Macao gambles on the exhibition sector
Updated: 2011-07-11 17:31
By Huang Shuo (chinadaily.com.cn)
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Since its return to China from Portugal in 1999, Macao has achieved a lot in economic prosperity and social stability under the joint efforts by local government under the guidance of "one country, two systems". However, the highly dependent gaming sector contributes unbalanced development to Macao's economy. Casino revenue soared 58 percent in 2010 to a record 188.34 billion patacas ($23.51 billion) year on year, according to the Macao Gaming Inspection and Coordination Bureau.
With the aim of promoting the pluralistic economy in Macao, the international seminar “World Exhibition Economy ? Macao Development”, jointly sponsored by Association of Former Diplomats of China and Art Concept Culture Institute, academically supported by University of Macau and Hong Kong Baptist University, was launched in Macao Special Administrative Region (MSAR) on Monday.
"On the context of fast economic growth, the exhibition sector in Macao has advanced with leaps and bounds. In the past decade, the number of exhibition activities held in Macao increased more than five times to 1399 in 2010 from about 250 ten years ago,” said Ji Peiding, president of Association of Former Diplomats of China and former vice foreign minister of China.
To sum up, Ji said Macao has four advantages in developing the exhibition industry. Preferential policies by Macao authorities on boosting foreign investment and low tax rates. Secondly, the geographical advantage of nearing cities across Pearl River Delta. The edge of international trade platform and rich tourist resources such as historical spots and casinos.
During the seminar, Katie Chan, honorary president of Art Concept Culture Institute, stated that although the openness to the world in the gaming sector of Macao boosts the local economy greatly, the side effect of crowding-out appears toward other industries. The government of Macao and many experts have realized the crisis and worries the economy is highly reliant on gaming industry.
In recent years, many people from different circles have been calling for a diversified economy The exhibition sector has been recognized as one of main emerging industries supported by the Macao authorities, which was included in the administrative report of MSAR in 2011 by Chui Sai On, chief executive of the Macao Special Administrative Region of China, added Chan.
In addition, Li Xiaolin, executive vice president of the Chinese People's Association for Friendship with Foreign Countries, Zhu Da, vice president of China International Institute for strategic Society, Lu Shumin, commissioner of Foreign Ministry in the Macao Special Administrative Region and Zhao Wei, rector of the University of Macau also attended the seminar.