Macao SAR's incoming chief executive stresses moderately diversified economic growth

Sam Hou Fai, who was elected the sixth-term chief executive designate of China's Macao Special Administrative Region (SAR) on Oct 13, has outlined his vision for Macao's future development, emphasizing that moderately diversified economic growth is a crucial priority for Macao.

Over the past 25 years since Macao's return to the motherland, the "one country, two systems" has been fully and accurately implemented in Macao and has achieved remarkable success, Sam said.

"President Xi has set out clear requirements for the future development of Macao, especially for the sixth-term SAR government, and me as chief executive. I am deeply honored by the trust that President Xi and the central government have placed in me. It is a glory in my life. The chief executive is a very important position, serving as the primary figure responsible for pursuing steady and sustained implementation of 'one country, two systems' in Macao. I will lead the various sectors of Macao and work closely with the key officials of our new SAR government, uniting our efforts to fully implement President Xi Jinping's important instructions for the future development of the SAR," he said.

"After 25 years of practice in Macao and 27 years in Hong Kong, it has been proven that the 'One Country, Two Systems' framework aligns with the systems and institutional arrangements of our country and the entire societies of Hong Kong and Macao. It is beneficial to advancing national reunification, security, and the country's modernization. Since Macao's return to the motherland, our society has made significant progress in various aspects including politics, economy, and culture. People in Macao have genuinely felt the rights and benefits that the return has brought to them, and this feeling is very strong. In the pursuit of building a strong nation and national rejuvenation, we must effectively leverage the advantages of 'One Country, Two Systems'. Our foremost priority should be to uphold and consolidate national sovereignty, security, and development interests, and to fully implement the principle of 'patriots administering Macao'. This principle is the highest commitment that we must steadfastly uphold within the framework of 'One Country, Two Systems'," he said.

Regarding the future development of Macao, Sam stressed the importance of moderately diversified economic development as it is critical for the long-term prosperity, stability, and the well-being of the people of Macao.

"President Xi has made multiple visits to Macao. I remember the moment when he looking out towards Hengqin from the Macao Tower. In 2009, the central government announced plans to develop Hengqin, with the goal of providing a spatial and institutional layout for the moderately diversified economic development of Macao. In 2019, President Xi further emphasized that the Macao SAR should integrate its actual circumstances to advance the moderately diversified economy of Macao. Moderately diversified economic development is not merely a subject for study but a clear question that must be answered," said Sam.

As the country advances towards high-level opening-up, Macao's role as a platform for trade and cooperation between China and Portuguese-speaking countries is becoming increasingly strengthened, said Sam.

"The Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, launched in 2003, is the only economic and trade development forum where language acts as a key bond. With a well-functioning permanent secretariat, it has now established connections with nine Portuguese-speaking countries. Looking forward, the priority lies in further advancing the forum in terms of both depth and breadth. Moreover, it is essential to effectively implement the various plans outlined in the Action Plan for Economic and Trade Cooperation (2024-2027), which includes a total of 20 measures that require collaboration with national efforts and local implementation in Macao," said Sam.

Sam's tenure will start from Dec 20.

Macao SAR's incoming chief executive stresses moderately diversified economic growth

Macao SAR's incoming chief executive stresses moderately diversified economic growth

China's economy has maintained a generally stable growth in 2024, with impressive achievements made in the development of manufacturing and new quality productive forces, said economists.

The Political Bureau of the CPC Central Committee held a meeting on Dec 9 to analyze and study economic work in 2025. The meeting noted that the year 2024 marks the 75th anniversary of the founding of the People's Republic of China and a critical year for achieving the goals and tasks of the 14th Five-Year Plan (2021-2025).

From a macro perspective, China's economic operation has maintained generally stable with steady progress in 2024, and the main goals of social and economic development will be successfully achieved.

"In 2024, China's macro-economy have shown signs of stabilization on the basis of continued structural adjustment, and with the growth rate, the country will be able to achieve the annual target of around 5 percent," said Liu Yuanchun, President of Shanghai University of Finance and Economics.

In 2024, China's industrial structure has continued to upgrade in high-quality development, laying a solid foundation for the stable economic development.

In the first three quarters, the added value of industrial enterprises above designated size (those with annual main business revenue of 20 million yuan or more) increased by 5.8 percent year on year. Among them, the added value of equipment manufacturing and high-tech manufacturing industries above designated size increased by 7.5 percent and 9.1 percent year on year, respectively.

"Our manufacturing industry has maintained a relatively strong growth, and the strongest performing industries among them are high-tech manufacturing and high-end equipment manufacturing," said Wu Sa, deputy director of the Chinese Academy of Macroeconomic Research.

In 2024, China has witnessed steady development of new quality productive forces

Wu said that it not only promoted the development of emerging industries and future industries, but also empowered traditional industries and provided new impetus for the construction of a modern industrial system.

"For example, at the Zhuhai Air Show that just ended, we saw the debut of many high-tech products, including humanoid robots and dog robots, as well as some low-altitude economic and low-altitude aircraft. These are all very vivid examples of the development of our new quality productive forces. It not only simply indicates the success of these products, but also indicates that we have laid a more solid foundation for building a modern industrial system, and the overall momentum and driving mechanism of development have become better," Wu said.

China's economy maintains stable growth in 2024 with impressive achievements: economists