Xi Jinping visits Macau to mark 25 years of Chinese rule (updated)

Sands China

18/12/2024 08:57

* 
      Xi visits Macau to mark 25 years of Beijing's rule
    

        * 
      Xi will attend inauguration of Macau's new chief executive
    

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      Expected to push for further diversification of Macau's
economy
    

  
 (Changes dateline to Macau, adds details from Xi's arrival in
paragraphs 1, 6-9)
    By Nicoco Chan and Tyrone Siu
       MACAU, Dec 18 (Reuters) - China's President Xi Jinping
arrived 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.  
        The city was on high security ahead of Xi's arrival on
Wednesday, with several roads closed and Macau's light rapid
transit operator announcing the temporary closure of a key
section.
  
        Xi, who was greeted at Macau's airport by dozens of
cheering school children waving yellow and red flowers and lion
dancers, said Macau was the "jewel of the motherland."
  
        "I have always been concerned about the development of
this place and the well-being of all its residents," he told the
crowd, which included senior government officials and Macau's
current leader Ho Iat Seng.
  
        "In the next few days, I will take a walk, have a look,
and have extensive and in-depth exchanges with friends from all
walks of life to discuss Macau's development plans."
  
         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. 
    Chinese flags and red congratulatory banners fluttered along
roads and over buildings around the city in preparation for the
25th-anniversary celebrations. Casino exteriors displayed large
signs to welcome Xi.   

 (Writing by Farah Master; Editing by Saad Sayeed and Raju
Gopalakrishnan)
 ((farah.master@thomsonreuters.com; +852 3462 7709;))