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Macau's narrow economic base and its high concentration of tourists from China restrain the city's credit rating and have contributed to historically high levels of gross domestic product volatility, Fitch Ratings says.
Chief Executive Ho Iat Seng says the finance industry is already the third-biggest in Macau with the total value of financial assets last year surging to more than MOP2 trillion from MOP140 billion in 1999. More than 90 percent came from banking.
China’s enormous Greater Bay Area (GBA) initiative sets out an ambitious role for Macau, though views are mixed on exactly how much it will help the Special Administrative Region diversify its gaming-centric economy.
The 1999 handover and casino liberalization policy put in place a new phase of development for Macau. All six casino licenses are soon set to expire and once the retendering process has been enacted, Macau will enter a crucial next phase.
A senior Chinese official says a proposal for a yuan-denominated “Nasdaq” in Macau has been submitted to Beijing, local media reports.
Macau said it has collected MOP67.2 billion ($8.4 billion) in tax revenue from gaming operators in the seven months through July, more than two thirds of its forecast for the year.
China has sold the first tranche of a two billion yuan ($291 million) bond in Macau, Reuters reports, citing the Ministry of Finance.
Macau’s Monetary Authority is considering setting up a yuan-based stock market as part of the territory’s push to diversify its economy away from gaming, Reuters reports.
Macau’s Secretary for Economy and Finance, Leong Vai Tac, said following his visit to Fujian that Macau will seek to co-operate with the Chinese...