Chief Executive of the Macao Special Administrative Region (SAR) Chui Sai On said Tuesday that he is confident of Macao's long-run economic outlook.
In a policy address delivered at the Legislative Council, Chui said the development of Macao's economy faces challenges, but the economic base is solid with ample financial strength and ability to cope with risks.
"We are full of confidence in Macao's long-run economic outlook," said Chui, who started his second five-year term as the Macao SAR chief late last year. According to the policy address, the government will implement a prudent fiscal and monetary policy.
As of September 2015, the SAR's basic fiscal reserves stood at 131.88 billion patacas (16.53 billion U.S. dollars) and the budget surplus reached 90.3 billion patacas in the previous fiscal year.
The total amount of fiscal reserves is expected to reach 433.56 billion patacas and the foreign exchange reserves will amount to 145.34 billion patacas after the completion of relevant settlement procedures.
Macao's gaming industry continued to adjust with the gross gaming revenue down 35.5 percent to 196.07 billion patacas in the first ten months of 2015. Looking to the economic situation in 2016, the external demand will continue to slump as the global economic downside risks remain, Chui said.
Macao will face greater pressure on industrial restructuring, but the non-gaming industry is expected to show a new vigor and the overall economy will maintain steady development, he added.