Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Sam Hou Fai was elected by an overwhelming majority as the sixth-term chief executive designate of China's Macao Special Administrative Region (SAR) on Sunday, pending appointment by the Central People's Government.

He won the election with 394 votes in favor out of 398 valid ballots. Song Man Lei, president of the Electoral Affairs Commission for the Chief Executive Election, has announced Sam as the winner of the election.

According to Macao's Chief Executive Election Law, an election is valid if two-thirds of the 400-member election committee are present to vote. To be elected, a candidate must receive support from more than half of the total members of the committee, which is at least 200 votes.

As prescribed by the Basic Law of the Macao SAR, the chief executive is elected by a broadly representative Chief Executive Election Committee and is then appointed by the Central People's Government. The chief executive serves a five-year term and may be re-elected once.

Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Sam Hou Fai elected Macao SAR's sixth-term chief executive designate

Substantial fiscal stimulus measures unveiled by China's Ministry of Finance on Saturday will effectively assist local governments in dissolving the debt risks they are confronting, said a Chinese economist.

China will introduce a package of targeted incremental fiscal policy measures in the near future to boost the economy, Minister of Finance Lan Fo'an told a press conference on Saturday.

The package includes increasing the debt ceiling on a relatively large scale in a lump sum to replace the "hidden" debts of local governments and help defuse their debt risks.

The special purpose bonds in the package that aim to tackle this issue total some 2.3 trillion yuan (about 325.17 billion U.S. dollars), available for use from October to December this year.

"Local governments encounter many constraints due to their restricted fiscal capacity caused by hidden debts. The central government's decision to increase the quota of special-purpose bonds for local authorities helps enhance the transparency and regulation of their hidden debts. Moreover, this would result in lower financing costs for local governments, alleviating their burdens and enabling them to focus on promoting production and ensuring the well-being of the people," said Qiao Baoyun, dean of the China Academy of Public Finance and Public Policy at Central University of Finance and Economics.

The central finance has arranged a local government debt limit of over 2.2 trillion yuan (310 billion U.S. dollars) in 2023, and an additional 1.2 trillion yuan (170 billion U.S. dollars) in 2024 to support localities, especially high-risk areas, in resolving existing debt risks and clearing arrears owed to enterprises, Lan said the press conference.

"This time, the stimulus is substantial. It's not just a one-time effort but part of a series of measures. Depending on the outcome of these policies and the shifts in the socio-economic landscape, the Ministry of Finance may introduce more policies in the future," said Qiao.

Special purpose bonds crucial for local governments in dissolving debt risks: economist