President Xi Jinping on Friday directed Macau to diversify its economy as one of his four “hopes” for its new administration, after swearing in the SAR’s new Chief Executive, Sam Hou-fai.

The president expressed confidence the SAR will open up new horizons for development and keep creating new glories.

In a speech marking the 25th anniversary of Macau's return to the motherland, Xi also laid out his expectations for the government to improve governance, build a high-level platform to enhance China’s connections with the international community, and safeguard social harmony and stability.

The president urged the gambling hub to cultivate new industries in alignment with China's national development strategies.

"At present the overall situation in Macau is stable, but the internal and external environment is undergoing profound changes," Xi said.

"Efforts should be made to promote moderate economic diversification... [with a] focus on cultivating new industries with international competitiveness."

President Xi also highlighted the importance of Hengqin Island, which was partly leased to Macau to boost its land supply for non-gaming development.

"The central government decided to develop Hengqin with the goal of fostering Macau's development of a diversified economy and to facilitate the living and employment of Macau residents," Xi said.

"There can be no development of industries and projects that do not align with this positioning."

He also highlighted the crucial role that the One Country, Two Systems model has played in ensuring the city’s success in the past 25 years.

"Macau's splendid achievements since its return to the motherland is proof to the world that 'One Country, Two Systems' has a clear systemic advantage and strong vitality," Xi said, adding that the framework "must be adhered to over the long term."

He added that young people in the city should continue to build on the successes of One Country, Two Systems, and urged authorities to help nurture the next generation.

“The SAR government and all sectors in society should care more about them and help them develop, and create a better environment and conditions for them,” Xi said.

“I hope all young people will care about Macau and the country, set lofty goals, be pragmatic, and fulfil the role of builders and successors of the cause of One Country Two Systems.”

The president said Macau has been shining like a “bright pearl” and that its people have benefitted from its economic and social development over the years.

“The sense of gain, happiness and security of Macau residents have strengthened significantly,” Xi said. (Additional reporting by agencies)
_____________________________
Last updated: 2024-12-20 HKT 13:20