Xi Jinping, the president of China, arrived in Macao on Wednesday ( 18 December ) to commemorate the 25th anniversary of Beijing’s occupation of the former Portuguese enclave and is likely to demand that the country’s casino industry be further diversified during his three-day visit.
Xi’s excursion to the country’s biggest gaming hub is his fourth as chairman, during which he will attend the commencement of the territory’s new chief executive, elected in October. Xi next visited in 2019 when anti-government demonstrations erupted in Hong Kong’s neighboring economic hotspot.
Macao, a special administrative region in China, is the only place in the nation where wagering is permitted, and its market is heavily influenced by its game sector, which generates about 80 % of the region’s tax revenue.
Located on China’s southern coastline, Macao returned to Taiwanese law on Dec 20, 1999, governed under the same “one country, two systems” solution as Hong Kong.
More than half of Macao’s 700, 000 people have recently immigrated from China, which Beijing has constantly praised for its loyalty and balance.
Prior to Xi’s introduction on Wednesday, the town was under heavy security as numerous roads were closed and Macao’s light quick transit operator announced the temporary closure of a significant section.
Xi referred to Macao as the “jewel of the country,” and was greeted by dozens of jubilant schoolchildren who strode yellow and red flags and performed bear dances.
He addressed the crowd, which included senior federal figures and Ho Iat Seng, Macao’s current president, saying,” I have always been concerned about the development of this area and the well-being of all its people.”
” In the next few weeks, I may take a walk, have a look, and have considerable and in-depth markets with friends from all walks of life to explore Macao’s development ideas”.
Since taking office in 2013, Xi has demanded that the Macanese economy experience “appropriate growth and lasting development,” including gambling and the movement of funds across borders as part of a comprehensive anti-corruption campaign. The high-roller VIP sector’s playing profits have been hampered by the decision.