China’s president XI Jinping who is on a visit to Macau to celebrate 20 years of Macau becoming a Chinese-controlled territory has praised the patriotism of the people in Macau.
Addressing the gathering during a cultural performance in Macau – organized as a part of the celebrations – president Jinping said that the success of China’s “one country, two systems” policy is mostly dependent on Macau’s patriotism.
He also said that the global gambling hub is amongst the safest cities in the world. Lashing out at “foreign powers” president Jinping blamed the west for inciting violence in neighboring Hong Kong.
“The will of the Chinese government and the Chinese people to safeguard national sovereignty, security, and development interests is as firm,” he said.
President Jinping also said that he would not tolerate foreign powers meddling with China’s domestic policies.
Slumping Gambling Revenue
The gambling industry was enthusiastic about the president’s visit as Macau casino gambling industry is facing a revenue crunch. It is expected that president Jinping would make some announcement which could help boost the economy.
A report by Reuters claimed that China is working on a policy to diversify and diminish the reliability of Macau’s economy on its gambling industry. Currently, the city generates over 80 percent of its tax revenue from its casinos.
It was reported that China wants to develop Macau as a financial hotspot like Hong Kong.
The ongoing pro-democracy protests in Hong Kong and the prolonged US-China trade war has been taking a toll on Macau’s casino gambling revenue.
According to the figures released by the gambling regulator DICJ, the gaming revenue slipped by over 8 percent in November.
While experts have been betting big on China’s policy change that would develop Macau as a financial hub, it may not be true. Following the report by Reuters in which it was said that diversification of Macau’s economy is on the table, Credit Suisse AG, Swiss multinational investment bank and financial services company founded and based in Switzerland has said that the unconfirmed plans of the Chinese government make changes to its policy in Macau which aims at diversification of the city’s economy would only bring short-term relief.