supporting the integrated circuit industry, big health, conventions and exhibitions, as well as tourism. All this is aimed at laying the foundations for development. Over the past two years, we have seen this already taking shape.\n\n\n\nIn what concerns my area of investment promotion, we have welcomed here many investors from mainland China and overseas interested in developing business activities. They show interest not only in Hengqin proper but also because of the Macau-Hengqin integration process.\n\n\n\nSome of them are already developing their businesses and projects.\n\n\n\n We understand that smooth mobility is very important for the integration of both sides, not only for Chinese nationals but also for the international communities of Macau \n\n\n\n\n\n\n\nFor more than half of this two-year period since the Zone\u2019s establishment, the pandemic posed a number of obstacles. What would you single out as hurdles and achievements in these couple of years? \n\n\n\nA. L. – There is indeed a period before and after the post-pandemic reopening. While under pandemic restrictions, we faced many hurdles in terms of mobility.\n\n\n\nIn early 2023, everything changed. We noticed, for instance, that the number of visitors to Hengqin had increased substantially.\n\n\n\nHengqin has a well-known large-scale theme park, Chimelong, which ranks eighth around the world in visitation.\n\n\n\nOn the other hand, we also carried out a number of visits abroad. I would like to stress that all these visits were conducted jointly with Macau representatives in one single delegation, following a joint investment promotion strategy. We visited Portugal, Spain, Singapore, Malaysia, and Indonesia. I can tell you that the feedback has been very positive.\n\n\n\nIf you ask most people overseas if they have heard of Hengqin, only some are familiar with it, but if we mention Macau, everybody knows about Macau. They find it very interesting that Macau has Hengqin as a supporting Zone and when we talk about the various incentives and measures, they are even more interested, anticipating many opportunities. We have therefore welcomed many potential inestors visiting both Macau and Hengqin over the past few months.\n\n\n\n Hengqin will certainly offer many opportunities for professional development. For example, here we have many vacancies that one cannot find easily in Macau \n\n\n\nWhat are the next steps you plan to take to further raise awareness about Hengqin?\n\n\n\nA. L. – In the near future, we will continue to carry out these visits. On the other hand, we also want to make the most of Macau as an international city that welcomes many international business people to extend their visit to Hengqin. \n\n\n\nThese visits are a first step. Next is to explain what Hengqin is and how the integration with Macau will come to fruition. All of this is very interesting, namely for those coming from Portuguese-speaking countries.\n\n\n\nWhile we have seen a number of well-known mainland companies making investments in Hengqin, some observers say there is a need for a large-scale FDI flagship project to take root in Hengqin and pave the way for others. What\u2019s your view on this?\n\n\n\nA. L. – Yes, I agree with that view. You mentioned that there are several big names from the mainland already setting up shop here. That is a good sign. They decided to invest here because this is a different place, as it will be a very international zone. These investors anticipate the results of the Macau-Hengqin integration and will expand their businesses.\n\n\n\nMany of these companies that invested here also set up units in Macau, projecting the internationalisation of their operations.\n\n\n\nIn addition, we want to have large-scale overseas investments, as this is evidence that Macau-Hengqin is a gateway for the mainland China market.\n\n\n\n\n\n\n\nAre we close to that point?\n\n\n\nA. L. – I believe so.\n\n\n\nThroughout this year, a number of incentives have been rolled out to attract Macau companies and residents. What\u2019s the case for them to settle here?\n\n\n\nA. L. – We have been providing preferential measures for Macau companies to operate here, with several special subsidies for Macau enterprises in order to promote the development of adequate diversification in Macau\u2019s industries.\n\n\n\nAs an example, Macau companies that establish and invest in Hengqin can benefit from revenue incentives, brand settlement incentives, operation incentives, and R&D subsidies under the Support Measures for the Development of Macau-funded Enterprises in the Guangdong-Macau In-Depth Cooperation Zone in Hengqin.\n\n\n\nAccording to the Measures for Promoting the Development of the Integrated Circuit Industry, Macau residents or individuals with a bachelor\u2019s degree or higher obtained from higher education institutions in Macau, upon approval, can enjoy 1.5 times the talent incentives . Additionally, Macau enterprises that have received technology funding from the Macau SAR Government will receive a subsidy equivalent to 50 per cent of the funds up to RMB 8 million per project.\n\n\n\nAccording to the Support Measures for the High-Quality Development of Biomedicine and Big Health Industries, a subsidy of up to 20 million RMB per product will be granted to traditional Chinese medicine products, food products, and health products that have been approved and registered in Macau, manufactured in the Cooperation Zone and authorised to use the \u201cproduction supervised by Macau\u201d, \u201cproduced by Macau\u201d and \u201cdesign by Macau\u201d signs.\n\n\n\nThrough these measures, we want to encourage more companies, namely SMEs from Macau, to come to Hengqin. \n\n\n\n We expect this measure [first line/second line] to be implemented in the very near future. \n\n\n\nRecent studies, however, indicate that the percentage of Macau people, including young people, planning to settle in Hengqin is relatively low. What can be done to mobilise the Macau residents for this project?\n\n\n\nA. L. – I think we need to work harder to promote Hengqin. I believe these residents will enjoy Hengqin once they come and pour around. Certainly, Macau is a highly developed city, while in Hengqin we are still in a developing phase. So that view is understandable. But in the future, Hengqin will certainly offer many opportunities for professional development. For example, here we have many vacancies that one cannot find easily in Macau. For example, in integrated circuits, biomedicine These companies are looking for manpoqwe. With more promotion, once Macau residents come here, they will also enjoy Hengqin.\n\n\n\nThe Macau New Neighbourhood is expected to play an important role in this respect.\n\n\n\nA. L. – Yes. Exactly. The Macau New Neighbourhood will provide over 4,000 housing units exclusively for Macau residents. With the new neighbourhood, more and more Macau residents will be living in Hengqin.\n\n\n\n The Portuguese community and other communities can help Hengqin develop their projects more easily by bringing more investments to Macau and Hengqin. \n\n\n\n\n\n\n\nWhat about the Macau business community? Some observers say the Macau business community tends to be risk-averse, conservative. What can be done to make them more eager to invest in Hengqin?\n\n\n\nA. L. – Well, there are many Macau businessmen who are not that conservative in that sense.\n\n\n\nCurrently, we have about 57 thousand companies incorporated in Hengqin, of which about 10 per cent are from Macau\u2014about 5,700. This figure has been steadily increasing over the past two years.\n\n\n\nWe have been launching measures and subsidies to attract Macau companies to Hengqin. On the other hand, we are also working to provide a familiar and convenient business environment for them, be it in the retail or food and beverage sectors, among others.\n\n\n\nThe Chief Executive has also pointed out that a portion of land earmarked for industrial parks in Hengqin will be allocated for Macau firms to develop operations.\n\n\n\nMobility plays a key role in attracting businesses and people. A pivotal policy is the \u201cfirst line/second line\u201d measure. Could you update us on that? How is that going to work?\n\n\n\nA. L. – The aim is to implement this system in the near future. Once the first line/second line system is implemented, all merchandise transiting from Macau to Hengqin (first line. will be free of customs tariffs And these products, which are transformed in Hengqin with an added value of at least 30 per cent, will also benefit from tax exemption when crossing from Hengqin to the rest of the mainland (second line). This is spelled out in our plan. We expect this measure to be implemented in the very near future.\n\n\n\nWhat will be the role of the In-depth Cooperation Zone in Macau\u2019s function as a platform between China and the Portuguese-speaking countries?\n\n\n\nA. L. – The main mission of Hengqin is to assist Macau in the SAR\u2019s adequate economic diversification, and Macau plays the role as a Sino-Lusophone platform. Therefore, Hengqin has a function here in relation to the Portuguese-speaking countries. We have been working on this.\n\n\n\nIn December last year, Macau, Zhuhai, and Hengqin jointly signed the Strategic Cooperation Agreement on the Centre for Science and Technology Exchange and Cooperation. Currently, the Centre is finishing its interior decoration works, and its entry into operation is scheduled for this year. The Centre can provide six main services: technology support, filing applications for patent registration in mainland China on behalf of enterprises, talent training, training professional managers, exchanges, and holding convention and exhibition activities. The Centre will also serve as an important platform for introducing investment funds and promoting exchanges and cooperation between China and Portuguese-speaking countries.\n\n\n\nHengqin will launch new supportive measures for young entrepreneurs, startups and high-tech companies to come to Hengqin and explore new opportunities. Through this Centre, we will promote workshops, training, and exchanges so these companies from PSC can meet partners from mainland China and funds.\n\n\n\nWe have also been cooperating with the Macau Trade and Investment Promotion Institute (IPIM) to jointly promote Portuguese-speaking countries\u2019 products by bringing importers of Lusophone goods to Hengqin. And the outcome was very successful.\n\n\n\nWe are planning to set up a dedicated space in Hengqin to promote these products.\n\n\n\nWhat about non-Chinese Macau residents cross-border mobility to Heqngin?\n\n\n\nA. L. – We are perfectly aware that when we talk about Macau residents, we cannot only address the Chinese residents, as we have many non-Chinese Macau residents.\n\n\n\nWe are working with authorities so that there will be a simplification of visa procedures.\n\n\n\nWe understand that smooth mobility is very important for the integration of both sides, not only of Chinese nationals but also of the international communities of Macau.\n\n\n\nWhat role could these international communities have in the development of Hengqin?\n\n\n\nA. L. – Macau offers many opportunities due to its fast-paced development, but there are limitations regarding space. The Portuguese community and other communities can help Hengqin develop their projects more easily by bringing more investments to Macau and Hengqin.\n\n\n\nAll our measures are available in three languages: Chinese, Portuguese, and English. This is very important to further attract people from abroad.\n\n\n\nWhat are your priorities for the near future? \n\n\n\nA. L. – One is to implement Hengqin\u2019s separate administration (first line and second line). In terms of investment promotion, we want to continue to carry out joint promotional activities with Macau so people can not only see the opportunities in Heqngqin but also have a broader view of Macau, which includes the Hengqin Zone and not solely as a gaming and tourism destination.\n\n\n\nWe also want to attract talents from all over the world. All are welcome to Hengqin.\n\n\n\nHengqin is one of the most open zones of China as it\u2019s full of opportunities. Our doors are open.\n\n\n\nWhen is the right time to invest in Hengqin?\n\n\n\nA. L. – It\u2019s never too early.", "date_published": "October 14, 2023", "date_modified": "March 01, 2024 - 02:06", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/013A5121.jpg", "tags": [ "Interview", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "Hengqin Economic Bureau chief Ant\u00f3nio Lei pledges a stronger focus on increasing the Zone\u2019s international appeal. The two-tier customs management and the New Macau Neighbourhood project will help overcome hesitancy and boost confidence, he notes. Henqgqin is keen on attracting foreign investment and professionals, Lei stresses " }, { "id": "https://www.macaubusiness.com/breaking-new-legal-ground/", "url": "https://www.macaubusiness.com/breaking-new-legal-ground/", "title": "Breaking new legal ground", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/MdME_Lawyers_Macau_Business_4-150x150.jpg\")
\nPhotos by Oswald Vas
\n\n\n\nIntroducing a law firm model in Macau is long overdue, stress Rui Pinto Proen\u00e7a, managing partner of MdME, and Carlos Duque Sim\u00f5es, former managing partner of DSL Lawyers. In an interview that followed the announcement of DSL\u2019s integration into MdME, both lawyers also highlight the need to meet the demands of a market that increasingly calls for specialised and multilingual skills.
