Fri Dec 20 05:25:48 UTC 2024: ## Xi Urges Macau to Diversify Economy Amidst 25th Anniversary Celebrations
**Macau, China** – Chinese President Xi Jinping called for economic diversification in Macau during a visit marking the 25th anniversary of the region’s handover from Portugal to China. Addressing the inauguration of Macau’s new leader, Sam Hou Fai – the first born and raised in mainland China – Xi emphasized the need for “courage” in moving away from the region’s heavy reliance on gambling.
Xi acknowledged Macau’s current stability but stressed the need to adapt to a changing global landscape. He urged the development of new, internationally competitive industries and closer integration with China’s national development strategies, including the Greater Bay Area initiative. This push for diversification comes after years of efforts to curb the influence of high-roller gambling and a wider anti-corruption campaign that has impacted revenue.
The new chief executive, Sam Hou Fai, a former judge, pledged “immediate action” on economic diversification. Xi highlighted the development of Hengqin island and increased cooperation with Portuguese-speaking countries as key avenues for achieving this goal. He also encouraged Macau to leverage its “one country, two systems” framework to attract global talent and enhance its international presence.
Macau’s economy is heavily reliant on casinos, which generate approximately 80% of its tax revenue. While Beijing has praised Macau’s loyalty and stability, Xi’s comments underscore a strategic push to ensure the region’s long-term economic sustainability and reduce its vulnerability to fluctuations in the gambling sector. The visit marks Xi’s third trip to Macau as President.
First Piper 