• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, January 20, 2026
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Xi Jinping Urges Macau To Diversify Economy

Comfort Ampomaaby Comfort Ampomaa
December 20, 2024
Reading Time: 4 mins read
Xi Jinping, Chinese President.

Xi Jinping, Chinese President.

China’s President, Xi Jinping, has urged the gambling hub of Macau to diversify away from casinos, as he addressed the Chinese territory at the inauguration of its new leader.

Xi was in Macau to mark the 25th anniversary of its return from Portuguese to Chinese rule on December 20, 1999.

In the quarter-century since then, Macau has been run as a special administrative region of China, a semi-autonomous territory with a similar legal status to Hong Kong, but it has traditionally been much more pliant to Beijing’s rule than the former British territory.

RelatedPosts

Israel Targets Two UN Facilities In Latest Crackdown

IRC Warns Of Worsening Hunger In Yemen

Takaichi Calls For Snap Elections

More than half of its 700,000 population have immigrated from China in recent decades.

Xi said that at present, the overall situation in Macau is stable, but the internal and external environment is undergoing profound changes. “Efforts should be made to promote moderate economic diversification [and] focus on cultivating new industries with international competitiveness,” he added.

Despite being more obedient than Hong Kong over the years, Macau has traditionally had a small civil society. For decades there was a small annual vigil each 4 June in memory of the 1989 Tiananmen Square massacre, something that would not be tolerated in mainland China.

ADVERTISEMENT

However, after the crackdown on pro-democracy protests in Hong Kong, the authorities in Macau tightened restrictions on free expression. In 2021, Macau’s top court, headed by Sam, upheld a ban on the annual vigil.

Macau is the only place in China where gambling is legal.

Tourists from mainland China flock to the city to visit its casinos. Last year the industry generated more than $22bn ($17.5bn), and gaming tax accounts for about 80% of the local government’s tax revenue.

The city has also been a hub for money laundering. Since Xi came to power in 2012, he has cracked down on corruption, a policy that has reduced the amount of money flowing through Macau. In 2012, the city’s gambling revenues were much higher than they are today, at $38bn.

Xi expressed the belief that Macau will firmly safeguard national sovereignty, security and development interests, vigorously promote appropriate economic diversification, and continuously improve public well-being.

He also voiced his conviction that Macau will leverage its unique position and advantages to better integrate into overall national development and deepen exchanges and cooperation with other countries and regions. “The central government will fully support the chief executive and the Macau SAR government in fulfilling their duties,” Xi noted.

Sam Hou Fai Sworn In As City’s New Chief Executive

67655476a310f1268d870920 1
President Xi Jinping, also general secretary of the Communist Party of China Central Committee and Chairman of the Central Military Commission, administers the oath of office to Sam Hou-fai, new chief executive of the Macao Special Administrative Region, at the Macao East Asian Games Dome in Macao, Dec 20, 2024.

On Friday, Sam Hou Fai was sworn in as the city’s new Chief Executive.

The senior judge is the city’s first leader to have been born and raised in mainland China, having grown up in south China’s Guangdong province. He is fluent in Portuguese.

Sam, 62, has been president of Macau’s top court since 1999. He was the only candidate approved by Beijing to run in the election for chief executive, which was held in October. On Friday he promised “immediate action” to diversify Macau away from the casino industry.

In his inaugural address, Sam pledged to lead the new-term Macao SAR government to stand united with people from all walks of life and, with collective efforts, to fully, faithfully and resolutely implement the “one country, two systems” policy, maintain constitutional order in the SAR as stipulated in China’s Constitution and the Macao SAR Basic Law, firmly safeguard national sovereignty, security and development interests, and faithfully implement the principle of “patriots administering Macao.”

Xi Jinping on Friday expressed his confidence in Sam Hou Fai, who was just sworn in as the sixth-term chief executive of the Macau Special Administrative Region (SAR).

