Page 184 - 2024 Special Report on the State of Business in South China
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Macau
The economy Portuguese-speaking countries. Macau ’s role as a
trade and economic co-operation service platform
Macao is located on the southeastern between China and Portuguese-speaking countries
coast of China, along the has received increasing recognition over the years.
west bank of the Pearl River estuary. It is 60km
and 145km away from Hong Kong and Guangzhou The implementation of the “Closer Economic
respectively, and shares a border with Zhuhai to Partnership Arrangement” (CEPA) between the
the north. With a population of 683,100 in an area Chinese mainland and Macau, the Pan-Pearl
of 32.9km2, it is the most densely populated region River Delta Regional Co-operation Framework
in the world. Macau was returned to China from Agreement, the Framework for Development and
being a Portuguese colony in 1999. The region’s Reform Planning for Pearl River Delta Region, the
economy is heavily relying on the tertiary industry, Framework Agreement on Co-operation between
which accounts for 92.3% of the industry structure. Guangdong and Macau, and the Framework
Macau’s economy was under huge pressure in Agreement on Deepening Guangdong-Hong Kong-
2022, with GDP edge down 26.8% YoY, however, Macau Cooperation in the Development of the
it was continuing to see upward trends this year. Greater Bay Area will further enhance the economic
In H1 2023, the economy of Macau grew by 71.5% integration of the Pan-Pearl River Delta (PRD) region.
YoY in real terms, and the overall economic output
of Macau returned to 71.0% of its level in the same Recent policies and reforms
period of 201997.
Policy address for the fiscal year 202398
Market highlights
The chief executive of Macau has released
In the second quarter of 2023, exports of services the 2023 policy address, which reviews the
surged by 211.9% YoY, of which exports of gaming government’s work in 2022, provides an overall
services and other tourism services expanded direction of administrative policies for 2023 and
by 463.6% and 157.5%, respectively. Meanwhile, highlights the main development tasks in the
domestic demand increased by 18.4% YoY, with gross following years, particular in the economic recovery
fixed capital formation and private consumption and diversification areas.
rebounding by 47.8% and 15.1% respectively.
Main tasks:
In terms of economic structure, Macau has
been rated by the World Trade Organization (WTO) - Expediting economic recovery and boosting
as one of the most open trade and investment adequate economic diversification. Based on
regimes in the world. It is a free port and an the prerequisite that Covid-19 is under control,
independent tariff zone, with a corporate profit the government will effectively provide its
tax rate of no more than 12%, and a far-reaching assistance regarding policies linked to resumption
international marketing network with close ties to of application for electronic travel permits by
mainland residents wishing to visit Macau. The
97 Statistics and Census Service of Macao, government will increase various investments in
https://www.dsec.gov.mo/getAttachment/890bd4cb- 98 Government site of Macau, https://www.gov.
613c-4947-a7cb-490e2d8c4f02/E_BET_PUB_2023_ mo/en/content/policy-address/year-2023/
Q2.aspx
184
The economy Portuguese-speaking countries. Macau ’s role as a
trade and economic co-operation service platform
Macao is located on the southeastern between China and Portuguese-speaking countries
coast of China, along the has received increasing recognition over the years.
west bank of the Pearl River estuary. It is 60km
and 145km away from Hong Kong and Guangzhou The implementation of the “Closer Economic
respectively, and shares a border with Zhuhai to Partnership Arrangement” (CEPA) between the
the north. With a population of 683,100 in an area Chinese mainland and Macau, the Pan-Pearl
of 32.9km2, it is the most densely populated region River Delta Regional Co-operation Framework
in the world. Macau was returned to China from Agreement, the Framework for Development and
being a Portuguese colony in 1999. The region’s Reform Planning for Pearl River Delta Region, the
economy is heavily relying on the tertiary industry, Framework Agreement on Co-operation between
which accounts for 92.3% of the industry structure. Guangdong and Macau, and the Framework
Macau’s economy was under huge pressure in Agreement on Deepening Guangdong-Hong Kong-
2022, with GDP edge down 26.8% YoY, however, Macau Cooperation in the Development of the
it was continuing to see upward trends this year. Greater Bay Area will further enhance the economic
In H1 2023, the economy of Macau grew by 71.5% integration of the Pan-Pearl River Delta (PRD) region.
YoY in real terms, and the overall economic output
of Macau returned to 71.0% of its level in the same Recent policies and reforms
period of 201997.
Policy address for the fiscal year 202398
Market highlights
The chief executive of Macau has released
In the second quarter of 2023, exports of services the 2023 policy address, which reviews the
surged by 211.9% YoY, of which exports of gaming government’s work in 2022, provides an overall
services and other tourism services expanded direction of administrative policies for 2023 and
by 463.6% and 157.5%, respectively. Meanwhile, highlights the main development tasks in the
domestic demand increased by 18.4% YoY, with gross following years, particular in the economic recovery
fixed capital formation and private consumption and diversification areas.
rebounding by 47.8% and 15.1% respectively.
Main tasks:
In terms of economic structure, Macau has
been rated by the World Trade Organization (WTO) - Expediting economic recovery and boosting
as one of the most open trade and investment adequate economic diversification. Based on
regimes in the world. It is a free port and an the prerequisite that Covid-19 is under control,
independent tariff zone, with a corporate profit the government will effectively provide its
tax rate of no more than 12%, and a far-reaching assistance regarding policies linked to resumption
international marketing network with close ties to of application for electronic travel permits by
mainland residents wishing to visit Macau. The
97 Statistics and Census Service of Macao, government will increase various investments in
https://www.dsec.gov.mo/getAttachment/890bd4cb- 98 Government site of Macau, https://www.gov.
613c-4947-a7cb-490e2d8c4f02/E_BET_PUB_2023_ mo/en/content/policy-address/year-2023/
Q2.aspx
184
