Xi Jinping’s Upcoming Visit to Macau: Celebrating 25 Years of Special Administrative Status
Macau Welcomes National Leader for Significant Celebration
Macau, December 16, 2024 – China’s President Xi Jinping is set to visit Macau from December 18 to 20 to participate in the celebrations commemorating the 25th anniversary of the establishment of the Macau Special Administrative Region (MSAR). The visit, which was confirmed over the weekend by the official Xinhua news agency alongside Macau’s Government Information Bureau, is expected to be a pivotal moment for the city.
Inauguration of the New Chief Executive
During his visit, President Xi will also attend the inauguration ceremony of Macau’s new Chief Executive, Sam Hou Fai, who previously served as the city’s top judge. This ceremony is scheduled for December 20, marking a significant transition in the region’s leadership, which comes at a time of political and economic importance.
Macau’s incoming government will be sworn in on the same day, introducing a new cabinet that includes Tai Kin Ip as the next Secretary for Economy and Finance. Tai, who has been the head of the Economic and Technological Development Bureau, succeeds Lei Wai Nong, who has held the position since late December 2019. This change in leadership underscores ongoing efforts to adapt and respond to the evolving economic landscape in Macau, particularly regarding its prominent gaming industry.
Economic Signals and Gaming Revenue Predictions
Investment analysts are keeping a close eye on the economic implications of President Xi’s visit, especially concerning Macau’s gaming revenue. Reports indicate that analysts expect a ‘softer-than-seasonal December’ in terms of gross gaming revenue (GGR), with insights suggesting that the visit may lead to observable shifts in visitor patterns.
Goldman Sachs (Asia) LLC issued a memo in November indicating that past instances of political visits have often resulted in a temporary dip in GGR, particularly as visitors may choose to postpone their trips in light of heightened political activity. This sentiment reflects the broader trends observed during previous visits by Chinese leadership, including President Xi’s last visit to Macau in 2019 for the 20th anniversary of the city’s return to China and the swearing-in of former Chief Executive Ho Iat Seng.
A City Undergoing Transition
As Macau prepares for these high-profile events, it remains a city defined by its dual identity as a gaming capital and a culturally rich destination. With the upcoming political changes and the visit from President Xi, many anticipate a busy week ahead, filled with both celebrations and potential shifts in the economic landscape.
The anniversary celebrations are expected to draw significant attention, both locally and internationally, as Macau continues to navigate its unique position as a Special Administrative Region of China amidst ongoing global changes.
Conclusion
President Xi Jinping’s visit to Macau not only marks a significant anniversary but also coincides with important political transitions in the city. As the region gears up for these notable events, the implications for Macau’s economy, particularly its gaming sector, are closely monitored by analysts and local stakeholders alike. The coming days will be crucial as Macau charts its path forward in this new chapter of its governance and development.