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Economy of Macau



Macau is an offshore financial centre, a tax haven, and a free port with no foreign exchange control regimes.[21] [22][23] The offshore finance business is regulated and supervised by the Monetary Authority of Macao,[24] while the regulation and supervision of the offshore non-finance business is mainly controlled by the Macau Trade and Investment Promotion Institute.[25] In 2007, Moody's Investors Service upgraded Macau's foreign and local currency government issuer ratings to 'Aa3' from 'A1', citing its government's solid finances as a large net creditor. The rating agency also upgraded Macau's foreign currency bank deposit ceiling to 'Aa3' from 'A1'.[26]

There are twenty other licensed banks, sixteen of which are foreign. Macau has five of the top 500 commercial banks in Asia, including Banco Tai Fung and Banco Seng Heng.

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Economic Diversification

The large role of gaming and tourism underscores a degree of risk for Macau’s economy. Because the economy is so reliant on tourism and gambling for its well-being, if the flow of tourists slows, it could come as a shock to the small market. The push for diversification came in the closing years of Portuguese administration, under Governor General Vasco Rocha Vieira, and has continued to the present, under Chief Executive Edmund Ho Hau-wah. The government is seeking foreign investment as a means of economic diversification as well. Much of the foreign investment into Macau, however, has gone into the gaming sector after the end of the monopoly in 2001. Otherwise, foreign companies have entered into the mobile phone market and internet services after telecommunications market liberalization in 2001.

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Energy

Electricity - production: 1.893 billion kWh (2004)
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 1.899 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 153.3 million kWh (2004)

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See also

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References

  1. ^ a b c DSEC - for data on the principal statistical indicators. DSEC. Retrieved on 2007-12-27.
  2. ^ DSEC - for data on GDP and GDP per capita. DSEC. Retrieved on 2007-12-27.
  3. ^ a b DSEC - for the current data of labor force and employed population. DSEC. Retrieved on 2007-12-27.
  4. ^ a b Economic statistics from Monetary Authority of Macao. AMCM. Retrieved on 2007-12-23.
  5. ^ a b c d Chan, S. S. (2000). The Macau Economy. Macau: Publications Centre, University of Macau. ISBN 99937-26-03-6. 
  6. ^ a b Fung, Bong Yin (1999). Macau: a General Introduction (in Chinese). Hong Kong: Joint Publishing (H.K.) Co. Ltd.. ISBN 962-04-1642-2. 
  7. ^ a b (2007) Macau Yearbook 2007. Government Information Bureau of the Macau SAR. ISBN 978-99937-56-09-5. 
  8. ^ DSEC - for the current data of employed population by occupation. DSEC. Retrieved on 2007-12-27.
  9. ^ DSEC - for the current data of unemployment rate and labor force participation rate. DSEC. Retrieved on 2007-12-27.
  10. ^ Rare Macau protest turns violent. BBC News - Business. Retrieved on 2007-12-27.
  11. ^ Profile of China: The problems behind Macau's prosperity (Chinese). BBC Chinese. Retrieved on 2008-01-15.
  12. ^ The history of pataca. Monetary Authority of Macao. Retrieved on 2008-01-04.
  13. ^ a b DSEC - for the current data of visitor arrivals by place of residence. DSEC. Retrieved on 2008-01-08.
  14. ^ Sands Macao-is the largest casino in the world. Ready Bet Go. Retrieved on 2006-08-24.
  15. ^ Richard N. Velotta and Jeff Simpson. Las Vegas gaming operations are building Chinese resort town. Las Vegas Sun. Retrieved on 2006-11-02.
  16. ^ Macau, a tiny special administrative region of China, appears to have overtaken the famous Las Vegas Strip as the world's top gambling destination. BBC News - Business. Retrieved on 2007-12-28.
  17. ^ David Barboza. Asian Rival Moves Past Las Vegas. New York Times. Retrieved on 2007-01-24.
  18. ^ Macau expected to receive between 24 and 25 million tourists in 2007. MacauHub. Retrieved on 2007-03-15.
  19. ^ Theodore Koumelis. German travel trade give most promising destination award to Macau. Travel Daily News. Retrieved on 2007-03-15.
  20. ^ World's Top Tourism Destinations World's Top Tourism Destinations (absolute no.) - Top 25. The Organisation of World Tourism. Retrieved on 2007-11-15.
  21. ^ Luis Pereira. Offshore Operation in Macao. Macau Business. Retrieved on 2007-09-05.
  22. ^ Errico and Musalem (1999). Countries, Territories, and Jurisdictions with Offshore Financial Centers. IMF. Retrieved on 2006-09-05.
  23. ^ Macau Currency. AsiaRooms.com. Retrieved on 2008-01-02.
  24. ^ Monetary Authority of Macao The homepage of Monetary Authority of Macao. The Monetary Authority of Macao, the Govt. of Macau SAR. Retrieved on 2007-11-15.
  25. ^ IPIM The Macau Trade and Investment Promotion Institute. The Macau Trade and Investment Promotion Institute, the Govt. of Macau SAR. Retrieved on 2007-11-15.
  26. ^ Hemscott the web site of Hemscott and Empowering Inverstors. Hemscott.com. Retrieved on 2007-11-15.

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Further reading

  • Chan, S. S. (2000). The Macau Economy. Publications Centre, University of Macau. ISBN 99937-26-03-6. 
  • Fung, Bong Yin (1999). Macau: a General Introduction (in Chinese). Joint Publishing (H.K.) Co. Ltd.. ISBN 962-04-1642-2. 

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External links

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