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Xi Jinping visits Macau to mark 25 years of Chinese rule | United States and world

Xi Jinping visits Macau to mark 25 years of Chinese rule | United States and world

 


HONG KONG (Reuters) – Chinese President Xi Jinping arrives in Macau on Wednesday to mark a quarter century of Beijing's rule over the former Portuguese enclave and is expected during his three-day visit to urge greater diversification of the casino industry.Xi's trip to the world's largest gaming hub is his third as president, during which he will attend the inauguration of the territory's new chief executive, elected in October. Xi last visited in 2019, when anti-government protests rocked the neighboring financial hub of Hong Kong.A special administrative region of China, Macau is the only place in the country where gambling is legal, and its economy relies heavily on the casino industry, which contributes approximately 80% of regional tax revenue.Located on China's southern coast, Macau returned to Chinese rule on December 20, 1999, governed under the same “one country, two systems” formula as Hong Kong.Beijing has repeatedly praised Macau for its loyalty and stability, with more than half of its 700,000 residents having immigrated from China in recent decades.Chinese flags and red congratulatory banners flew along roads and above buildings around the city in preparation for the 25th anniversary celebrations.Since taking office in 2013, Xi has called for “appropriate diversification and sustainable development” of the Macanese economy, including casinos and the flow of funds across borders, as part of a vast anti-corruption campaign. This decision limited gaming revenue from the high roller VIP sector.On Thursday, Xi is expected to attend a banquet and cultural performance at the Macau Dome, located along Macau's Las Vegas-style Cotai Strip, according to the city government.On Friday, he will attend the birthday ceremony and inauguration of chief executive Sam Hou Fai, 62, who was born in southern China's Guangdong province and speaks fluent Portuguese.Sam, president of Macau's highest court since 1999, will become the first city leader to be born and raised in mainland China.He was the only candidate allowed by a panel of 400 pro-China loyalists to run in the Macau election. In December, Sam unveiled his team of officials to govern Macau for the next five years.Among them is Tai Kin Ip, a veteran economy minister whose mandate is to diversify the economy and reduce reliance on gaming revenues generated by operators Wynn Macau, Sands China (1928.HK), SJM Holdings , Galaxy Entertainment, Melco and MGM China. .Sam pledged to improve residents' livelihoods and develop non-gaming industries once he takes office on Friday.He said Macau would also expand its role as a channel between Chinese and Portuguese-speaking countries and its collaboration with other southern Chinese cities in the Greater Bay Area.Led by Beijing, the Macau government last year launched its first economic plan centered on a strategy considering tourism and leisure as main pillars.(Reporting by Farah Master; Editing by Saad Sayeed)

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