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Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.
Keywords:
ISCR; CR; Macau; Macao SAR authority; asset; authority; Macao investment fund; Macao SAR economy; Guangdong-Hong Kong-Macao; Macao SAR endeavor; transaction rate; Housing; Income; External sector statistics; Personal income; Housing prices; Asia and Pacific; Global; Australia and New Zealand; Southeast Asia
Cover IMF Staff Country Reports
Statement by Ping Sun, Alternate Executive Director for China, and Georgina Lok, Advisor to Executive Director April 24, 2019
International Monetary Fund. Asia and Pacific Dept

authorities welcome staff’s assessment that envisages a more stable growth path for Macao SAR as diversification progresses, with the economy forecast to grow steadily at about 4 percent over the medium term. Macao SAR endeavors to bolster featured financial services as a core component of the commercial and trade service platform between China and Portuguese-speaking countries (PSCs). Staff’s assessment concurs that the China-PSCs niche market is a natural area for expansion of the financial sector. To this end, the authorities have strived to improve the operating

Keywords:
ISCR; CR; Macau; Macao SAR authority; asset; authority; Macao investment fund; Macao bank