Macao's economy is recovering and the growing trend is expected to continue this year, a high official from Macao Special Administrative Region (SAR) government said Thursday.
"We will take effective measures in line with the governmental economic policies set for the coming year to further promote economic development," Francis Tam Pak Yuen, secretary for economy and finance, said at a symposium held by the Macao Chamber of Commerce.
The fast-growing economy and impending accession to the World Trade Organization of China's inland areas represents both a challenge and an opportunity for Macao. The SAR should consolidate the economic cooperation with the inland areas, especially the western part of Guangdong Province, the official noted.
According to Tam, the SAR government will absorb advice from all walks of life and neighboring areas to speed up the amendment of laws and rules on foreign trade, finance, taxation, labor and the use of foreign funds, simplify governmental procedures and upgrade investment environment. "We know the inappropriate economic laws and regulations are the biggest obstacle for the economic development in Macao," the official said.
Macao's economy grew more than 4 percent in the year 2000, compared with negative increases for four consecutive years.
The economy has entered a new development stage, Tam said, citing that local commercial sector and foreign businesses are increasingly confident on Macao's economy and quite a few large projects are well under way or being negotiated.
(Xinhua 02/23/2001)