\n\n\n\nBringing a broader pool of talent under one roof to cater to the growing demand for specialised business law services was mentioned as a key driver for the integration of DSL Lawyers into MdME. The agreement, first reported by Macau Business’s sister online publication, Macau News Agency, took effect on October 1. Macau Business sat down with Rui Pinto Proen\u00e7a, MdME managing partner, and Carlos Duque Sim\u00f5es, former DSL Lawyers managing partner and now partner at MdME, who weighed in on an evolving landscape where specialisation is a prominent feature.
\n\n\n\n“Today, it is not easy for a lawyer to master all fields of law, as the legal landscape has grown significantly more complex with various layers and facets,” notes Rui Pinto Proen\u00e7a, adding that “topics such as data, cyber, etc. have taken center stage, which was not the case a decade ago.” This trend has “numerous ramifications and requires specialised knowledge.” While in the past, law offices could easily operate with relatively small teams, primarily led by general practice lawyers, Carlos Duque Sim\u00f5es emphasises that “nowadays, having a versatile and specialised team is essential.”
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/MdME_Lawyers_Macau_Business_5.jpg\")
Specialised, multi-layered
\n\n\n\nThis entails finely-tuned expertise in specific fields and the ability to master different languages and diverse legal systems. As a result, local law offices have expanded to include more multilingual practitioners and professionals with a clear understanding of the legal systems of Macau, Hong Kong, Mainland China, among other jurisdictions. Sim\u00f5es adds that the increased investment from multinational Chinese companies in recent years has resulted in “a growing need for people proficient in various languages \u2013 that is, for multi-practice and multi-cultural teams.”
\n\n\n\nIn the same thread, Proen\u00e7a underlines that “clients expect that full-service law firms such as ours are capable of delivering specialised practice and sector knowledge in the official languages plus English.” With the integration of DSL into MdME, the new MdME law office will comprise more than 40 legal professionals, including 12 partners across three offices\u2014Macau, Hong Kong, and Lisbon\u2014as mentioned in the press release announcing the agreement.
\n\n\n\n
“Today, it is not easy for a lawyer to master all fields of law, as the legal landscape has grown significantly more complex with various layers and facets” \u2013 Rui Pinto Proen\u00e7a
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/MdME_Lawyers_Macau_Business_12.jpg\")
Firm call
\n\n\n\nContrary to the practice in many jurisdictions worldwide, lawyers in Macau do not have the necessary legal framework to establish themselves in a law firm structure, which is an entity dedicated to providing legal services. Currently, individual lawyers in Macau can collaborate with other legal practitioners under the same premises and a shared name, but, technically, each lawyer provides services individually within an arrangement defined as a law office. The SAR\u2019s Lawyers Statute indicates that a specific law governing law firms may be enacted after consulting the Macau Lawyers\u2019 Association and the Superior Council of Macau Lawyers. In 2020, Secretary for Administration and Justice Andr\u00e9 Cheong said the government was open to the possibility of regulating law firms in the city. For both Rui Pinto Proen\u00e7a and Carlos Duque Sim\u00f5es, it is about time for the SAR to take such a step, which they believe is long overdue.
\n\n\n\n“My view is that the law firm model should have been introduced decades ago. Frankly, I am not aware of any other jurisdiction around the world without a framework that allows lawyers to organize their practice as a law firm,” Proen\u00e7a stresses.
\n\n\n\nSim\u00f5es agrees that “this issue has long been overdue for resolution,” adding that “the longer it takes to address, the more challenging it will become.” Both lawyers underline that the current regime confounds clients.
\n\n\n\n“Quite often, when we are dealing with overseas corporate clients, they find it quite concerning that they are not interacting with a law firm,” Proen\u00e7a notes. For the MdME managing partner, the current system not only “poses an obstacle to the development of the legal profession in Macau,” but also “hurdles in terms of allocation of resources and the upward mobility of lawyers within more professionally oriented structures.”
\n\n\n\n
“This issue [the adoption of a law firm model] has long been overdue for resolution (\u2026) the longer it takes to address, the more challenging it will become” – Carlos Duque Sim\u00f5es
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/MdME_Lawyers_Macau_Business_13.jpg\")
Hengqin, step-by-step
\n\n\n\nIn recent years, a number of Macau-based law offices have set their foothold on the neighbouring Hengqin island. As the trend toward integration between Macau and the Guangdong-Macau In-depth Cooperation Zone in Hengqin is set to be intensified, will MdME follow in the footsteps of counterparts and have a fully-fledged operation in partnership with mainland partners there? MdME managing partner Rui Pinto Proen\u00e7a does not harbour significant enthusiasm about such a prospect. He explains that there has been a joint venture model that other Macau law offices have adopted, where they team up with mainland counterparts. “I am not particularly excited about that approach, as it seems to me that the Macau partners will always be in a junior partner position,” he says. Nevertheless, MdME has a small unit in Hengqin, which is licensed to provide corporate secretarial services. “It’s not a law office, but it’s a first step.” Regarding what lies ahead for the neighbouring In-Depth Cooperation Zone, he notes that “with the new institutional arrangement of co-management between Guangdong and Macau, we have a good foundation for future economic dynamics.” This can be translated through further differentiation, vis-\u00e0-vis other places in mainland China, as a foreign investment destination. “For this to happen, there needs to be more freedom of movement of people, goods, and capital, certainly under a properly regulated environment.” A flagship, large-scale, FDI undertaking could be a game-changer, Proen\u00e7a indicates. Staying away from an overly rigid legal system is of paramount importance, Sim\u00f5es adds. “The crucial point is that of investors\u2019 perception, as there should be flexibility in terms of arbitration and the choice of applicable law.” In that respect, “some timid steps have already been taken in that direction,” the former DSL managing partner concludes.
