Macau has maintained “a recovery trend”, with steady integrated tourism, emerging industries progressing in an orderly manner, a healthy financial system, stable prices and relatively low unemployment, explained Secretary for Economy and Finance Tai Kin Ip during the sectoral debate of the Policy Address.
However, “some sectors and neighbourhoods continue to recover at a relatively slow pace”, revealing imbalances and shortcomings in economic development. Tai Kin Ip also warned of structural challenges that require strengthening the scale and competitiveness of emerging industries.
Support for SMEs remains a structural pillar of economic policy. Tai Kin Ip highlighted that 3,600 SMEs have already received support for digitalisation, while 62 restaurants have been assisted in digital transformation processes. Promotions such as the Community Consumption Grand Prize achieved “benefits four times higher than expected”, he noted.
In economist Félix Pontes’s view, SMEs — in addition to “the problems they face with high and uncontrolled rents and high staff turnover” — feel strong competition from similar companies in Zhuhai and Hengqin, which “offer cheaper products and services, with business models far more advanced and flexible than those of local SMEs”.
“Thus, SMEs will inevitably have to adapt to the new era, which is their greatest challenge. The Government must maintain financial support — in fact, it should even increase it. I therefore suggest creating a specific innovation fund so that local SMEs can compete on equal footing in e-commerce,” he told PLATAFORMA.
The Government received 1,537 applications under interest-subsidy programmes, involving 3.34 billion patacas, helping SMEs invest and transform. The Secretary for Economy and Finance stated that next year’s strategy includes strengthening promotion, customer acquisition, capacity-building and brand development, as well as promoting cross-border e-commerce and live-streaming sales.
Towards Economic Diversification
Tai Kin Ip stressed that accelerating Macau’s adequate economic diversification is the core mission of his portfolio, covering several key sectors.
In integrated tourism and leisure, the Government will consolidate source markets in Greater China while actively expanding international markets, especially in Southeast Asia and Northeast Asia. External promotion will be strengthened through economic, trade, tourism and cultural offices, with deeper cooperation with major tourism and electronic-payment platforms, enriching the integrated “tourism+” offer and improving service quality.
In the gaming sector, the Government will continue to strictly supervise concessionaires, ensuring that both gaming and non-gaming investment commitments are fulfilled, guiding them towards socio-economic projects that strengthen Macau’s image and contribute to diversification.
In the “big health” sector and traditional Chinese medicine, the Government aims to promote research, development and industrial modernisation, support local manufacturing projects and encourage product registration and market entry. This internationalisation will be pursued mainly through cooperation with Portuguese-speaking countries.
In the modern financial sector, the Government will enhance the physical and digital infrastructure that supports financial innovation, including promoting the Foreign Investment Funds Law, creating new competitive tax incentives, developing markets such as bond issuance and wealth management, improving cross-border services and advancing the local digital currency.
Cutting-edge technology will continue to be encouraged through certification and support for tech companies, attracting international enterprises, boosting cooperation between universities, industry and research centres, and advancing the Macau International Science and Technology Industry Centre as well as the Industrial Research and Development Park.
In the conventions, exhibitions and commerce sector, the Government intends to consolidate Macau as a benchmark destination, supporting bids for major international events and strengthening the integration of these activities with investment attraction and commercial project implementation.
Employment for Young People
In response to legislators’ questions about local employment, the Secretary detailed work already carried out: “This year, we supported the professional transition of 8,700 people, 50% of whom were young people aged up to 34,” highlighting the impact of measures targeted at younger generations.
A total of 1,600 certification courses were also organised, many linked to the “1+4” diversification industries, strengthening residents’ skills and competitiveness. The new integrated training platform, created in April, has already assisted 800 residents, offering 70 courses.
With economic transformation under way, the Integrated Professional Training Platform is seen as a tool for boosting competitiveness. However, in legislator Lam Lon Wai’s view, “many residents, after completing the courses, still cannot apply what they learned, which shows a disconnect between current courses and sector needs,” he told PLATAFORMA.
On labour-market management, Tai Kin Ip said the Government has gradually reduced the number of non-resident workers in sectors such as finance and construction, freeing up vacancies for residents. According to Lam Lon Wai, residents “expect concrete, quantified and transparent results”, namely “how many jobs will be made available, in which sectors, which non-resident workers can be replaced, and which courses can effectively raise local workers’ incomes”.
Tai Kin Ip stressed that “young people are the pillars of long-term economic development”, and in 2026 the Government will strengthen training, internships in Mainland China, job-placement schemes, “Employment + Training” programmes and support for youth entrepreneurship, in coordination with institutions in the Greater Bay Area and the Cooperation Zone.
“Hengqin is the key piece for the success of the desired diversification,” says Félix Pontes. However, this depends on “simplifying customs, tax and immigration procedures, moving from platonic declarations to real and effective actions”. The economist also warns that “Hengqin must serve as a complement and support to Macau, not as a competitor — which is what currently seems to be happening!”
