Macao aims to diversify economy beyond tourism sector: business leader

China's Macao Special Administrative Region is looking to diversify its economy beyond its flourishing tourism sector and harness the various advantages from its geographic location in the Greater Bay Area, according to a business leader in the region.

Kevin Ho King Lun, director of the Industry and Commerce Association of Macao, said the region has punched well above its weight economically but is now aiming to further develop through pursuing a "1+4" economic diversification strategy.

The five-year plan, which is scheduled to run through to 2028, will continue to build on its strong tourism and leisure sector while promoting four core industries, namely health and wellness, modern finance, high-tech, and a broader sector which includes exhibitions, commerce, culture and sports.

"Macao is a relatively small economy, with only 680,000 people [and an area of] 33 square kilometers, we are having roughly 400 billion [yuan] in GDP. That gives Macao a very stable economy. For us to transform into a new economic module, apart from already a very successful and prosperous tourism sector, but we have been relying too heavily on the tourism. So we need to start to diversify it. Now we have the '1+4' transformation. From tourism, we need to add in modern finance, we need to add in high-tech businesses, and we need to [also grow] a greater health industry. We are small, but we are flexible," said Ho.

Ho believes that region's positioning as part of the Greater Bay Area -- a major city cluster and vibrant economic region which comprises Hong Kong and Macao, and nine cities in south China's Guangdong Province -- will also enable its service and financial industries to benefit significantly, as Macao integrates further with the mainland.

He also believes the integration of Macao with major economic centers like Shenzhen and Hong Kong -- one of the world's top financial hubs -- will significantly boost the region's global competitiveness.

"Service industries, the finance industry will perform better in the Greater Bay Area, because we have Shenzhen, we have Hong Kong. We have to better utilize the finance and the modern finance breakthrough, so that we are more in the level playing field amongst the world. Macao, as a service industry, we can utilize Macao to attract many more international forums, exhibitions into Hong Kong, Macao and the Greater Bay Area. If we can break through the borders, I think we will have the best places for anywhere in the world to perform shows, to do forums, to attract really high-end business people into our Greater Bay Area," said Ho.

Macao aims to diversify economy beyond tourism sector: business leader

Macao aims to diversify economy beyond tourism sector: business leader

Macao has seen a surge in visitors this year, welcoming over 32 million tourists eager to experience the region's renowned historic buildings and photogenic views.

The region has seen a 26 percent increase in visits compared to the same period last year, according to official data. Tourism from the Chinese mainland is the main force, accounting for nearly 70 percent of visits, data showed.

The Ruins of St. Paul's, a UNESCO World Heritage site, stands as a testament to one of the earliest and most enduring encounters between China and the West. It is typically an early and essential stop for every tourist.

"We came from Zhuhai City, Guangdong Province (in southern China). We have just arrived in Macao, and this is our first stop. We've taken many photos and enjoyed a wonderful meal. We are very happy," said a tourist.

"I came from Anhui Province (in eastern China). The people in Macao are very hospitable, and I think the city is wonderful," said another visitor.

The enchanting city also attracts numerous tourists from around the world.

"It's a really vibrant city. I love the architecture," said an international tourist.

A narrow and elongated area in the city is dotted with historic buildings, from the A-Ma Temple dedicated to the sea-goddess Mazu, to the Mandarin's House -- the former residence of a prominent Chinese historical figure and the landmark Ruins of St. Paul's.

This year, a newly unveiled building in the area offers visitors a panoramic view of eight World Heritage sites from its rooftop, earning it the name "M8." It is the first commercial urban renewal and reconstruction project since Macao's return to the motherland.

"This place is perfect for photography. I've been here before, but at that time I only used my phone to take pictures. Today, I brought my camera specifically for this visit. Beneath the layers of history and culture, there are also bustling, lively, and prosperous scenes. I feel that the blend of (tradition and modern life) is very well integrated," said a tourist.

Project organizers said they hope to showcase the rich history and modern life of Macao while helping to tap into tourism to boost the region's economy.

"We bring together both culture and commerce. We hope to explore a new path for development in this historic city and establish a fresh direction for cultural tourism in Macao," said Loi U Man, Project Director of M8.

Macao sees surge in tourism with cultural and modern charms