\n", "content_text": "Photos by Oswald Vas\n\n\n\n\n\n\n\nIntroducing a law firm model in Macau is long overdue, stress Rui Pinto Proen\u00e7a, managing partner of MdME, and Carlos Duque Sim\u00f5es, former managing partner of DSL Lawyers. In an interview that followed the announcement of DSL\u2019s integration into MdME, both lawyers also highlight the need to meet the demands of a market that increasingly calls for specialised and multilingual skills.\n\n\n\nBringing a broader pool of talent under one roof to cater to the growing demand for specialised business law services was mentioned as a key driver for the integration of DSL Lawyers into MdME. The agreement, first reported by Macau Business’s sister online publication, Macau News Agency, took effect on October 1. Macau Business sat down with Rui Pinto Proen\u00e7a, MdME managing partner, and Carlos Duque Sim\u00f5es, former DSL Lawyers managing partner and now partner at MdME, who weighed in on an evolving landscape where specialisation is a prominent feature.\n\n\n\n“Today, it is not easy for a lawyer to master all fields of law, as the legal landscape has grown significantly more complex with various layers and facets,” notes Rui Pinto Proen\u00e7a, adding that “topics such as data, cyber, etc. have taken center stage, which was not the case a decade ago.” This trend has “numerous ramifications and requires specialised knowledge.” While in the past, law offices could easily operate with relatively small teams, primarily led by general practice lawyers, Carlos Duque Sim\u00f5es emphasises that “nowadays, having a versatile and specialised team is essential.”\n\n\n\n\n\n\n\nSpecialised, multi-layered\n\n\n\nThis entails finely-tuned expertise in specific fields and the ability to master different languages and diverse legal systems. As a result, local law offices have expanded to include more multilingual practitioners and professionals with a clear understanding of the legal systems of Macau, Hong Kong, Mainland China, among other jurisdictions. Sim\u00f5es adds that the increased investment from multinational Chinese companies in recent years has resulted in “a growing need for people proficient in various languages \u2013 that is, for multi-practice and multi-cultural teams.”\n\n\n\nIn the same thread, Proen\u00e7a underlines that “clients expect that full-service law firms such as ours are capable of delivering specialised practice and sector knowledge in the official languages plus English.” With the integration of DSL into MdME, the new MdME law office will comprise more than 40 legal professionals, including 12 partners across three offices\u2014Macau, Hong Kong, and Lisbon\u2014as mentioned in the press release announcing the agreement.\n\n\n\n “Today, it is not easy for a lawyer to master all fields of law, as the legal landscape has grown significantly more complex with various layers and facets” \u2013 Rui Pinto Proen\u00e7a \n\n\n\n\n\n\n\nFirm call\n\n\n\nContrary to the practice in many jurisdictions worldwide, lawyers in Macau do not have the necessary legal framework to establish themselves in a law firm structure, which is an entity dedicated to providing legal services. Currently, individual lawyers in Macau can collaborate with other legal practitioners under the same premises and a shared name, but, technically, each lawyer provides services individually within an arrangement defined as a law office. The SAR\u2019s Lawyers Statute indicates that a specific law governing law firms may be enacted after consulting the Macau Lawyers\u2019 Association and the Superior Council of Macau Lawyers. In 2020, Secretary for Administration and Justice Andr\u00e9 Cheong said the government was open to the possibility of regulating law firms in the city. For both Rui Pinto Proen\u00e7a and Carlos Duque Sim\u00f5es, it is about time for the SAR to take such a step, which they believe is long overdue.\n\n\n\n“My view is that the law firm model should have been introduced decades ago. Frankly, I am not aware of any other jurisdiction around the world without a framework that allows lawyers to organize their practice as a law firm,” Proen\u00e7a stresses.\n\n\n\nSim\u00f5es agrees that “this issue has long been overdue for resolution,” adding that “the longer it takes to address, the more challenging it will become.” Both lawyers underline that the current regime confounds clients.\n\n\n\n“Quite often, when we are dealing with overseas corporate clients, they find it quite concerning that they are not interacting with a law firm,” Proen\u00e7a notes. For the MdME managing partner, the current system not only “poses an obstacle to the development of the legal profession in Macau,” but also “hurdles in terms of allocation of resources and the upward mobility of lawyers within more professionally oriented structures.”\n\n\n\n “This issue [the adoption of a law firm model] has long been overdue for resolution (\u2026) the longer it takes to address, the more challenging it will become” – Carlos Duque Sim\u00f5es \n\n\n\n\n\n\n\nHengqin, step-by-step\n\n\n\nIn recent years, a number of Macau-based law offices have set their foothold on the neighbouring Hengqin island. As the trend toward integration between Macau and the Guangdong-Macau In-depth Cooperation Zone in Hengqin is set to be intensified, will MdME follow in the footsteps of counterparts and have a fully-fledged operation in partnership with mainland partners there? MdME managing partner Rui Pinto Proen\u00e7a does not harbour significant enthusiasm about such a prospect. He explains that there has been a joint venture model that other Macau law offices have adopted, where they team up with mainland counterparts. “I am not particularly excited about that approach, as it seems to me that the Macau partners will always be in a junior partner position,” he says. Nevertheless, MdME has a small unit in Hengqin, which is licensed to provide corporate secretarial services. “It’s not a law office, but it’s a first step.” Regarding what lies ahead for the neighbouring In-Depth Cooperation Zone, he notes that “with the new institutional arrangement of co-management between Guangdong and Macau, we have a good foundation for future economic dynamics.” This can be translated through further differentiation, vis-\u00e0-vis other places in mainland China, as a foreign investment destination. “For this to happen, there needs to be more freedom of movement of people, goods, and capital, certainly under a properly regulated environment.” A flagship, large-scale, FDI undertaking could be a game-changer, Proen\u00e7a indicates. Staying away from an overly rigid legal system is of paramount importance, Sim\u00f5es adds. “The crucial point is that of investors\u2019 perception, as there should be flexibility in terms of arbitration and the choice of applicable law.” In that respect, “some timid steps have already been taken in that direction,” the former DSL managing partner concludes.", "date_published": "October 10, 2023", "date_modified": "October 11, 2023 - 03:31", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/MdME_Lawyers_Macau_Business_4.jpg", "tags": [ "Business", "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "Introducing a law firm model in Macau is long overdue, stress Rui Pinto Proen\u00e7a, managing partner of MdME, and Carlos Duque Sim\u00f5es, former managing partner of DSL Lawyers. In an interview that followed the announcement of DSL\u2019s integration into MdME, both lawyers also highlight the need to meet the demands of a market that increasingly calls for specialised and multilingual skills." }, { "id": "https://www.macaubusiness.com/editorial-building-confidence-beyond-a-leap-of-faith/", "url": "https://www.macaubusiness.com/editorial-building-confidence-beyond-a-leap-of-faith/", "title": "EDITORIAL \u2013 Building confidence beyond a leap of faith", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/10/Confidence-150x150.jpeg\")
\nMacau Business Editorial |October 2023| By Jos\u00e9 Carlos Matias \u2013 Director
Confidence is a quintessential yet somewhat elusive concept and factor in economics. One thing is certain: \u201cconfidence is a self-fulfilling prophecy\u201d. In other words, if consumers and businesses lose confidence in the future, they are less likely to spend and invest, and that ultimately leads to the economic stagnation they feared in the first place. Conversely, when consumers and investors are confident about the economy, they tend to increase consumption and investment based on an assumption those investments will yield real returns. Thus, confidence and expectations are intrinsically linked.
\n\n\n\nWhat we are witnessing in Macau is indeed encouraging: a robust economic recovery with major indicators showing clear improvement, led by the city\u2019s core industries (tourism and gaming) which naturally serve as \u201chead of the dragon\u201d. However, the trickle-down effect for some of the region\u2019s other business activities has not been immediate, and a conspicuously uneven recovery pattern has emerged.
\n\n\n\nOn the small enterprise front, while those operating in tourist spots have reaped the benefits of the impressive resurgencein visitation other businesses in residential areas are faced with a much less optimistic picture. Many small shops are still struggling to regain their footing.
\n\n\n\nThe impact of the double-edged sword that is the Northbound Travel for Macau Vehicles policy is certainly being felt by many of these small businesses.
\n\n\n\nLooking ahead, the authorities\u2019 emphasis on community tourism is wise and is set to yield positive results as the revitalization projects for old neighbourhoods \u2013 conducted jointly between the Government and the six gaming operators \u2013 begin to take shape.
\n\n\n\nIn terms of investment, overall business investor confidence and investment in real estate are closely intertwined, making the result of a land auction for two parcels in Taipa of considerable concern: just one company came forward to bid on the two plots. Considering this is the first land auction to be held in the SAR since 2008, this undoubtedly represents an undesirable development. Persistent nationwide property-sector woes combined with global economic uncertainty and a high interest-rate cycle to make the environment far from conducive for a successful tender.
\n\n\n\nThe Chief Executive acknowledged this, stating the Government would give the private property sector time to recover before the next land auction. It would be unfortunate indeed to witness another missed opportunity at instilling investor confidence.
\n\n\n\nAhead of the 2024 Policy Address and Budget, Ho Iat Seng also announced that existing social welfare measures will stay in place and that civil servants will see a salary increase. These are important moves towards ensuring social stability and consumer confidence, which should be accompanied by bold and innovative measures to support SMEs. Indeed, improving people\u2019s livelihood was identified as one of four key priorities for elevating the city\u2019s development highlighted by Chief Executive Ho Iat Seng at the reception commemorating the National Day of the People\u2019s Republic of China, alongside a focus on safeguarding national security, expediting \u201cappropriate economic diversification\u201d and promoting the development of Hengqin island.
\n\n\n\nIn addition to the upcoming Policy Address, all eyes will be on the soon-to-be-announced economic diversification blueprint expected to outline concrete steps towards appropriate (we assume pragmatic and market-oriented) diversification.
\n\n\n\nThis process is closely intertwined with development of and integration with the Guangdong-Macau In-depth Cooperation Zone in Hengqin.
\n\n\n\nThe forthcoming new customs management model, to operate under a \u201cfirst-line, second-line\u201d system designed to streamline the movement of goods across the border, is a key step along with various other important measures, as detailed by Hengin\u2019s Economic Development Bureau Director Ant\u00f3nio Lei in an interview for this issue of Macau Business.
\n\n\n\nThe way forward: expedite these steps to bring results closer to expectations. Doing so will eliminate the need for a leap of faith, instead providing the confidence to partake in that promised (is)land lying just a stone\u2019s throw away.
