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'Macau' or 'Macao'? 'Macau' is the official Portuguese spelling while 'Macao' is the traditional English spelling. While either spelling is acceptable, the Portuguese spelling is increasingly being seen in English in both official and unofficial usage.
| Surface area: |
29.2 sq km |
| Population: |
0.5 million |
| Official language(s): |
Portuguese, Chinese (Cantonese) |
| Head of State: |
HE President Mr Hu Jintao |
| Head of Government: |
Chief Executive Dr Chui Sai On |
| Australian exports to Macau: |
A$62 million |
| Australian imports from Macau: |
A$13 million |
| Macau's principal export destinations: |
USA, Hong Kong, China |
| Macau's principal import sources: |
China, Hong Kong, Japan |
(Source: Department of Foreign Affairs and Trade country economic fact sheet.)
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Macau’s economy has expanded rapidly since 2002 when the liberalisation of its casino sector led to significant investment in new hotels, casinos and convention facilities by developers from Hong Kong, the USA and Australia. As at year end 2008, there are 31 casinos operating by six concessionaires with 4,312 gaming tables and 12,835 slot machines.
Gaming and tourism are the major components of Macau’s GDP, and taxes on gaming income are a significant contributor to government revenues. In 2008, Macau's gaming revenue surged 31 per cent to a record high of US$13.9 billion which outperformed Las Vegas as the top earner in the world. In the same year revenue generated from other gaming sector has also hit US$4.9 billion representing 77 per cent of the total revenue of the Macau SAR Government. To cool down the fast track but overheated growth in the gaming sector, the Macau Government, in April 2008, announced freezing of the issuance of gaming licenses and on designation of new land resources for casino development.
As of mid-2008, two main elements have persistently affected the Macau economic growth:
- Chinese tourists predominantly and geographically are the main source of support for Macau’s gaming and tourism industries. The tightening of visa policy for Chinese visitors in the second half of 2008, has arrested the growth in Macau’s casino economy.
- Similar to other countries, Macau’s economy has not escaped the adverse impact of the global financial crisis. As a result, progress of several hotel projects has been suspended affecting the economic demand chain for hotel supplies, equipment, building materials and foods.
Demand for labour from new construction projects and from the hospitality sector has led to the lowest unemployment rate since 1997, and GDP per capita has doubled since 2001. However, the economic downturn has toppled this growth trend. According to the Statistics & Census Bureau, Macau SAR Government the overall unemployment rate was kept at three per cent in 2008 but local unemployment rate registered at 3.6 per cent.
The gaming industry has been forced to enter into a phase of adjustment after a period of rapid expansion. And the Macau SAR Government has also adopted diversification policy in its economic structure to reduce heavy reliance on just-gaming-only economy among which is the promotion of MICE2 industry as a priority area. Under this diversification plan the government will develop Macau as the hub that integrates leisure tourism, gaming, shopping, conference and exhibition services.
For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.
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The Chief Executive (CE) is head of Macau’s Government and is appointed by the PRC Government after selection by a 300-member Election Committee representing Macau’s business, cultural and social interests. The CE is responsible for implementing the Basic Law and other applicable laws. He/she appoints an Executive Council of between seven and 11 members whom he consults on major policy decisions.
Mr Chui Sai On was elected as the Macau SAR's third-term next Chief Executive. The term of the incumbent Chief Executive Mr Edmund Ho Hau Wah will end on Dec. 19, 2009, after which the new CE will begin his five-year term in office.
The Legislative Assembly is responsible for general lawmaking, including taxation and passing Macau’s budget. LegCo has 29 members: 12 directly elected, 10 indirectly elected and seven appointed by the CE. Members of the legislature serve four-year terms.
Macau's civil law tradition is inherited from Portugal, though judicial links with Portugal were severed in June 1999. Members of the judiciary are selected by a committee and appointed by the CE. The judiciary comprises Courts of First Instance, a Court of Second Instance, a Court of Final Appeal and an Administrative Court.
The PRC Government Is responsible for Macau’s foreign affairs but, as with Hong Kong, Macau has considerable autonomy in some external matters, mainly concerning economic and cultural relations and agreements. Macau is a member of several international organisations, including the World Trade Organization as a separate customs territory.
(Source: Department of Foreign Affairs and Trade – Country brief)
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Trade relations and statistics
Macau, like Hong Kong is a free economy in which there is no restriction on the flow of goods and services and money. Stronger economic ties with China have been established through the Closer Economic Partnership Agreement (CEPA) framework.
Furthermore, the Macau SAR Government intending to capitalise on the advantage of its former political tie with Portugal, has implemented a policy, with strong commitment in resources, to make Macau as the platform to strengthen economic and trade cooperation with all Portuguese-speaking countries and position this platform as an important mechanism linking up China and these countries.
Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.
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