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Transitioning Leadership in Macao: A Commitment to One Country, Two Systems

As Macao prepares for its new leadership under Sam Hou Fai, the region is poised for a significant chapter in its administrative history. Sam, the incoming chief executive of the Macao Special Administrative Region, recently outlined his vision for the city during a media briefing, emphasizing a steadfast commitment to the 'one country, two systems' principle. This policy aims to maintain Macao's unique social, economic, and legal systems under Chinese sovereignty.

Key Responsibilities of the Chief Executive

The chief executive plays a pivotal role in promoting the enduring adherence to this principle. Sam expressed enthusiasm for steering the new government towards a successful implementation of 'one country, two systems,' while stimulating the local economy through moderate diversification. He acknowledged the necessity for Macao to evolve economically since its future depends not only on traditional strengths but also on exploring new avenues for growth.

Faced with the aspiration to foster a modernized economy, Sam articulated four major visions: 'Macao Built on the Rule of Law,' 'Dynamic Macao,' 'Cultural Macao,' and 'Happy Macao' for the next five years. These visions reflect a comprehensive understanding of the community's needs, developed through extensive consultations with over 200 organizations and more than 4,700 residents. The feedback collected has greatly informed the government's election platform, showcasing the participatory approach embraced by the new administration.

Financial Stability as a Foundation for Growth

One of the notable elements in Sam’s speech was the emphasis on Macao’s robust financial foundation. The region recorded a fiscal surplus exceeding 610 billion patacas (approximately $76 billion) as of September, setting a historical precedent. With its population of about 700,000 inhabitants, this surplus provides not only a financial buffer but also a crucial base for implementing proposed economic diversifications.

Sam acknowledges the importance of the local community, comprising residents who cherish their homeland. He believes their strong sense of patriotism offers a solid social foundation to foster the ongoing success of the 'one country, two systems' principle.

A Vision for Moderately Diversified Economic Development

A critical concern raised by Sam is the importance of implementing moderate economic diversification in Macao. This necessity is universally recognized across various sectors, especially within the business community. To address this, he proposed an active engagement from the Macao SAR government. This include coordinated efforts across departments to formulate and execute a detailed economic diversification strategy from 2024 to 2028.

With substantial fiscal reserves at its disposal, the government is urged to utilize resources effectively to create mechanisms promoting diversified economic growth. Proposals for industry-specific funds focusing on technology, culture, and tourism are among the measures envisaged to attract investments and shape a conducive economic landscape.

Additionally, collaboration with leading research institutions, such as the University of Macau, is essential. Engaging experts and community members can identify viable industrial pathways, propelling Macao toward a diversified economic future. By including major projects in the forthcoming five-year plan, Macao could solidify its identity as a key shipping and freight center in the region, enhancing trade links across the Pearl River Delta.

Harnessing Opportunities in Regional Cooperation

The broader context of national development also offers Macao new opportunities, particularly through initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative (BRI). Sam emphasized the city’s strategic role as an SAR while integrating into these vital national strategies.

He pointed to Macao’s unique advantages, especially its connections with Portuguese-speaking countries, to enhance its readiness for an international science and technology innovation center within the Greater Bay Area. By synchronizing development efforts with neighboring cities and optimizing industrial layouts, Macao aims to leverage its strengths for collective advancement.

In summary, Sam Hou Fai’s vision for Macao highlights a future built on maintaining the 'one country, two systems' principle while advancing economic diversification. With a firm commitment to community engagement and a focus on strategic collaborations, the new administration is set to lead Macao in fulfilling its potential within the greater framework of national development and regional cooperation.

Overall, the shift in leadership promises to be a transformative period for Macao, catching the attention of both local residents and international observers. As Sam guides the government towards realizing these ambitious goals, the world will be watching closely to see how Macao continues to navigate its unique place within China's development narrative.