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/02/macau-property-hill-nature-150x150.png\")
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\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/window-1028x831.jpg\")
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\n", "content_text": "\u300a\u5546\u8a0a\u300b2023\u5e749\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 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"date_published": "September 16, 2023", "date_modified": "September 19, 2023 - 11:56", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/02/macau-property-hill-nature.png", "tags": [ "Business Intelligence", "MAG", "MB", "MB Featured", "Opinion" ], "summary": "\u9019\u4e00\u5207\u90fd\u662f\u70ba\u4e86\u5728\u672c\u5730\u52de\u52d5\u529b\u548c\u9032\u53e3\u52de\u52d5\u529b\u4e4b\u9593\u3001\u7d93\u6fdf\u589e\u9577\u548c\u53ef\u6301\u7e8c\u767c\u5c55\u4e4b\u9593\u3001\u5b89\u5168\u8207\u958b\u653e\u548c\u5275\u65b0\u4e4b\u9593\u53d6\u5f97\u5e73\u8861\u3002\u9019\u986f\u800c\u6613\u898b\uff01" }, { "id": "https://www.macaubusiness.com/riding-the-wave/", "url": "https://www.macaubusiness.com/riding-the-wave/", "title": "Riding the wave", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/cod-manila2-150x150.jpeg\")
\nBy Jos\u00e9 Carlos Matias
\n\n\n\nIn Manila, Philippines
\n\n\n\nCOD Manila Property President Geoff Andres hails the industry\u2019s first-half performance in the Philippines and projects further growth throughout the remainder of 2023 and beyond
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/cod-manila3.jpeg\")
This year’s first-half results indicate a solid recovery for City of Dreams Manila, Melco Resorts and Entertainment’s property in the Philippines, with a 25.7 per cent year-on-year increase in its operating revenues and a 31.5 per cent jump in Adjusted EBITDA.
\n\n\n\nThese figures come as the overall Philippine gaming market saw a 48.7 per cent jump in gross gaming revenue (GGR), reaching PHP 136.37 billion (US$2.47 billion).
\n\n\n\nGeoff Andres, Property President at City of Dreams Manila (COD Manila), told Macau Business that “The Philippines has done a brilliant job of managing the pandemic, and it is motivating to see greater international business coming into the Philippines as travel has opened up.”
\n\n\n\nThe occupancy rate at COD Manila’s three hotels – N\u00fcwa, Nobu Hotel, and Hyatt Regency – is “in the high 90s, back to pre-pandemic levels,” added Mr Andres, a top executive with an extensive experience in integrated resorts management who had two stints in Macau, as Senior Vice-President and General manager at Sands Macau (2010-2015) and as Property President of Melco\u2019s Studio City Macau, between 2018 and 2020.
\n\n\n\nThe head of the country’s regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, said in an interview with Macau Business published in August that he was highly confident that the Philippine market will reach 92 per cent GGR of the pre-pandemic levels. “Not to mention that there is a possibility that our foreign tourists will be coming in. That means if that happens, there is a big chance that we will be close to the pre-pandemic numbers,” Mr. Tengco said in the same interview.
\n\n\n\nGeoff Andres shares the same upbeat approach regarding the second half of 2023 and beyond. “I continue to be optimistic that we will have a strong 2023 and even a stronger 2024 with the increase in international flights coming to the Philippines that will benefit City of Dreams Manila, the hotels, and the other tourist attractions in the country,” COD Manila’s Property President told Macau Business.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/cod-manila4.jpeg\")
\u201cI continue to be optimistic that we will have a strong 2023 and even a stronger 2024 with the increase in international flights coming to the Philippines\u201d \u2013 Geoff Andres, Property President at COD Manila,
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/Geoff-Andres-COD-Manila.png\")
Projecting a win-win regional landscape
\n\n\n\nMr. Andres is also confident that Melco’s integrated resort in the Philippines is well-positioned to tap into the needs and expectations of a new generation of travellers, younger people who “are also looking for new ways to be engaged in memorable ways, with sustainability becoming top of mind.”
\n\n\n\nThis is interwoven with the property’s non-gaming offerings, which also witnessed double-digit growth in the first half of 2023, as non-gaming revenue at COD Manila increased by 15.5 per cent.
\n\n\n\nThe resort, where Geoff Andres had previously served as the first Property President between 2015 and 2018, boasts 1,000 hotel rooms, three Forbes Travel Guide-rated luxury hotels, and over 20 restaurants, along with the family entertainment centre, DreamPlay, among other amenities.
\n\n\n\nAsked about the impact of regional competition arising from Singapore and Macau’s post-COVID robust recovery, Geoff Andres sees this as a win-win situation rather than any sort of zero-sum game. “It is great to see Macau making a comeback, and it is also great to see Singapore doing very well,” he said, stressing that “the integrated resort model is something that people enjoy not only in the Philippines but across different markets in Asia. There is certainly no lack of demand or lack of supply.”
\n\n\n\nQuality takes centre stage amid the market recovery. “Customers respond well to high-quality entertainment, great hotels with great service that offer a variety of things to enjoy and be entertained by.”
\n\n\n\nWhether it is in Singapore, in Macau, or in the Philippines, “I believe the future is bright for all markets,” Mr. Andres concludes.
\n\n\n\n\n", "content_text": "By Jos\u00e9 Carlos Matias\n\n\n\nIn Manila, Philippines \n\n\n\nCOD Manila Property President Geoff Andres hails the industry\u2019s first-half performance in the Philippines and projects further growth throughout the remainder of 2023 and beyond\n\n\n\n\n\n\n\nThis year’s first-half results indicate a solid recovery for City of Dreams Manila, Melco Resorts and Entertainment’s property in the Philippines, with a 25.7 per cent year-on-year increase in its operating revenues and a 31.5 per cent jump in Adjusted EBITDA.\n\n\n\nThese figures come as the overall Philippine gaming market saw a 48.7 per cent jump in gross gaming revenue (GGR), reaching PHP 136.37 billion (US$2.47 billion).\n\n\n\nGeoff Andres, Property President at City of Dreams Manila (COD Manila), told Macau Business that “The Philippines has done a brilliant job of managing the pandemic, and it is motivating to see greater international business coming into the Philippines as travel has opened up.”\n\n\n\nThe occupancy rate at COD Manila’s three hotels – N\u00fcwa, Nobu Hotel, and Hyatt Regency – is “in the high 90s, back to pre-pandemic levels,” added Mr Andres, a top executive with an extensive experience in integrated resorts management who had two stints in Macau, as Senior Vice-President and General manager at Sands Macau (2010-2015) and as Property President of Melco\u2019s Studio City Macau, between 2018 and 2020.\n\n\n\nThe head of the country’s regulator, the Philippine Amusement and Gaming Corporation (PAGCOR), Alejandro H. Tengco, said in an interview with Macau Business published in August that he was highly confident that the Philippine market will reach 92 per cent GGR of the pre-pandemic levels. “Not to mention that there is a possibility that our foreign tourists will be coming in. That means if that happens, there is a big chance that we will be close to the pre-pandemic numbers,” Mr. Tengco said in the same interview.\n\n\n\nGeoff Andres shares the same upbeat approach regarding the second half of 2023 and beyond. “I continue to be optimistic that we will have a strong 2023 and even a stronger 2024 with the increase in international flights coming to the Philippines that will benefit City of Dreams Manila, the hotels, and the other tourist attractions in the country,” COD Manila’s Property President told Macau Business.\n\n\n\n\n\n\n\n \u201cI continue to be optimistic that we will have a strong 2023 and even a stronger 2024 with the increase in international flights coming to the Philippines\u201d \u2013 Geoff Andres, Property President at COD Manila, \n\n\n\n\n\n\n\nProjecting a win-win regional landscape \n\n\n\nMr. Andres is also confident that Melco’s integrated resort in the Philippines is well-positioned to tap into the needs and expectations of a new generation of travellers, younger people who “are also looking for new ways to be engaged in memorable ways, with sustainability becoming top of mind.”\n\n\n\nThis is interwoven with the property’s non-gaming offerings, which also witnessed double-digit growth in the first half of 2023, as non-gaming revenue at COD Manila increased by 15.5 per cent. \n\n\n\nThe resort, where Geoff Andres had previously served as the first Property President between 2015 and 2018, boasts 1,000 hotel rooms, three Forbes Travel Guide-rated luxury hotels, and over 20 restaurants, along with the family entertainment centre, DreamPlay, among other amenities.\n\n\n\nAsked about the impact of regional competition arising from Singapore and Macau’s post-COVID robust recovery, Geoff Andres sees this as a win-win situation rather than any sort of zero-sum game. “It is great to see Macau making a comeback, and it is also great to see Singapore doing very well,” he said, stressing that “the integrated resort model is something that people enjoy not only in the Philippines but across different markets in Asia. There is certainly no lack of demand or lack of supply.”\n\n\n\nQuality takes centre stage amid the market recovery. “Customers respond well to high-quality entertainment, great hotels with great service that offer a variety of things to enjoy and be entertained by.”\n\n\n\nWhether it is in Singapore, in Macau, or in the Philippines, “I believe the future is bright for all markets,” Mr. Andres concludes.", "date_published": "September 15, 2023", "date_modified": "September 16, 2023 - 23:17", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/cod-manila2.jpeg", "tags": [ "Gaming", "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "COD Manila Property President Geoff Andres hails the industry\u2019s first-half performance in the Philippines and projects further growth throughout the remainder of 2023 and beyond" }, { "id": "https://www.macaubusiness.com/editorial-fresh-air/", "url": "https://www.macaubusiness.com/editorial-fresh-air/", "title": "EDITORIAL \u2013 Fresh air", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/09/window-150x150.jpg\")
\nMacau Business Editorial |September 2023| By Jos\u00e9 Carlos Matias \u2013 Director
\n\n\n\nThere is a famous quote from Deng Xiaoping, late leader and visionary architect of China’s remarkable era of opening up and reform: \u201cIf you open the window for fresh air, you have to expect some flies to blow in\u201d. And, while flies are a natural part of our environment that mustn\u2019t 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.
\n\n\n\nNonetheless, 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 \u201cde-coupling\u201d and \u201cself-reliance\u201d mantras offer no viable solutions for a more balanced international political economy, they entail a multitude of risks.
\n\n\n\nIn our city, the current Zeitgeist (spirit of our times) is palpable, even as we undo the pandemic\u2019s 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.
