Xi Jinping Urges Macao to Reinvent its Economy

Chinese President Xi Jinping emphasized the need for Macao to diversify its economy during the inauguration of the city’s new government, urging policies to reduce the casino hub's dependence on gambling. As Macao celebrated the 25th anniversary of its handover, Xi highlighted regional integration and security as crucial to its development.

Chinese President Xi Jinping has called for the diversification of Macao's economy, urging the city's new government to reduce its reliance on the gambling industry. Speaking at the swearing-in ceremony for Macao's new Chief Executive, Xi emphasized the need for the former Portuguese colony to expand its industrial and international capacities.

The casino industry, which has long been the backbone of Macao's economy, has brought prosperity but also concerns over economic dependency. Xi's remarks mark a stronger and more precise push for diversification amid Macao's celebrations of the 25th anniversary since its handover to China. He also called for increased global talent attraction and investment in new industries.

Macao is advised to actively engage in the Greater Bay Area initiative, an ambitious plan connecting it with Hong Kong and Guangdong cities. This underscores Beijing's integrated approach to regional development and comes amid tighter political controls following unrest in nearby Hong Kong. Xi's visit, including site inspections and meetings with regional leaders, concluded Friday.

(With inputs from agencies.)