New era: Sam (first row, fourth from left) standing with officials while security forces march during a flag-raising ceremony in Macau on the 25th anniversary of the handover from Portugal to China. — Reuters
Chinese President Xi Jinping inaugurated new Macau leader Sam Hou-fai and called for the gambling hub to diversify its economy as the former colony marked 25 years since being returned to China.
When the former Portuguese colony reverted to Chinese rule on Dec 20, 1999, Beijing promised that the city’s “capitalist system and way of life” would remain unchanged for 50 years.
The city is now regarded by Beijing as a shining example of its One Country, Two Systems model.
Xi yesterday touted Macau’s accomplishments under Chinese rule, including its international appeal and a per capita GDP that ranks among the world’s highest.
“Macau’s splendid achievements since its return to the motherland is proof to the world that One Country, Two Systems has a clear systemic advantage and strong vitality,” Xi said in a speech at the inauguration.
That framework “must be adhered to over the long term,” he added.
Incoming leader Sam served as president of Macau’s apex court since the handover and was the sole candidate in October’s leadership race, receiving 99% of votes from a 400-person committee of Beijing loyalists.
The 62-year-old is Macau’s first post-handover leader to be born on the mainland and to not have a background in business.
Following its handover, Macau grew into the world’s casino capital by gaming revenue and a popular destination for Chinese tourists.
But it is now under orders from Beijing to diversify its economy – and the city’s leaders have suggested industries such as financial services, technology and Chinese medicine as new sources of growth.
But as of November, gaming-related taxes still made up 81% of government revenue, and experts say Macau is years away from weaning itself off casino wealth.
Following the end of 442 years of Portuguese rule, Macau’s fortunes have risen in lockstep with China’s economic growth.
It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world’s top casino hub, fuelled by two decades of Chinese visitor spending. — AFP