\n\n\n\nTangible 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\u2019s a sentiment that has been made explicit or at least implied by the government on multiple occasions.
\n\n\n\nIf 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\u2019s youth, there is little room for failure.
\n\n\n\nHo Iat Seng\u2019s 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.
\n\n\n\nOn 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\u2019 economies notwithstanding, their official figures are impressive: as of last May \u2013 already six months into Hong Kong\u2019s new Top Talent Pass Scheme \u2013 authorities had already approved 49 thousand applications out of the 84 thousand received. Why doesn\u2019t our city take bolder, more assertive steps to ensure its attractiveness to top talent on a global scale?
\n\n\n\nDon\u2019t 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\u2019s all about striking a balance between local and imported labour, between economic growth and sustainable development, between security and openness and innovation.
\n\n\n\nSo throw the windows open and don\u2019t panic about the flies; we need that big breath of fresh air.
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/James-Chang2-150x150.jpg\")
\nProfessional services giant PricewaterhouseCoopers suggests a way to get the “1+4” diversification strategy right. First, make the most of “1” (integrated tourism), then integrate the “4” (emerging sectors) into the existing capacity and maximize resources. The ability to attract talent and make the most of Henqgin will play a key role, says PwC China’s James Chang.
\n\n\n\n
{strong focus on integrated tourism} is doable and good enough in the short-term (\u2026) because Macau already has the foundations, such as great resorts and hotels and infrastructure, as well as talent to support that”
Finding the elixir of enduring economic diversification has been an aim of local and central authorities when it comes to the Macau SAR. In recent years the call to reduce reliance on the city\u2019s core industry \u2013 gaming \u2013 has sounded stronger than ever, something mirrored in the strings attached to the new ten-year gaming concessions, where non-gaming took centre stage.
\n\n\n\nThe recipe put forth by authorities lies in the “1+4″ formula, where 1 stands for tourism +” cross-sector integration and 4 refers to four nascent industries, namely the “Big Health” industry; modern financial services; high and new technology; and convention and exhibition, sports, and the commercial and trade industries.
\n\n\n\nJames Chang, Managing Partner of Regional Economic Clusters and South Markets of PwC China, told Macau Business that “the 1+4 strategy is definitely a good direction and strategy to go down.”, one that is “also in line with Beijing\u2019s call for high quality development.” In pursuing this strategy, however, it would not be realistic to expect swift results regarding the emerging sectors. Therefore, a strong focus on diversification based on integrated tourism is set to yield immediate results. ” It\u2019s doable” and “it’s good enough in the short-term”, he stresses, “because Macau already has the foundations, such as great resorts and hotels and infrastructure, as well as talent to support that”.
\n\n\n\n
\u201cI think Macau needs to think about it [talent attraction] differently, both in terms of the areas that you are focusing on and regarding the lifestyle people can enjoy here”
Talent attraction
\n\n\n\nFor the city to transform itself into a high-tech and modern finance hub “requires very different type of talent,” James Chang notes.
\n\n\n\nHuman capital is indeed key. Since early July, the New Legal Regime for Recruiting Qualified Staff has been in effect, aimed at tackling the shortage of specialised professionals in Macau and leveraging economic diversification.
\n\n\n\n“I think it\u2019s a good policy, a step in the right direction”, Mr Chang says, while noting that the key lies in the execution, amid an intense regional competition for skilled talent, as Hong Kong, Singapore, and cities in the Greater Bay Area have all rolled out ambitious plans to lure highly-skilled professionals.
\n\n\n\n“That\u2019s why I think Macau needs to think about it differently, both in terms of the areas that you are focusing on and regarding the lifestyle people can enjoy here.” The SAR can fashion itself as an attractive and convenient place where one can find a work-life balance you wouldn\u2019t enjoy elsewhere, he suggests.
\n\n\n\nThe city\u2019s culture, gastronomy, heritage, and way of life may emerge as factors influencing top talents to prefer Macau to Singapore or Hong Kong.
\n\n\n\nAnother factor is Hernqgin, as neither Hong Kong nor Singapore have at its disposal a neighbouring island like the In-depth Cooperation Zone. “Hengqin is a unique connector to integrate into the Greater Bay Area and it\u2019s important to leverage on the Zone to attract people.\u2019
\n\n\n\nWith regards to Hengqin\u2019s development, James Chang stresses that it would be pivotal to ensure the free flow of merchandise, capital, information, and data. “But right now, there\u2019s still a way to go to fully attain those target\u201d
\n\n\n\nIt all boils down to connectivity, he underlines. On the one hand basic layers of infrastructure; on the other, public services and streamlining of professional mutual recognition and arrangements concerning medical services, education, or pensions
\n\n\n\n
“Macau already has all these facilities and infrastructure to support leisure, so that could be expanded to big health, hopefully supporting that with innovation in both western and traditional Chinese medicine\u201d
Leveraging Hengqin
\n\n\n\nMr Chang acknowledges that Chinese authorities need to balance several factors as China is a big country. While pushing for innovation and elevating the In-depth Cooperation Zone, there is a need to address how to ensure and protect data, information, or capital, so that this opening here doesn’t affect the overall development at national level.”
\n\n\n\nIn any case, in order to take Hengqin\u2019s development to a higher level, “the financial system and even the legal system need to be reformed to be more streamlined.”
\n\n\n\nWith regards to the four nascent industries, James Chang believes that in addition to the existing installed capacity and dynamic of the MICE sector, “big health” investment could bear fruits as it can be easily associated with leisure. “Macau already has all these facilities and infrastructure to support leisure, so that could be expanded to big health, hopefully supporting that with innovation in medicine, both western and traditional Chinese medicine\u201d.
\n\n\n\nFinancial services have been designated as a promising area for boosting economic diversification. Investment from iconic players is set to have a positive ripple-effect. James Chang underscores the recent investment led by Charles Li, former chief executive at Hong Kong Exchanges and Clearing Limited (HKEX), who launched Micro Connect, a new financial market platform based in Macau.
\n\n\n\nDespite facing competition from top-tier financial hubs such as Hong Kong, Shanghai, or Shenzhen, Macau could succeed in developing niche segments, such as green finance and digital finance, as well as debt markets, bonds, and asset management services, according to James Chang, someone with a lifelong career in finance. “You have more chances in these niches because these are relatively new areas, and there’s still a lot of demand.”
\n\n\n\nThe road for a transition from primarily a gambling hub towards a more diversified economic structure is underway, and “Macau definitely needs to diversify towards high-quality development and leverage Hengqin\u2019s role”.
\n\n\n\nAnd be “bold and innovative”, he concludes.
\n\n\n\n\n", "content_text": "Professional services giant PricewaterhouseCoopers suggests a way to get the “1+4” diversification strategy right. First, make the most of “1” (integrated tourism), then integrate the “4” (emerging sectors) into the existing capacity and maximize resources. The ability to attract talent and make the most of Henqgin will play a key role, says PwC China’s James Chang.\n\n\n\n {strong focus on integrated tourism} is doable and good enough in the short-term (\u2026) because Macau already has the foundations, such as great resorts and hotels and infrastructure, as well as talent to support that” \n\n\n\nFinding the elixir of enduring economic diversification has been an aim of local and central authorities when it comes to the Macau SAR. In recent years the call to reduce reliance on the city\u2019s core industry \u2013 gaming \u2013 has sounded stronger than ever, something mirrored in the strings attached to the new ten-year gaming concessions, where non-gaming took centre stage.\n\n\n\nThe recipe put forth by authorities lies in the “1+4″ formula, where 1 stands for tourism +” cross-sector integration and 4 refers to four nascent industries, namely the “Big Health” industry; modern financial services; high and new technology; and convention and exhibition, sports, and the commercial and trade industries.\n\n\n\nJames Chang, Managing Partner of Regional Economic Clusters and South Markets of PwC China, told Macau Business that “the 1+4 strategy is definitely a good direction and strategy to go down.”, one that is “also in line with Beijing\u2019s call for high quality development.” In pursuing this strategy, however, it would not be realistic to expect swift results regarding the emerging sectors. Therefore, a strong focus on diversification based on integrated tourism is set to yield immediate results. ” It\u2019s doable” and “it’s good enough in the short-term”, he stresses, “because Macau already has the foundations, such as great resorts and hotels and infrastructure, as well as talent to support that”.\n\n\n\n \u201cI think Macau needs to think about it [talent attraction] differently, both in terms of the areas that you are focusing on and regarding the lifestyle people can enjoy here” \n\n\n\nTalent attraction \n\n\n\nFor the city to transform itself into a high-tech and modern finance hub “requires very different type of talent,” James Chang notes.\n\n\n\nHuman capital is indeed key. Since early July, the New Legal Regime for Recruiting Qualified Staff has been in effect, aimed at tackling the shortage of specialised professionals in Macau and leveraging economic diversification.\n\n\n\n“I think it\u2019s a good policy, a step in the right direction”, Mr Chang says, while noting that the key lies in the execution, amid an intense regional competition for skilled talent, as Hong Kong, Singapore, and cities in the Greater Bay Area have all rolled out ambitious plans to lure highly-skilled professionals.\n\n\n\n“That\u2019s why I think Macau needs to think about it differently, both in terms of the areas that you are focusing on and regarding the lifestyle people can enjoy here.” The SAR can fashion itself as an attractive and convenient place where one can find a work-life balance you wouldn\u2019t enjoy elsewhere, he suggests.