Chinese Premier Pledges Support For Macau Economy
The world’s largest gambling hub Macau has had to cope with major changes to its economy over the last two years as a result of a policy change by the Chinese authorities. The once undisputed playground for China’s rich and famous officials and high rollers has been at the center of a corruption crackdown for over two years now.
It is clear to all that Macau will have to adapt to becoming focused on being a global tourist hotspot and leisure center and not be solely reliant on gamble revenues. While this is the intention of the Chines authorities, the reality is that this shift in thinking will take a long time and Macau is till dependent heavily on gaming revenues. In an effort to reward Macau and assist it in absorbing the huge losses form the gambling crackdown, Chinese premier Li Keqiang has put in place a series of policies that will make the change a lot smoother. According to a Xinhua newsagency report these include setting up a renminbi clearing centre for Portuguese speaking countries.
Li believes that Macau will be able to draw trade and co-operation between Chinese and Portuguese speaking territories. He expressed his appreciation for Macau’s efforts in the last two years in which adjustments has to be made and referred to Macau as a great example of “one county, two systems” referring to the Chinese ruling of Macau and Hong Kong. Other measures aimed at boosting Macau’s tourism numbers include creating influential exhibitions and conventions in addition the creating of making Macau the headquarters of cooperation and Portuguese speaking countries.