Macau targets decreasing compulsive gambling issues
Macau Announces Massive Infrastructure Projects to Diversify Economy
Macau, the gambling hub of China, has revealed a series of significant infrastructure projects worth 4.2 billion EUR aimed at reducing its economic dependence on the casino industry. Approximately 80% of the city's tax revenue is currently generated from gambling, making it a structural risk for the future.
The projects, which include the development of an international education city, an airport expansion, a technology research park, and an international cultural and tourism quarter, are intended to promote moderate economic diversification. The projects are part of a long-term strategy anchored in the China's Five-Year Plan and the guidelines set by President Xi Jinping.
The largest undertaking is the Macau-Hengqin International Education City, where the University of Macau's new campus is being constructed. The complex, scheduled to begin operations in 2028, will also host a future University of Tourism. The goal is to train highly skilled specialists in tourism, leisure, and international cooperation.
An international cultural and tourism quarter is also planned, located between the Macau Peninsula and Taipa. This district, which will cost approximately 13.2 billion EUR, aims to be a cultural flagship, featuring a National Museum, an international center for performing arts, and a museum for modern art.
The Macau International Airport will be expanded for 6.6 billion EUR, with a focus on making the city an international aviation hub on the western bank of the Pearl River. Future plans include collaborating with the Zhuhai Jinwan Airport to offer logistics and transport solutions for cross-border e-commerce and the high-tech industry in the Greater Bay Area.
A Macau Technology R&D Industrial Park is also in development, designed to attract research centers from international corporations. Tailored infrastructures and support mechanisms will be provided to settle high-tech companies from within and outside China in Macau.
These projects will be supported by new civil and economic legal regulations tailored to the Hengqin cooperation zone, which aim to provide investors with higher legal certainty, predictability, and stability. According to the local newspaper The Macao News, Macau must strengthen its connection with neighboring cities and promote real economic activities in Hengqin, where many companies registered have yet to start operations.
In August 2024, Macau celebrated new record visitor numbers, signaling a promising future for the city's economic diversification efforts. The upcoming projects represent a significant step towards reducing Macau's heavy reliance on the gambling sector and positioning the city as a center for education, culture, tourism, technology, and logistics within the Greater Bay Area.
What type of projects will the Macau Technology R&D Industrial Park focus on attracting, according to the text?Technology research centers from international corporations.