\n\n\n\nThe city\u2019s culture, gastronomy, heritage, and way of life may emerge as factors influencing top talents to prefer Macau to Singapore or Hong Kong.\n\n\n\nAnother factor is Hernqgin, as neither Hong Kong nor Singapore have at its disposal a neighbouring island like the In-depth Cooperation Zone. “Hengqin is a unique connector to integrate into the Greater Bay Area and it\u2019s important to leverage on the Zone to attract people.\u2019\n\n\n\nWith regards to Hengqin\u2019s development, James Chang stresses that it would be pivotal to ensure the free flow of merchandise, capital, information, and data. “But right now, there\u2019s still a way to go to fully attain those target\u201d\n\n\n\n It all boils down to connectivity, he underlines. On the one hand basic layers of infrastructure; on the other, public services and streamlining of professional mutual recognition and arrangements concerning medical services, education, or pensions\n\n\n\n “Macau already has all these facilities and infrastructure to support leisure, so that could be expanded to big health, hopefully supporting that with innovation in both western and traditional Chinese medicine\u201d \n\n\n\nLeveraging Hengqin \n\n\n\nMr Chang acknowledges that Chinese authorities need to balance several factors as China is a big country. While pushing for innovation and elevating the In-depth Cooperation Zone, there is a need to address how to ensure and protect data, information, or capital, so that this opening here doesn’t affect the overall development at national level.”\n\n\n\nIn any case, in order to take Hengqin\u2019s development to a higher level, “the financial system and even the legal system need to be reformed to be more streamlined.”\n\n\n\nWith regards to the four nascent industries, James Chang believes that in addition to the existing installed capacity and dynamic of the MICE sector, “big health” investment could bear fruits as it can be easily associated with leisure. “Macau already has all these facilities and infrastructure to support leisure, so that could be expanded to big health, hopefully supporting that with innovation in medicine, both western and traditional Chinese medicine\u201d.\n\n\n\nFinancial services have been designated as a promising area for boosting economic diversification. Investment from iconic players is set to have a positive ripple-effect. James Chang underscores the recent investment led by Charles Li, former chief executive at Hong Kong Exchanges and Clearing Limited (HKEX), who launched Micro Connect, a new financial market platform based in Macau.\n\n\n\nDespite facing competition from top-tier financial hubs such as Hong Kong, Shanghai, or Shenzhen, Macau could succeed in developing niche segments, such as green finance and digital finance, as well as debt markets, bonds, and asset management services, according to James Chang, someone with a lifelong career in finance. “You have more chances in these niches because these are relatively new areas, and there’s still a lot of demand.”\n\n\n\nThe road for a transition from primarily a gambling hub towards a more diversified economic structure is underway, and “Macau definitely needs to diversify towards high-quality development and leverage Hengqin\u2019s role”.\n\n\n\nAnd be “bold and innovative”, he concludes.", "date_published": "August 20, 2023", "date_modified": "August 21, 2023 - 05:41", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/James-Chang2.jpg", "tags": [ "Macau", "Macau Business", "MAG", "MB", "MB Featured" ], "summary": "Professional services giant PricewaterhouseCoopers suggests a way to get the \"1+4\" diversification strategy right. First, make the most of \"1\" (integrated tourism), then integrate the \"4\" (emerging sectors) into the existing capacity and maximize resources. The ability to attract talent and make the most of Henqgin will play a key role, says PwC China's James Chang." }, { "id": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e5%a4%9a%e5%85%83%e5%8c%96%e5%a4%a7%e9%81%93/", "url": "https://www.macaubusiness.com/%e3%80%90%e7%b8%bd%e7%9b%a3%e4%b9%8b%e8%a8%80%e3%80%91%e5%a4%9a%e5%85%83%e5%8c%96%e5%a4%a7%e9%81%93/", "title": "\u3010\u7e3d\u76e3\u4e4b\u8a00\u3011\u591a\u5143\u5316\u5927\u9053", "content_html": "![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/01/327980197_590980022359372_3391219490567909356_n-150x150.jpg\")
\n\u300a\u5546\u8a0a\u300b2023\u5e748\u6708 | \u7e3d\u76e3\u4e4b\u8a00 \u2013 \u99ac\u5929\u9f8d
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\n\n\n\n\u82e5\u6211\u5011\u5408\u7406\u5730\u63cf\u7e6a\u77ed\u671f\u3001\u4e2d\u671f\u548c\u9577\u671f\u7684\u756b\u9762\uff0c\u90a3\u5c07\u662f\u600e\u6a23\u7684\u666f\u8c61\uff1f
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\nINTERVIEW | GAMING
\n\n\n\nThe Philippine gaming regulator wants to fast-track the privatisation of the casinos it operates and improve the country’s reputation in anti-money laundering efforts. With a sound recovery underway, Alejandro H. Tengco does not see Macau as a threat and looks to strengthen cooperation with the SAR\u2019s regulatory authority
\n\n\n\nThe Philippine Amusement and Gaming Corporation (PAGCOR) wears two hats: It serves as the regulator for the entire industry across the country and also operates a number of casino establishments. However, the days of this dual role are numbered, as the government entity is paving the way for privatising its gaming operations.
\n\n\n\nIn an interview with Macau Business, PAGCOR’s Chairman and CEO, Alejandro H. Tengco said he expects big foreign players, including companies operating in Macau, will be joining the privatisation process, which he hopes can be launched in 2025.
\n\n\n\nFighting money laundering is another priority, he stresses, as the country aims to be removed from the grey list of the global anti-money laundering watchdog, Financial Action Task Force (FATF), by next year. Mr Tengco is upbeat about the gaming market trend, both land-based and online, a segment that is booming in the country.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/alejandro-h-tengco-gaming-philippines-pagcor-mb.png\")
You took office about a year ago against the backdrop of challenging and very interesting times, as the Philippines was starting to recover from the COVID-19 pandemic. What have been the major highlights of tasks PAGCOR has been carrying out?
\n\n\n\nAlejandro H. Tengco \u2013 One of the industries that was really hardly hit by the COVID-19 pandemic was the gaming industry. There were a couple of months that the Philippines, just like elsewhere around the world, was in hard lockdown. We had to close the inland casinos, and then after a year or so came the omicron variant, in the first quarter of 2022, when all casinos were instructed to close once again. So I came to this position when we were trying our best to recover from the difficult times of 2020, 2021, and 2022. And up to today, we are still awaiting the arrival of foreign tourists, namely Chinese. In 2019, there were 2.2 million Chinese tourists that came to Manila. And we have not seen even 10 per cent of that number. That\u2019s why our projections are conservative in the sense that we have not included in our projections the possibility of a great number of Chinese tourists coming into the Philippines in the second half of 2023.
\n\n\n\nAnd when, when do you think we may see that happening, , the return on mass of mainland Chinese tourists?
\n\n\n\nA. H. T. \u2013 The Chinese government is basically asking their citizens to focus on the domestic market first, meaning that later on, hopefully, they will ease the restrictions and really make them travel anywhere. And I believe that because of the numerous attractions in tourism that the Philippines offers, they will definitely be visiting the Philippines very, very soon. And if they do so, that will mean additional income for the gaming industry.
\n\n\n\nLet\u2019s take for instance the projection that you made that by the end of the year we will have seen a gross gaming revenue recovery to 92 per cent of pre-COVID
\n\n\n\nA. H. T. – Barring any new variant or new pandemic, or any geopolitical problems within Asia, I am very confident that we will be able to achieve this year 92 per cent GGR of the pre pandemic levels. Not mentioning that there is a possibility that our foreign tourists will be coming in. That means if that happens, there is a big chance that we will be close to the pre pandemic numbers.
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I am very confident that we will be able to achieve this year 92 per cent GGR of the pre pandemic levels.
![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/OLDT4028.jpg\")
Still on market dynamics, the market, the industry have been talking about the Philippines as, in many ways, the most exciting and dynamic gaming market in the region. What are the main driving forces behind this trend? First move\u2019s advantage when it comes to reopening? Other factors?
\n\n\n\nA. H. T. – We have a few foreign players coming from selected countries. We have Koreans, Japanese, Indonesians, and Singaporeans. So far, these are the main drivers. And more importantly, I think there is, if there is, revenge hopping, revenge travelling, revenge eating, and I think revenge gambling are also main drivers of these numbers.
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I believe we can coexist. There are different attractions between the Philippines and Macau.
Talking about regional competition. We are here in Macau, and the SAR is also coming back post-pandemic. How is Macau seen from the Philippines?
\n\n\n\nA. H. T. – Macau has been here from way back. In fact, if you’re talking about land-based casinos, the pioneer is none other than Macau. I believe we can coexist. There are different attractions between the Philippines and Macau. One is that, as a lot of people say, there are many things that you can do more of in the Philippines compared to Macau. Number two, Filipinos are known to be more hospitable and warmer than the people around here. So I think we can both coexist. I do not see Maha as a threat, primarily because we have both co-existed in the last few years, even pre pandemic.
\n\n\n\nNow, what maybe we should do is to continue to collaborate, because if Macau is pioneer in land-based casinos in the Philippines, we are the pioneers in online gaming. So maybe we can share some information. If they want to open up and regulate online gaming, then we can share our experience with Macau.
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If Macau is pioneer in land-based casinos in the Philippines, we are the pioneers in online gaming
And how do you see things moving forward in terms of cooperation from a regulatory perspective?
\n\n\n\nA. H. T. Well, in terms of cooperation, we are moving towards privatisation. PAGCOR today is the regulator and the regulated.
