China’s president Xi Jinping is in Macau on the occasion of the 20th year of the city’s handover to China from Portugal. While Macau’s casino gambling industry is facing a slowdown amidst the as a result of the US-China trade war and ongoing protests in the neighbouring Hong Kong, it is expected that president Jinping could make major announcements to help Macau with a much needed economic boost.
According to China’s state-run national media company Xinhua news, after arriving at the airport, Xi said that China would join hands to draw the blueprint for Macao’s future development.
Macau became a Chinese-controlled territory 20 years ago. Xinhua quotes president Jinping saying “The central government and the Chinese people are proud of the achievements and progress.”
Diversification Of Macau’s Economy On The Table
China is planning to develop Macau as a financial hotspot like Hong Kong. This means diversifying Macau’s economy which includes limiting its liability on its casino gambling industry. Currently, over 80 percent of the tax revenues collected in Macau comes from its casinos.
It is expected that president Jinping could make some major announcements which would be a part of China’s strategy post protests in Hong Kong. Macau has been relatively peaceful.
Activists Denied Entry
Amidst protests in Hong Kong, activists were denied travel permits to Macau. The protests in Hong Kong have been taking a toll on Macau’s casino gambling industry.
Reuter reports that some journalists arriving from the former British colony of Hong Kong, were not allowed entry to Macau, including a reporter for RTHK, blocked for security concerns, the Hong Kong broadcaster said on its website.