Xi Jinping's Macau Visit Signals Economic Shift

President Xi Jinping visits Macau to celebrate 25 years under Chinese rule and to push for economic diversification beyond its casino industry. His trip includes attending the inauguration of new Chief Executive Sam Hou Fai and reflects Macau's stability compared to Hong Kong.

China's President Xi Jinping arrived in Macau on Wednesday to commemorate the former Portuguese enclave's 25th anniversary of Chinese sovereignty. During his visit, Xi is set to encourage the region to reduce its reliance on the lucrative casino industry.

Macau, known as the world's largest gambling hub, contributes significantly to China's economy, with its casino sector generating about 80% of the region's tax revenue. However, Beijing seeks to diversify its economy amid anti-corruption efforts that have impacted VIP gambling revenues.

Over the next few days, Xi will attend various events, including the inauguration of the new Chief Executive, Sam Hou Fai. This shift marks another milestone in reinforcing Macau as a stable region, contrasting with neighboring Hong Kong's political turbulence in recent years.

(With inputs from agencies.)