| Economy | Macau |
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Economy - overview:
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After opening up its locally-controlled casino industry to foreign competition in 2001, the territory attracted tens of billions of dollars in foreign investment, transforming Macau into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. By 2006, Macau's gaming revenue surpassed that of the Las Vegas strip, and gaming-related taxes accounted for more than 70% of total government revenue. In 2008, Macau introduced measures to cool the rapidly developing sector. Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010, largely on the back of tourism from mainland China and the gaming sectors. This city of nearly 552,300 hosted nearly 25 million visitors in 2010. Almost 53% came from mainland China. Macau's traditional manufacturing industry slowed greatly since the termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) between Macau and mainland China that came into effect in January 2004 offers Macau-made products tariff-free access to the mainland; nevertheless, China is Macau's second largest goods export market, behind Hong Kong, and followed by the United States. However, exports in 2010 were less than US$900 million, while gaming receipts were almost US$24 billion, a 58% increase over 2009. Macau continues to face the challenges of managing its growing casino industry, money laundering, and the need to diversifying the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory. |
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| Economy | Macau |
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This page was last updated on 5 February, 2012 |
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