Macau Government respects principle of keeping expenses within limits of revenues

19 November 2018

The Macau government scrupulously keeps to the “principle of keeping expenses within the limits of revenue,” along with the principle of a balanced budget stipulated in the Basic Law, said the Chief Executive.

Chui Sai On, replying to questions from Members of the Legislative Assembly, also said that the government was defining the appropriate distribution of financial surpluses to ensure the implementation of a long-term mechanism that safeguards financial reserves in low-risk conditions.

Chui also said that the government has established a number of investment provisions for the Guangdong-Hong Kong-Macau Greater Bay, which may be implemented soon after the launch of the overall planning for the area.

The Chief Executive said that there are currently six long-term mechanisms for the distribution of financial surpluses in the areas of social security, housing, medical care, education, training of qualified staff and prevention and reduction of disasters. and in 2019 the government will clarify the methods used to ensure the implementation of those mechanisms.

Chui pointed out that Macau has large financial reserves, called for them to be used as a means to boost the economy and recalled that President Xi Jinping has said that Macau must be an integral part of the development of the country as a whole and, with this in mind, encouraged local businesses to invest in mainland China and to attract companies from China to develop businesses in Macau.

Chui Sai On also recalled that the Development Fund for Guangdong-Macau Cooperation, in which Macau has invested 20 billion yuan and gave assurances that the two territories have maintained good cooperation in relation to the Fund, which is based on the philosophy of preservation of value, ensuring interest and establishing mechanisms for the redemption of these funds. (macauhub)