The Chief Executive, Mr Chui Sai On, said the Government would closely monitor the volatile international economic situation, in preparation for any precautionary steps that might be needed in order to maintain the stability of Macao’s economy.

During the 2019 plenary meeting of the Economic Development Council held on Thursday (19 September), Mr Chui said Macao’s economic performance in the second half of 2019 was likely to face downward pressure because of the volatile international economic situation and the increasing uncertainties relating to the global economy.

Mr Chui gave the assurance that the Government would dedicate further effort to ensuring maintenance of its underlying principle for economic development, i.e., pursuing progress while ensuring stability. He also pledged to enhance people’s livelihoods while spurring Macao’s economy.

The Chief Executive additionally stressed a two-pronged approach – stepping up effort to build on Macao’s inherent strengths, while bolstering effort regarding regional cooperation – would continue to be the major path for Macao’s pursuit of healthy economic development and a steady social environment.

Mr Chui expressed confidence that Macao’s economy would maintain its steady course, with the support of the Central Government and via Macao’s active contributions to national development strategies. These included the “Belt and Road” initiative and the Guangdong-Hong Kong-Macao Greater Bay Area.

During Thursday’s meeting, representatives from the Economic Development Council’s three task groups – with respective focus on economic diversification, human resources, and regional economic development – made reports on the work conducted in the past year.

The Secretary for Economy and Finance, Mr Leong Vai Tac, attended the meeting and shared with those present his views on the current economic situation of Macao.

Macao had seen enhancement of its resilience and capabilities in relation to coping with adversity. This was judged by its stable employment figures; sound public finances; steady development in certain emerging industries; and the advancement of effort regarding the city’s adequate economic diversification, noted Mr Leong.

Mr Leong added the Government would nonetheless speed up effort to initiate large-scale public projects, as a route to preventing a slowdown of the economy. He also stated that the Government would dedicate further effort to ensuring public spending relating to enhancement of people’s livelihoods would not be affected.

Meanwhile, the Government had been paying close attention to a number of indicators concerning the development of external economies, and to local economic performance, in order to adapt to any changes in a timely manner, said Mr Leong.