The push to achieve economic diversification in Macau has been a long-standing objective, and remains an important issue to this day. As early as 2006, the SAR’s “Eleventh Five-Year Plan” stated its goal as being, “Firstly to support Macau’s development of tourism and other service industries, and secondly to promote diversification of Macau’s economy”.

The Macau SAR Government has been actively implementing strategies for economic diversification. In addition to aligning with the “Eleventh Five-Year Plan”, the government proposed in 2008 the positioning of Macau as a “World Center of Tourism and Leisure” and then in 2019 launched a strategic development plan of “One Center, One Platform and One Base”. This plan envisioned Macau not only as a “World Center of Tourism and Leisure” but also a “China-Portuguese-speaking Countries Commercial and Trade Service Platform” and an “exchange and cooperation base with Chinese culture as its mainstream and co-existence of different cultures.” This has laid the foundation for Macau’s diversified development.

With the introduction of the “Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area” in 2019, the advantages of diversified development under the “One Center” strategy have become more prominent. How Macau leverages the advantages of “One Country, Two Systems” and being an international free trade port and separate customs territory, as well as offering a simple and low tax system is crucial for Macau’s economic diversification.

In light of this, and based on inheriting the “Outline Development Plan” for the Greater Bay Area, in 2023 the Macau government announced the “Development Plan for Appropriate Economic Diversification of the Macau Special Administrative Region (2024-2028)”, proposing a “1+4” diversified development strategy, providing a clear direction for Macau’s moderate economic diversification.

In adopting the “1+4” moderate diversification development strategy, “1” refers to the goal of being a World Center of Tourism and Leisure by nurturing the diversified development of tourism and leisure and the development of a dedicated and strong integrated tourism and leisure industry; while “4” refers to the four key industries to be constantly developed, namely, the Big Health industry, modern financial services, new technology, and a fourth catch-all category encompassing conferences and exhibitions, commerce and trade, arts and culture, and sports.

At the same time, the SAR government has set a goal of growing the proportion of diversified industries to 60% of GDP and maintaining the proportion of diversified employment at 80% by 2028.

Further promoting comprehensive tourism and leisure diversification, in 2022 contractual arrangements between the SAR government and Macau’s six largest resort operators required the operators to commit to an investment of MOP108.7 billion over the next 10 years across 11 diversified economic categories including increasing foreign feeder markets for Macau’s tourism industry. This investment was increased by 20% immediately after the 2023 calendar year.

Supported by policies and substantial investments from enterprises, the goal of promoting diversified industries in Macau is underway, bringing new economic development directions to Macau.

The scope of New Macau covers not only the four major development sectors but a total of 20 different areas, including small and medium-sized enterprises, environmental conservation, equal opportunities for employment, and holistic human development among others.

Indeed, New Macau serves as a crucial indicator regarding Macau’s transformation towards diversified development from multiple aspects. This is not only a demonstration of corporate social responsibility but also sees all sectors of society seizing the opportunity for diversified development and working together to make Macau a more distinctive and diversified city, promoting Macau’s transition to a moderately diversified economy and creating a better future.