the number of high-end tourists in Macau, retail market consumption and casino revenue will further decline, which will increase the hotel vacancy rate, so the economy will shrink by about 2% to 3%
Hong Kong ’s status has plummeted, fewer tourists, and factors such as a downturn in the real estate market, fluctuations in the stock market, and declining transactions have led to a continued economic decline of 1% to 2%.
It is estimated that Hong Kong will continue to shrink by 1% to 2% this year
Ou Zongjie said that the Mainland economy grew by about 6% last year and is expected to be affected by Sino-U.S. Trade frictions in 2020. In addition, the RMB will slowly depreciate to regulate the decrease in exports, which will further slow down the Mainland economy. Cracking down on black money has affected Macau’s economic growth. Therefore, he believes that it is imperative to support the development of SMEs in Macau. It is expected that gaming companies and their related industries will inevitably lay off staff and reduce weight, and redundant staff may flow to SMEs. He looked forward to the SAR Government’s policy tilt to support SMEs in developing innovative and creative services, thereby promoting the development of emerging industries.
Regarding the establishment of a stock exchange in Macau, Ou Zongjie still insisted that if Macau wants to establish a stock exchange with no currency value as the settlement, it must first reform the legal system of Macau. Because the world ’s most advanced securities, bonds or derivatives exchanges use the law of the sea as the legal basis, while Macau uses civil law, it is necessary to modify Macau ’s Commercial Code to meet the needs of securities trading and arbitration.
The establishment of the stock exchange must first reform the legal system
Au Zongjie also suggested opening up the profession of lawyers to attract lawyers who have graduated from world-renowned universities to practise, which not only promotes the reform of Macau ’s legal system and moves towards internationalization, but also deals with the establishment of the rules and framework of the Macau Stock Exchange, as well as the listing and Start of mergers and acquisitions. To support the operation of the stock exchange, Macau should also open accountants to practice in Macau.
In addition, Qu Zongjie also expected that the Sino-US trade talks would be abnormally repeated, and it was also a double-edged sword. Both sides suffered. He pointed out that the Mainland’s economy will continue to be under pressure this year, and coupled with the lack of large-scale infrastructure projects, it is no longer possible to rely on capital investment as a driving force for economic growth. However, he believes that the country will only loosen its currency to a limited extent, otherwise it will push up inflation and cause The RMB has depreciated sharply and it is predicted that the growth rate of the Mainland economy will slow down to about 5% this year.