Macau gambles on diversifying economy – video report
Macau or Macao (澳門) was both the first and last European colony in China. Portuguese traders first settled in Macau in the 16th century. The Portuguese Republic administered the region until the sovereignty of Macau was transferred to the People’s Republic of China (PRC) on 20 December 1999. Macau is one of the two special administrative regions of the People’s Republic of China, the other is Hong Kong. The Sino-Portuguese Joint Declaration and the Basic Law of Macau stipulate that Macau operates with a high degree of autonomy, specifying that Macau’s social and economic system, lifestyle, rights, and freedoms are to remain unchanged for at least 50 years until 2049. Under the “one country, two systems” policy, the People’s Republic of China is responsible for the territory’s defense and foreign affairs, while Macau maintains its own legal system, police force, monetary system, customs policy, immigration policy, and their own delegates at international organizations and events.
Melissa Chan (Al Jazeera English News) reports: Macau gambles on diversifying economy – 20 Dec 09
The Chinese region of Macau has gained worldwide fame as the Las Vegas of the East. However, there’s concern that Macau is depending too heavily on the glitz and glamour of the gambling industry.
Fernando Chui (崔世安), Macau’s new chief executive who assumed office 20 December 2009, is pledging to diversify the territory’s economy beyond the gaming industry. Chui takes over ten years after Beijing regained control of the region and turned around an economy left stagnant after 400 years of Portuguese rule.
See video for more on this report.
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