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Macao has a large industrial distribution, in the eyes of ordinary people, Macao's pillar industry is the gaming industry, with the development of recent years, Macao's industrial layout is more perfect, the main industry of tourism and leisure has developed steadily, and emerging industries such as health, finance, high-tech, culture and exhibition have flourished and have a good momentum.
1 Tourism and leisure industry
Tourism and leisure is a pillar industry in Macao. The Historic Centre of Macau, inscribed on the Unesco World Heritage List in July 2005, is an important business card of the tourism industry, with the Old Town as the core, consisting of 22 Chinese and Western-style buildings and 8 squares. In November 2017, it was named a "Creative Cities City of Gastronomy" by the UNESCO Creative Cities Network (UCCN), and several restaurants were listed on the internationally renowned list.
In 2019, there were 39.406 million inbound tourists, with a total consumption amount of MOP64.08 billion, and the added value of the tourism and leisure industry accounted for about 50% of the total added value of the overall industry. In 2020, the tourism industry was seriously affected by the new crown pneumonia epidemic, but through the efforts of all parties, the epidemic prevention and anti-epidemic work has achieved initial results. Since July of the same year, normal contacts with the Mainland have been resumed, and the number of tourists visiting Australia has gradually increased. In 2020, the number of inbound tourists fell to 5.897 million, with a total consumption amount of MOP11.94 billion. As of the end of April 2021, there are 119 hotel venues, with a total of 37,300 rooms.
2 major health industries
The Macao SAR Government has focused on developing a large health industry with the research and development and manufacture of traditional Chinese medicine as the starting point. As early as 1999, the HKSAR Government introduced Chinese medicine services into the public health system, thereby increasing the coverage of Chinese medicine in Macao's universal medical service system. The State Key Laboratory of Quality Research in Chinese Medicines was established in Macao in 2011 to carry out quality and innovative research on Chinese medicines, promote the standardization and internationalization of Chinese medicines, and promote the achievement of results. At the same time, the legislation of the Law on The Registration of Chinese Medicines and Proprietary Chinese Medicines is an important opportunity for the further development of the Chinese medicine industry in Da health, helping more Chinese medicine products to be registered and produced in Macao. The HKSAR Government has continued to promote the development of well-known pharmaceutical companies in Macao, and large-scale pharmaceutical enterprises in the Mainland have set up international headquarters in Macao. In addition, some pharmaceutical companies have used the Guangdong-Macao Cooperation Traditional Chinese Medicine Science and Technology Industrial Park platform for registration, involving traditional Chinese medicine, health care products, medical devices, medical services and other fields.
3 Financial industry
The Macao SAR Government actively promotes the development of the financial industry, focusing on the development of the bond market, wealth management, financial leasing and cross-border financial business, and is committed to building a "financial service platform for China-Portuguese-speaking countries" on the basis of basing itself on and serving the Guangdong-Hong Kong-Macao Greater Bay Area to help the construction of the "Belt and Road".
1. Banking
By the end of 2020, there were 31 banks. The total assets of the banking industry exceeded MOP2.2 trillion, with a capital adequacy ratio of 14.6% and a non-performing loan ratio of 0.4%.
2. Insurance industry
By the end of 2020, there were 25 insurance companies. The total assets of the insurance industry were MOP183.5 billion, and the insurance penetration rate was 14.9%.
3. Bond market
China (Macau) Financial Assets Trading Co., Ltd. (MOX) was established in October 2018, and as of the end of April 2021, the scale of bond issuance and listing has accumulated more than 150 billion patacas, including various bond products such as treasury bonds, financial bonds and corporate bonds, involving rmb, US dollar, Hong Kong dollar and other currencies.
Macao's financial hardware and software infrastructure will continue to improve, the legislation and revision of the Trust Law and the Legal System of the Financial System are underway, and the preparation of the "Central Securities Custody System" (CSD) connected to the international bond market will be accelerated, so as to create a good environment for enterprises at home and abroad to develop in Macao.
The above-mentioned industries are only some of Macao's industries, as well as specific high-tech industries, cultural industries, convention and exhibition industries, digital economy, and green development, which can be said to be a road of parallel and coordinated development of multiple industrial structures. We'll be there for you in the next issue, so stay tuned.