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China launches US$1 billion fund in Macau to boost relations with Portuguese-speaking countries

Francis Tam Pak Yuen delivers a speech at the ceremony.

   Macau's Secretary for the Economy and Finance,Francis Tam, announced in March the establishment of the Fund for Cooperation and Development between China and the Portuguese-speaking Countries. Of the US$200-million initial capital, US$50 million will be borne by the Macau SAR government.

The US$1 billion fund was one of the measures announced by the Chinese Prime Minister Wen Jiabao during the 3rd Ministerial Conference of the Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries, held in Macau in 2010.

The fund is intended to provide loans, with subsidised interest rates, to the Asian and African countries that are members of the Forum, as well as to help them training managerial and technical staff.

The fund will be managed by the China Development Bank Capital Corporation Ltd (CDBCCL), which will be partnered, as a Macau government representative, by the Macao Industrial Development and Commercialisation Fund (FDICM).

CBS’s Secretary General Zang Xuguang said that the fund provides loans and direct investment, and establishes joint ventures with companies from Portuguese-speaking countries planning to establish business in China.



The Opening ceremony of Macau Representative Office.

   The Macau government formally opened a representative office in Taipei in May, giving the city a greater presence that it expects will deepen trade, tourism, cultural and education ties with Taiwan.

Alexis Tam Chon Weng, chief-of-cabinet of the Office of Chief Executive Fernando Chui Sai On, said at the inauguration ceremony that the opening of the Macau Economic and Cultural Office was an important milestone in the development of closer, mutually beneficial and peaceful relations between Taiwan and Macau.

He said the representative office will promote economic, cultural, travel, education, sports and health co-operation between Macau and Taiwan, and provide services for Macau citizens working, studying, living or travelling in Taiwan.


Macau SAR - platform between China and Portugal

Chui Sai On greets Paulo Portas.

    Chief Executive of the Macau SAR, Chui Sai On, met Minister of State and Foreign Affairs of Portugal,Paulo Portas at the end of his eight-day trip to China in July. During the period, Dr Portas also visited Beijing and Shanghai.

Chui and Portas discussed a wide range of issues including measures to reinforce cooperation between Portugal and China and the role of Macau as a platform between China and the Portuguese speaking Countries.

Portas announced that the Portuguese government was revising the country's immigration rules to offer foreign investors "more favourable" conditions to obtain residency permits than other countries. He said the new residency rules would be offered to foreign investors, real-estate buyers and those creating jobs.


GDP growth slows to 7.3% in 2nd quarter

    Growth in Macau's gross domestic product slowed to 7.3 percent year-on-year in real terms in the second quarter of the year, the Statistics and Census Bureau (DSEC) announced in August.

"The second quarter's growth was the lowest of any quarter since the third quarter of 2009, which stood at 6.2 percent.

In the first quarter, GDP was up 18.6 percent.

A statement from the DSEC attributed the modest GDP increase to decelerating growth in exports of gaming services, total visitor spending and investment.

Exports of gaming services rose 6.2 percent, total visitor spending grew 2.5 percent and private consumption expenditure went up 12.8 percent.

Private consumption expenditure benefited from favourable employment conditions, the DSEC statement said.

Government investment soared 188 percent in the second quarter, namely due to the ongoing construction of the Hengqin Island campus of the University of Macau and a string of public housing projects.

Nightscape of Macau.



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