China's fiscal authorities have applied a range of policies this year aimed at expanding effective domestic demand, including initiatives to promote equipment upgrading and consumer goods trade-ins, said Minister of Finance Lan Fo'an at a press conference in Beijing on Saturday.
Lan elaborated on the fiscal policies adopted to strengthen counter-cyclical adjustment and promote high-quality economic development.
"We have made active efforts to expand effective domestic demand. Local governments have been urged to make effective use of the funds raised through treasury bond issuance to support post-disaster recovery and reconstruction while enhancing their capabilities in disaster prevention, mitigation, and relief. Efforts have been made to ensure the proper management of the issuance and use of ultra-long special treasury bonds to implement major national strategies and strengthen security capabilities in key areas. In addition, we have actively promoted large-scale upgrading of equipment and the replacement of old consumer goods with new ones," he said.
Among these initiatives, trade-in programs have driven many consumers to switch to electric vehicles, with retail sales reaching more than one million units in August alone this year.
The minister also emphasized that China has moved to boost capital support for localities most in need of development.
"We are making consistent efforts to strengthen the management of local government special-purpose bond, broaden the list of areas to which funds from bonds sales can be channeled as well as the scope for using such funds as project capital, and support local authorities in shoring up weak links in key areas. The additional 3.6 trillion yuan (509 billion U.S. dollars) in special-purpose bonds issued from January and September, has supported over 30,000 projects, with over 260 billion yuan (36.7 billion U.S. dollars) used as project capital," said Lan.
He added that China will introduce a package of targeted incremental fiscal policy measures in the near future to boost the economy.
The package includes increasing the debt ceiling on a relatively large scale in a lump sum to replace existing hidden debts of local governments and help defuse their debt risks.
China's fiscal policies in 2024 expand effective domestic demand: finance minister
China's fiscal policies in 2024 expand effective domestic demand: finance minister
China's fiscal policies in 2024 expand effective domestic demand: finance minister
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
