FACTOID # 5: Minnesota and Connecticut are both in the top 5 in saving money and total tax burden per capita.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Economy of Macau

The economy of Macau is based largely on tourism (including gambling) and textile and fireworks manufacturing. Efforts to diversify have spawned other small industries - toys, artificial flowers, and electronics. A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts Beaches make popular tourist resorts Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ... Gambling (or betting) is any behavior involving risking money or valuables (making a wager or placing a stake) on the outcome of a game, contest, or other event in which the outcome of that activity depends partially or totally upon chance or upon ones ability to do something. ... A textile is any type of material made from fibers or other extended linear materials such as thread or yarn (1). ... Several fireworks bursting Fireworks are classified as low explosive devices and form a distinct variety of pyrotechnics, whose definition also generally includes devices for military and industrial use. ...


The tourist sector has accounted for roughly 25% of GDP, and the clothing industry has provided about three-fourths of export earnings; the gambling industry probably represents over 40% of GDP. More than 8 million tourists visited Macau in 2000. Although the recent growth in gambling and tourism has been driven primarily by mainland Chinese, tourists from Hong Kong remain the most numerous. Recently, gang violence, a dark spot in the economy, has declined somewhat, to the benefit the tourism sector. In this map of China, the light-coloured areas represent Mainland China, while yellow coloured area refers to Taiwan. ... Gang violence refers to mostly those illegal and non-political acts of violence perpetrated by gangs against innocent people, property, or other gangs. ...


The casino industry, the linchpin of the economy, has been controlled by the Sociedade de Turismo e Diversoes de Macau (STDM) monopoly for the last 39 years. That will change in 2001 when casino licenses will be offered to other casino operators. The Trump Taj Mahal in Atlantic City, New Jersey A casino is a building that accommodates gambling. ...


Macau depends on mainland China for most of its food, fresh water, and energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Output dropped 4% in 1998 and the economy remained weak in 1999. Macau reverted to Chinese administration on December 20, 1999. In this map of China, the light-coloured areas represent Mainland China, while yellow coloured area refers to Taiwan. ... 1999 is a common year starting on Friday of the Common Era, and was designated the International Year of Older Persons by the United Nations. ... December 20 is the 354th day of the year (355th in leap years) in the Gregorian calendar. ...


Macau's explosive double-digit economic boom began in 2003. The GDP growth in 2004 of 28% was driven by foreign investments associated with the expansion of the gaming and related industries, increasing tourist arrivals from China and government-led infrastructure development.


Over the longer term, the relocation of manufacturing operations from Macau to the neighboring Chinese province of Guangdong will extend to textiles and garment production as China's entry into the World Trade Organization (WTO) gives the mainland increased direct access to international markets. Mainland competition, along with the phasing out of Multi-Fiber Arrangement (MFA) quotas, which provide a near guarantee of export markets, over the next few years, will eventually spell the end of Macau's low-end mass production of textiles, which comprise the bulk of the SAR's merchandise export earnings. The best opportunities may lie in providing services - shipping, finance, legal - to facilitate mainland exports through Macau to the rest of the world, and conversely inflows of goods and investment to the mainland. Tourism, building on current gambling tourism, is expected to be an important area of potential economic growth and foreign-exchange earnings. Guangdong (Simplified Chinese: 广东; Traditional Chinese: 廣東; pinyin: ; Wade-Giles: Kuang-tung; Postal System Pinyin: Kwangtung or Canton Province, Jyutping: gwong2 dung1), is a province on the south coast of the Peoples Republic of China. ... WTO Logo The World Trade Organization (WTO) is an international organization which oversees a large number of agreements defining the rules of trade between its member states (WTO, 2004a). ... A Special Administrative Region (SAR) (Simplified Chinese: 特别行政区; Traditional Chinese: 特別行政區; pinyin: tèbié xíngzhèngqÅ«; Cantonese IPA: /tɐk6piːt6 hɐŋ4tsɪŋ3kʰɵy1/; Jyutping: dak6bit6 hang4zing3keoi1; Yale: dahkbiht hàhngjingkeÅ«i) is a political subdivision of the Peoples Republic of China. ... Shipping is the transport of cargo between seaports by ships, typically large steel vessels powered by diesel engines or steam turbine plants. ...


Economic Diversification

The large role of gaming and tourism underscores a degree of risk for Macau’s economy. Because the economy is so reliant on tourism and gambling for its well-being, if the flow of tourists slows, it could come as a shock to the small market. The push for diversification came in the closing years of Portuguese administration, under Governor General Vasco Rocha Vieira, and has continued to the present, under Governor Edmund Ho Hau-wah. The government is seeking foreign investment as a means of economic diversification as well. Much of the foreign investment into Macau, however, has gone into the gaming sector after the end of the monopoly in 2001. Otherwise, foreign companies have entered into the mobile phone market and internet services after telecommunications market liberalization in 2001. Gaming is an umbrella term that includes a number of special hobby game types: Board games Collectible card games Computer and video games Tabletop wargaming (i. ... A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts Beaches make popular tourist resorts Tourism can be defined as the act of travel for the purpose of recreation, and the provision of services for this act. ... Edmund Ho Hau-wah (何厚鏵, pinyin: Hé Hòuhuá) (born March, 1955) is the Chief Executive of the Macau Special Administrative Region of the Peoples Republic of China. ...


Tourism

Major source of foreign exchange (US$1.9 billion in 1993); employed estimated 30 percent of labor force and contributed estimated 45 percent GNP in 1995. According to official figures for 1999, some 7.4 million persons visited Macau. Nearly 57 percent came from Hong Kong, 22 percent from mainland China, 13 percent from Taiwan, and 8 percent from other sources. Most made short, overnight visits. Overall, tourism declined in the 1990s but increased in 1999.


Gambling

Gambling has been licensed since 1850 and has always been an important source of revenue for the government. In the early 1960s, gambling provided 50 percent of Macau's official revenue. Starting in 1962, the gambling industry has been operated under a government-issued monopoly license by the Sociedade de Turismo e Diversões de Macau (Macau Tourism and Entertainment Corporation). Macau had nine casinos in the 1990s; gambling reportedly represented 20 to 25 percent of Macau's GDP. Direct taxes on gambling were 44.5 percent of total government revenue in 1998, up from 40.1 percent in 1997. In 1999, however, there was a 9.1 percent decrease in this sector. Internet gaming, with its worldwide access, was scheduled to be initiated in Macau in Summer 2000. The monopoly license of the Sociedade de Turismo e Diversões de Macau expires in 2001. Organized crime is reported to be heavily involved in gambling in Macau (see Organized Crime, q.v.).


  Results from FactBites:
 
Economy of Macau - definition of Economy of Macau in Encyclopedia (1361 words)
Output dropped 4% in 1998 and the economy remained weak in 1999.
Macau reverted to Chinese administration on December 20, 1999.
In the second half of the 20th century, Macau's economy was diversified with the development of light industry, the influx of migrants from mainland China to serve as a labor force, and increased tourism.
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m