Page 142 - 2022 Special Report on the State of Business in South China
P. 142
ao
The Economy In terms of economic structure, Macao has
been rated by the World Trade Organization (WTO)
Macao is located on the southeastern as one of the most open trade and investment
coast of China, along the regimes in the world. It is a free port and an
west bank of the Pearl River estuary. It is 60km independent tariff zone, with a corporate profit
and 145km away from Hong Kong and Guangzhou tax rate of no more than 12%, and a far-reaching
respectively, and shares a border with Zhuhai international marketing network with close ties to
to the north. With a population of 683,100 in an Portuguese-speaking countries. Macao’s role as a
area of 32.9 square kilometers, it is the most trade and economic co-operation service platform
densely populated region in the world. Macao was between China and Portuguese-speaking countries
returned to China from being a Portuguese colony has received increasing recognition over the years.
in 1999. The region’s economy is heavily relying
on the tertiary industry, which accounts for 95.7% Implementation of the Mainland China and
of the industry structure. Due to the COVID-19 Macao Closer Economic Partnership Arrangement
disruption, Macao saw negative growth in 2020, (CEPA) and the Pan-Pearl River Delta Regional Co-
but it recovered rapidly in the first half of 2021, operation Framework Agreement, the Framework
with a 69.5% growth rate.110 for Development and Reform Planning for Pearl
River Delta Region, the Framework Agreement on
Market Highlights Co-operation between Guangdong and Macao,
and the Framework Agreement on Deepening
Tourism is one of the mainstay industries of Guangdong-Hong Kong-Macao Cooperation in the
Macao. For a long time, it maintains a steadily Development of the Bay Area will further enhance
development thanks to the continuous tourists the economic integration of the Pan PRD region.
from Mainland China, and the share of Mainland
China tourist accounts over 80% even during the Recent Policies and Reforms
COVID-19 pandemic111. The decline of tourism also
left negative impact on the hotels and restaurants Policy Address for the Fiscal Year 2021114
industries, the gross surplus-expenditure ratio
of them fell by 42.1% and 9.9% respectively112. The chief executive of Macao has released
Gaming industry also takes an important role in the 2021 policy address, which reviews the
Macao’s economy development, its gross revenue government’s work in 2020, provides an overall
used to bring US$36.5 billion to Macao, more than direction of administrative policies for 2021 and
three times that of Las Vegas in 2019. However, highlights the main development tasks in the
hit by COVID-19 pandemic, the total revenue of following years. Specifically:
the gaming industry slid by 78.4% YoY to US$7.9
billion in 2020113. Main Tasks:
110 Statistics Bureau of Macao, https://www.dsec. - Effectivelypreventandcontrolthepandemic.
gov.mo/zh-MO/Statistic?id=9 The government will safeguard against and contain
111 Statistics Bureau of Macao, https://www.dsec. the pandemic, to ensure residents’ health and safety,
gov.mo/zh-MO/Home/Publication/MacaoInFigures 114 Government site of Macao, https://www.gov.
112 Statistics Bureau of Macao, https://www.dsec. mo/en/content/policy-address/
gov.mo/en-US/Statistic?id=8
113 Statistics Bureau of Macao, https://www.dsec.
gov.mo/zh-CN/Statistic?id=801
142
The Economy In terms of economic structure, Macao has
been rated by the World Trade Organization (WTO)
Macao is located on the southeastern as one of the most open trade and investment
coast of China, along the regimes in the world. It is a free port and an
west bank of the Pearl River estuary. It is 60km independent tariff zone, with a corporate profit
and 145km away from Hong Kong and Guangzhou tax rate of no more than 12%, and a far-reaching
respectively, and shares a border with Zhuhai international marketing network with close ties to
to the north. With a population of 683,100 in an Portuguese-speaking countries. Macao’s role as a
area of 32.9 square kilometers, it is the most trade and economic co-operation service platform
densely populated region in the world. Macao was between China and Portuguese-speaking countries
returned to China from being a Portuguese colony has received increasing recognition over the years.
in 1999. The region’s economy is heavily relying
on the tertiary industry, which accounts for 95.7% Implementation of the Mainland China and
of the industry structure. Due to the COVID-19 Macao Closer Economic Partnership Arrangement
disruption, Macao saw negative growth in 2020, (CEPA) and the Pan-Pearl River Delta Regional Co-
but it recovered rapidly in the first half of 2021, operation Framework Agreement, the Framework
with a 69.5% growth rate.110 for Development and Reform Planning for Pearl
River Delta Region, the Framework Agreement on
Market Highlights Co-operation between Guangdong and Macao,
and the Framework Agreement on Deepening
Tourism is one of the mainstay industries of Guangdong-Hong Kong-Macao Cooperation in the
Macao. For a long time, it maintains a steadily Development of the Bay Area will further enhance
development thanks to the continuous tourists the economic integration of the Pan PRD region.
from Mainland China, and the share of Mainland
China tourist accounts over 80% even during the Recent Policies and Reforms
COVID-19 pandemic111. The decline of tourism also
left negative impact on the hotels and restaurants Policy Address for the Fiscal Year 2021114
industries, the gross surplus-expenditure ratio
of them fell by 42.1% and 9.9% respectively112. The chief executive of Macao has released
Gaming industry also takes an important role in the 2021 policy address, which reviews the
Macao’s economy development, its gross revenue government’s work in 2020, provides an overall
used to bring US$36.5 billion to Macao, more than direction of administrative policies for 2021 and
three times that of Las Vegas in 2019. However, highlights the main development tasks in the
hit by COVID-19 pandemic, the total revenue of following years. Specifically:
the gaming industry slid by 78.4% YoY to US$7.9
billion in 2020113. Main Tasks:
110 Statistics Bureau of Macao, https://www.dsec. - Effectivelypreventandcontrolthepandemic.
gov.mo/zh-MO/Statistic?id=9 The government will safeguard against and contain
111 Statistics Bureau of Macao, https://www.dsec. the pandemic, to ensure residents’ health and safety,
gov.mo/zh-MO/Home/Publication/MacaoInFigures 114 Government site of Macao, https://www.gov.
112 Statistics Bureau of Macao, https://www.dsec. mo/en/content/policy-address/
gov.mo/en-US/Statistic?id=8
113 Statistics Bureau of Macao, https://www.dsec.
gov.mo/zh-CN/Statistic?id=801
142