\n\n\n\nBecause we are wearing two hats. We, we give out licenses. On the other hand, we are also operating our casinos. So in this regard, um, I’m ready to, to learn from Macau because they’ve been purely a regulator. So that is a model that I believe we should pursue and we intend to pursue. And I tell people that the biggest challenge I will have in my life is to be able to implement the privatisation program of PAGCOR.
\n\n\n\n![\"\"](\"https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/alejandro-h-tengco-gaming-philippines-pagcor.png\")
What\u2019s the timeline for privatisation?
\n\n\n\nA. H. T. \u2013 We have a few things that we have to do. One, we have to clean up our properties and renovate them. They have not been touched for the last few years, since we issued licences to the different land-based casino players in the Philippines.
\n\n\n\nTwo, we are trying to upgrade our equipment. As of now, we need to replace close to 3,500 slot machines in our properties. I’m targeting that by the first quarter of 2024, the delivery of these machines will arrive in Manila.
\n\n\n\nSo with the new machines, hopefully we can attract more people to play and that being the case, that gives the properties a better value, of course, because you gain more GGR, you gain more customers, and the price that you can ask for will be higher than what it’s today.
\n\n\n\nNumber three, we are launching CasinoFilipino.com. And that is another product that can help us gain more value. Because internet gaming is growing exponentially. So we cannot miss out on that. And then finally, we are upgrading our IT infrastructure because one of the first things that I noticed is that our IT infrastructure is still not at par with what it should be.
\n\n\n\nSo if we are able to achieve and address these four issues, then I look at 2025, maybe towards the second half of 2025, as the time when the process of privatisation will start to happen.
\n\n\n\nWhat players do you want to attract in the privatisation process?
\n\n\n\nA. H. H. – The big players. The big players, yes. Yes.
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I look at 2025, maybe towards the second half of 2025, as the time when the process of privatisation will start to happen
Which players do you envision bidding for the licence?
\n\n\n\nA. H. T. – I would l be very happy if the big players here in Macau would invest in our privatisation efforts. There is already interest coming from some who I do not want to name, but there they are. They have operations in Macau and other jurisdictions around the world.
\n\n\n\nWe also have our local integrated resorts in the Philippines, which are also very interested.
\n\n\n\nCybersecurity is a main issue and concern, as you have pointed out in your speeches, and that is an area where Macau has made significant progress over the past few years. Yes. Do you see cooperation taking shape on that front?
\n\n\n\nA. H. T. \u2013 Yes, I think this is one of the areas where we can cooperate with the regulatory entity of Macau, to help each other.
\n\n\n\nOur cybersecurity is very weak at this time. That is the reason why I, together with the board, have put emphasis on the need to make an upgrade.
\n\n\n\nHave you been in contact with Macau\u2019s gaming regulator (DICJ)? Have you been holding meetings?
\n\n\n\nA. H. T. – I have not yet, but I intend to do so very soon. I’m just trying to, my best first to, to work on things that I have to concentrate and focus on and then once I think I am able to, to say that we are more stable, then my intention is to, to get in touch with the regulators in Macau.
\n\n\n\nIn addition to Macau, we have Singapore as a well-established gaming jurisdiction and, on the other hand, the market in Indochina and the potential emerging markets of Thailand and Japan. How do you anticipate regional competition playing out?
\n\n\n\nA. H. T. – With regards to Japan and Thailand, we’ve been hearing about these plans for quite a while, and nothing has happened. And as I would say, I’d only treat them as competition when it happens, because even when they give out their licences, if they do so, they will still have so many years for them to start up.
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One of the objectives that the Philippines has is that, hopefully, by early next year, we will be taken off the [anti-money laundering] grey list
In your stated mission as PAGCOR head, you have repeatedly stressed the importance of tackling the problems generated by Philippine Offshore Gaming Operators (POGOs) as well as illegal gambling. Can you give us a brief overview of what is being done and what the future steps are in order to try to bring this under control?
\n\n\n\nA. H. T. – With regards to the overseas gaming licences (POGOs), what we have been making sure of since I assumed office is that they are in the gaming business and should be in the gaming business alone.
\n\n\n\nHowever, what is happening is that when using their licence, some have veered away from what they’re supposed to do and are involved in criminal activities.
\n\n\n\nYou have crypto investment scams, and you have dating scams.
\n\n\n\nSince the start of May, basically the last two months, we have been closely monitoring all of our licences, and we are in close coordination with the different government agencies for us to be able to stop all these illegal activities.
\n\n\n\nWith regards to illegal online gaming operators, we are in close coordination with the government agency, the Department of Information and Technology. And we inform them. As soon as we are aware or are told that there is an illegal online gaming operator, we immediately inform that government agency and right away cut the internet line or internet, connectivity of these illegal online gaming operators.
\n\n\n\nThe Philippines is taking the lead in terms of online gaming operations, a market that has been growing exponentially. Tell us about your regulatory approach to internet gaming. How to get it right?
\n\n\n\nA. H. T. – We are actually new at this. I should say that this is an evolving process. We have not perfected the structure, and it is my belief that by doing so, we will be able to come up with a structure that will be beneficial to all those who will be interested in doing so.
\n\n\n\nI should say that we have been successful, and if we are right in our projections, 25 billion pesos in GGR will be generated this year which is not bad for our third year only in regulating online gaming. From 8 billion in 2020, now we’re at 25 billion. So in that regard, we are successful.
\n\n\n\nWhat we are still, and what I believe we still have to look into, is really being able to fight the illegal operators. So one of the things I’m going to do is bring down the rates that we collect so that then the illegal operators willsurrender and get a license.
\n\n\n\nAbout tackling money laundering practices [Philippines has been on the grey list of global anti-money laundering watchdog Financial Action Task Force (FATF)], what actions have you been taking?
\n\n\n\nA. H. T. – We have a very strong anti-money laundering department. They are very strong in the sense that they are monitoring every activity that we have that can violate anti-money laundering laws and regulations.
\n\n\n\nWe are in constant touch with the Department of Finance, Securities and Exchange Commission and with our own anti-money laundering department in the Philippines.
\n\n\n\nSo we, I can say that so far we have been given a very good grade by the government, by the national government, in our response to anti-money laundering issues.
\n\n\n\nOne of the objectives that the Philippines has is that, hopefully, by early next year, we will be taken off the grey list.
\n\n\n\nDo you have an action plan and further measures in the pipeline to meet that target?
\n\n\n\nA. H. T. – We not only PAGCOR but the entire Philippine government, has an action plan. The main objective is that by 2024, we will be out of the grey list.
\n\n\n\nThis is very important for me as president of the PAGCOR Board. And it\u2019s not only about the image of PAGCOR, but also the image of the president of the Philippines and that of the country in general.
\n\n\n\n\n", "content_text": "INTERVIEW | GAMING\n\n\n\n\n\n\n\nThe Philippine gaming regulator wants to fast-track the privatisation of the casinos it operates and improve the country’s reputation in anti-money laundering efforts. With a sound recovery underway, Alejandro H. Tengco does not see Macau as a threat and looks to strengthen cooperation with the SAR\u2019s regulatory authority\n\n\n\nThe Philippine Amusement and Gaming Corporation (PAGCOR) wears two hats: It serves as the regulator for the entire industry across the country and also operates a number of casino establishments. However, the days of this dual role are numbered, as the government entity is paving the way for privatising its gaming operations.\n\n\n\nIn an interview with Macau Business, PAGCOR’s Chairman and CEO, Alejandro H. Tengco said he expects big foreign players, including companies operating in Macau, will be joining the privatisation process, which he hopes can be launched in 2025.\n\n\n\nFighting money laundering is another priority, he stresses, as the country aims to be removed from the grey list of the global anti-money laundering watchdog, Financial Action Task Force (FATF), by next year. Mr Tengco is upbeat about the gaming market trend, both land-based and online, a segment that is booming in the country.\n\n\n\n\n\n\n\nYou took office about a year ago against the backdrop of challenging and very interesting times, as the Philippines was starting to recover from the COVID-19 pandemic. What have been the major highlights of tasks PAGCOR has been carrying out?\n\n\n\nAlejandro H. Tengco \u2013 One of the industries that was really hardly hit by the COVID-19 pandemic was the gaming industry. There were a couple of months that the Philippines, just like elsewhere around the world, was in hard lockdown. We had to close the inland casinos, and then after a year or so came the omicron variant, in the first quarter of 2022, when all casinos were instructed to close once again. So I came to this position when we were trying our best to recover from the difficult times of 2020, 2021, and 2022. And up to today, we are still awaiting the arrival of foreign tourists, namely Chinese. In 2019, there were 2.2 million Chinese tourists that came to Manila. And we have not seen even 10 per cent of that number. That\u2019s why our projections are conservative in the sense that we have not included in our projections the possibility of a great number of Chinese tourists coming into the Philippines in the second half of 2023.\n\n\n\nAnd when, when do you think we may see that happening, , the return on mass of mainland Chinese tourists?\n\n\n\nA. H. T. \u2013 The Chinese government is basically asking their citizens to focus on the domestic market first, meaning that later on, hopefully, they will ease the restrictions and really make them travel anywhere. And I believe that because of the numerous attractions in tourism that the Philippines offers, they will definitely be visiting the Philippines very, very soon. And if they do so, that will mean additional income for the gaming industry.