Xi Jinping visits Macau to mark 25 years of Chinese rule

Sands China

17/12/2024 22:00

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      Xi to visit Macau to mark 25 years of Beijing's rule
    

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      Xi will attend inauguration of Macau's new chief executive
    

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      Expected to push for further diversification of Macau's
economy
    

  
       HONG KONG, Dec 18 (Reuters) - China's President Xi
Jinping arrives in Macau on Wednesday to mark a quarter century
of Beijing's rule over the former Portuguese enclave, and is
likely during his three-day visit to urge further
diversification from its casino industry.
    Xi's trip to the world's biggest gambling hub is his third
as president, during which he will attend the inauguration of
the territory's new chief executive, elected in October. Xi last
visited in 2019 when anti-government protests were rocking the
neighbouring financial hub of Hong Kong.
    A special administrative region of China, Macau is the only
place in the country where gambling is legal, and its economy is
heavily dependent on the casino industry, which contributes
about 80% of regional tax revenue.
    Located on China's southern coast, Macau returned to Chinese
rule on Dec. 20, 1999, governed under the same "one country, two
systems" formula as Hong Kong.
    Beijing has consistently praised Macau for its loyalty and
stability, with more than half of its 700,000 population
immigrating from China in recent decades.  
    Chinese flags and red congratulatory banners fluttered along
roads and over buildings around the city in preparation for the
25th-anniversary celebrations. 
    Since he took office in 2013, Xi has called for the Macanese
economy's "appropriate diversification and sustainable
development," including casinos and the flow of funds across
borders within a sweeping anti-corruption drive. The move has
throttled gambling revenues from the high roller VIP sector. 
    On Thursday, Xi is scheduled to attend a banquet dinner and
cultural performance at the Macau Dome, located alongside
Macau's Las Vegas-style Cotai strip, according to the city's
government. 
    On Friday, he will attend the anniversary ceremony and the
inauguration of Chief Executive Sam Hou Fai, 62, who was born in
China's southern Guangdong province and speaks fluent
Portuguese.
    Sam, head of Macau's highest court since 1999, will become
the first city leader to be born and raised in mainland China. 
    He was the only candidate given permission by a panel of 400
pro-China loyalists to run in Macau's election. In December, Sam
unveiled his team of officials to govern Macau for the next five
years. 
    Among them is Tai Kin Ip, a seasoned economy minister whose
mandate is to diversify the economy and reduce reliance on
gambling revenue brought in by operators Wynn Macau  1128.HK ,
Sands China (1928.HK), SJM Holdings  0880.HK , Galaxy
Entertainment  0027.HK , Melco  0200.HK , and MGM China
 2282.HK .
    Sam has vowed to improve residents' livelihoods and develop
non-gaming industries once he takes charge on Friday. 
    He said Macau will also develop its role as a conduit
between Chinese and Portuguese-speaking countries and its
collaboration with other southern Chinese cities in the Greater
Bay Area.
    At Beijing's directive, last year Macau's government rolled
out its first economic blueprint centred on a strategy
envisaging tourism and leisure as the main pillars. 

 (Reporting by Farah Master; Editing by Saad Sayeed)
 ((farah.master@thomsonreuters.com; +852 3462 7709;))