\n\n\n\nLet\u2019s take for instance the projection that you made that by the end of the year we will have seen a gross gaming revenue recovery to 92 per cent of pre-COVID\n\n\n\nA. H. T. – Barring any new variant or new pandemic, or any geopolitical problems within Asia, I am very confident that we will be able to achieve this year 92 per cent GGR of the pre pandemic levels. Not mentioning that there is a possibility that our foreign tourists will be coming in. That means if that happens, there is a big chance that we will be close to the pre pandemic numbers.\n\n\n\n I am very confident that we will be able to achieve this year 92 per cent GGR of the pre pandemic levels. \n\n\n\n\n\n\n\nStill on market dynamics, the market, the industry have been talking about the Philippines as, in many ways, the most exciting and dynamic gaming market in the region. What are the main driving forces behind this trend? First move\u2019s advantage when it comes to reopening? Other factors?\n\n\n\nA. H. T. – We have a few foreign players coming from selected countries. We have Koreans, Japanese, Indonesians, and Singaporeans. So far, these are the main drivers. And more importantly, I think there is, if there is, revenge hopping, revenge travelling, revenge eating, and I think revenge gambling are also main drivers of these numbers.\n\n\n\n I believe we can coexist. There are different attractions between the Philippines and Macau. \n\n\n\nTalking about regional competition. We are here in Macau, and the SAR is also coming back post-pandemic. How is Macau seen from the Philippines? \n\n\n\nA. H. T. – Macau has been here from way back. In fact, if you’re talking about land-based casinos, the pioneer is none other than Macau. I believe we can coexist. There are different attractions between the Philippines and Macau. One is that, as a lot of people say, there are many things that you can do more of in the Philippines compared to Macau. Number two, Filipinos are known to be more hospitable and warmer than the people around here. So I think we can both coexist. I do not see Maha as a threat, primarily because we have both co-existed in the last few years, even pre pandemic.\n\n\n\nNow, what maybe we should do is to continue to collaborate, because if Macau is pioneer in land-based casinos in the Philippines, we are the pioneers in online gaming. So maybe we can share some information. If they want to open up and regulate online gaming, then we can share our experience with Macau.\n\n\n\n If Macau is pioneer in land-based casinos in the Philippines, we are the pioneers in online gaming \n\n\n\nAnd how do you see things moving forward in terms of cooperation from a regulatory perspective?\n\n\n\nA. H. T. Well, in terms of cooperation, we are moving towards privatisation. PAGCOR today is the regulator and the regulated.\n\n\n\nBecause we are wearing two hats. We, we give out licenses. On the other hand, we are also operating our casinos. So in this regard, um, I’m ready to, to learn from Macau because they’ve been purely a regulator. So that is a model that I believe we should pursue and we intend to pursue. And I tell people that the biggest challenge I will have in my life is to be able to implement the privatisation program of PAGCOR.\n\n\n\n\n\n\n\nWhat\u2019s the timeline for privatisation?\n\n\n\nA. H. T. \u2013 We have a few things that we have to do. One, we have to clean up our properties and renovate them. They have not been touched for the last few years, since we issued licences to the different land-based casino players in the Philippines.\n\n\n\n Two, we are trying to upgrade our equipment. As of now, we need to replace close to 3,500 slot machines in our properties. I’m targeting that by the first quarter of 2024, the delivery of these machines will arrive in Manila.\n\n\n\nSo with the new machines, hopefully we can attract more people to play and that being the case, that gives the properties a better value, of course, because you gain more GGR, you gain more customers, and the price that you can ask for will be higher than what it’s today.\n\n\n\nNumber three, we are launching CasinoFilipino.com. And that is another product that can help us gain more value. Because internet gaming is growing exponentially. So we cannot miss out on that. And then finally, we are upgrading our IT infrastructure because one of the first things that I noticed is that our IT infrastructure is still not at par with what it should be.\n\n\n\nSo if we are able to achieve and address these four issues, then I look at 2025, maybe towards the second half of 2025, as the time when the process of privatisation will start to happen.\n\n\n\nWhat players do you want to attract in the privatisation process? \n\n\n\nA. H. H. – The big players. The big players, yes. Yes.\n\n\n\n I look at 2025, maybe towards the second half of 2025, as the time when the process of privatisation will start to happen \n\n\n\nWhich players do you envision bidding for the licence? \n\n\n\nA. H. T. – I would l be very happy if the big players here in Macau would invest in our privatisation efforts. There is already interest coming from some who I do not want to name, but there they are. They have operations in Macau and other jurisdictions around the world.\n\n\n\nWe also have our local integrated resorts in the Philippines, which are also very interested.\n\n\n\nCybersecurity is a main issue and concern, as you have pointed out in your speeches, and that is an area where Macau has made significant progress over the past few years. Yes. Do you see cooperation taking shape on that front? \n\n\n\nA. H. T. \u2013 Yes, I think this is one of the areas where we can cooperate with the regulatory entity of Macau, to help each other.\n\n\n\nOur cybersecurity is very weak at this time. That is the reason why I, together with the board, have put emphasis on the need to make an upgrade.\n\n\n\nHave you been in contact with Macau\u2019s gaming regulator (DICJ)? Have you been holding meetings? \n\n\n\nA. H. T. – I have not yet, but I intend to do so very soon. I’m just trying to, my best first to, to work on things that I have to concentrate and focus on and then once I think I am able to, to say that we are more stable, then my intention is to, to get in touch with the regulators in Macau.\n\n\n\nIn addition to Macau, we have Singapore as a well-established gaming jurisdiction and, on the other hand, the market in Indochina and the potential emerging markets of Thailand and Japan. How do you anticipate regional competition playing out?\n\n\n\nA. H. T. – With regards to Japan and Thailand, we’ve been hearing about these plans for quite a while, and nothing has happened. And as I would say, I’d only treat them as competition when it happens, because even when they give out their licences, if they do so, they will still have so many years for them to start up.\n\n\n\n One of the objectives that the Philippines has is that, hopefully, by early next year, we will be taken off the [anti-money laundering] grey list \n\n\n\nIn your stated mission as PAGCOR head, you have repeatedly stressed the importance of tackling the problems generated by Philippine Offshore Gaming Operators (POGOs) as well as illegal gambling. Can you give us a brief overview of what is being done and what the future steps are in order to try to bring this under control?\n\n\n\nA. H. T. – With regards to the overseas gaming licences (POGOs), what we have been making sure of since I assumed office is that they are in the gaming business and should be in the gaming business alone.\n\n\n\nHowever, what is happening is that when using their licence, some have veered away from what they’re supposed to do and are involved in criminal activities.\n\n\n\nYou have crypto investment scams, and you have dating scams.\n\n\n\nSince the start of May, basically the last two months, we have been closely monitoring all of our licences, and we are in close coordination with the different government agencies for us to be able to stop all these illegal activities.\n\n\n\nWith regards to illegal online gaming operators, we are in close coordination with the government agency, the Department of Information and Technology. And we inform them. As soon as we are aware or are told that there is an illegal online gaming operator, we immediately inform that government agency and right away cut the internet line or internet, connectivity of these illegal online gaming operators.\n\n\n\nThe Philippines is taking the lead in terms of online gaming operations, a market that has been growing exponentially. Tell us about your regulatory approach to internet gaming. How to get it right? \n\n\n\nA. H. T. – We are actually new at this. I should say that this is an evolving process. We have not perfected the structure, and it is my belief that by doing so, we will be able to come up with a structure that will be beneficial to all those who will be interested in doing so.\n\n\n\nI should say that we have been successful, and if we are right in our projections, 25 billion pesos in GGR will be generated this year which is not bad for our third year only in regulating online gaming. From 8 billion in 2020, now we’re at 25 billion. So in that regard, we are successful.\n\n\n\nWhat we are still, and what I believe we still have to look into, is really being able to fight the illegal operators. So one of the things I’m going to do is bring down the rates that we collect so that then the illegal operators willsurrender and get a license.\n\n\n\nAbout tackling money laundering practices [Philippines has been on the grey list of global anti-money laundering watchdog Financial Action Task Force (FATF)], what actions have you been taking?\n\n\n\nA. H. T. – We have a very strong anti-money laundering department. They are very strong in the sense that they are monitoring every activity that we have that can violate anti-money laundering laws and regulations. \n\n\n\nWe are in constant touch with the Department of Finance, Securities and Exchange Commission and with our own anti-money laundering department in the Philippines.\n\n\n\n So we, I can say that so far we have been given a very good grade by the government, by the national government, in our response to anti-money laundering issues.\n\n\n\nOne of the objectives that the Philippines has is that, hopefully, by early next year, we will be taken off the grey list.\n\n\n\nDo you have an action plan and further measures in the pipeline to meet that target?\n\n\n\nA. H. T. – We not only PAGCOR but the entire Philippine government, has an action plan. The main objective is that by 2024, we will be out of the grey list.\n\n\n\nThis is very important for me as president of the PAGCOR Board. And it\u2019s not only about the image of PAGCOR, but also the image of the president of the Philippines and that of the country in general.", "date_published": "August 15, 2023", "date_modified": "August 16, 2023 - 07:00", "author": { "name": "Jos\u00e9 Carlos Matias", "url": "https://www.macaubusiness.com/author/josecarlos/", "avatar": "https://secure.gravatar.com/avatar/51daaf303592a21bfa00ad4e06b69f24?s=512&d=mm&r=g" }, "image": "https://hogo.sgp1.digitaloceanspaces.com/macaubusiness/wp-content/uploads/2023/08/Tengco3.png", "tags": [ "Interview", "Gaming", "Macau", "Macau Business", "MAG", "MAG Featured", "MB", "MB Featured" ], "summary": "The Philippine gaming regulator wants to fast-track the privatisation of the casinos it operates and improve the country's reputation in anti-money laundering efforts. With a sound recovery underway, Alejandro H. Tengco does not see Macau as a threat and looks to strengthen cooperation with the SAR\u2019s regulatory authority" } ] }