When meeting with Sam here, Xi said he is confident that Sam will lead the SAR’s new government and people from all walks of life in comprehensively, accurately and unwaveringly implementing the principle of “one country, two systems” under which the people of Macau administer Macau with a high degree of autonomy.

READ ALSO: Bright Simons Denounces Conventional Anti-Corruption Mechanisms, Urges Civil Society Empowerment

ShareTweetShareSendSend
Please login to join discussion
Previous Post

Niger Junta Clashes With Rights Groups Over Criticism

Next Post

Azule Energy Secures 42.5% Stake in Namibia’s Orange Basin 

Related Posts

download 34
Asia

Israel Targets Two UN Facilities In Latest Crackdown

January 20, 2026
000 44F83T6 1768824988
Asia

IRC Warns Of Worsening Hunger In Yemen

January 19, 2026
SANAE TAKAICHI 1 1
Asia

Takaichi Calls For Snap Elections

January 19, 2026
AA 20260118 40289459 40289448 SYRIANS RETURN HOME IN DEIR HAFIR AFTER YPGSDF WITHDRAWS 1768735509
Asia

Syria Announces Ceasefire Agreement With SDF

January 19, 2026
Canada's Prime Minister, Mark Carney as Trump’s Auto Tariffs Gnaw Away US-Canada Bond
Asia

Canada Agrees To Cut Tariff On Chinese Electric Cars

January 16, 2026
Lee Jae-Myung Projected To Win South Korea’s Presidential Election
Asia

Yoon Sentenced to Five Years Over Martial Law Declaration

January 16, 2026
Minerals Commission with Tanzania Delegation
Extractives/Energy

Minerals Commission Engages Tanzanian Delegation on Regulatory Governance

by Bless Banir YarayeJanuary 20, 2026
Kwame Kesse-Agyepong, GIPC Deputy Director, at Akwaaba Feeds in Bawjiase, with Representatives
Vaultz Business

GIPC Maps Out Central Region Investment Opportunities

by Silas Kafui AssemJanuary 20, 2026
Asia

Israel Targets Two UN Facilities In Latest Crackdown

by Comfort AmpomaaJanuary 20, 2026
Africa

Health of Jailed Ugandan Opposition Figure Besigye Deteriorates

by Comfort AmpomaaJanuary 20, 2026
Ghana's Vice President Professor Jane Naana Opoku Agyemang a meeting with Heads of International Monetary Fund country and regional offices in Africa
General News

Ghana-IMF Ties Must Evolve Beyond Bailouts – Vice President

by Evans Junior OwuJanuary 20, 2026
Mr. Osei Owusu Agyeman, Project Coordinator for the West Africa Food System Resilience Programme, Ghana
Agribusiness

FSRP Secures Ghana’s Tomato Supply Through Strategic Partnerships

by Silas Kafui AssemJanuary 20, 2026
Minerals Commission with Tanzania Delegation
Kwame Kesse-Agyepong, GIPC Deputy Director, at Akwaaba Feeds in Bawjiase, with Representatives
Ghana's Vice President Professor Jane Naana Opoku Agyemang a meeting with Heads of International Monetary Fund country and regional offices in Africa
Mr. Osei Owusu Agyeman, Project Coordinator for the West Africa Food System Resilience Programme, Ghana

Recent News

Minerals Commission with Tanzania Delegation

Minerals Commission Engages Tanzanian Delegation on Regulatory Governance

January 20, 2026
Kwame Kesse-Agyepong, GIPC Deputy Director, at Akwaaba Feeds in Bawjiase, with Representatives

GIPC Maps Out Central Region Investment Opportunities

January 20, 2026
download 34

Israel Targets Two UN Facilities In Latest Crackdown

January 20, 2026
download 33 1

Health of Jailed Ugandan Opposition Figure Besigye Deteriorates

January 20, 2026
Ghana's Vice President Professor Jane Naana Opoku Agyemang a meeting with Heads of International Monetary Fund country and regional offices in Africa

Ghana-IMF Ties Must Evolve Beyond Bailouts – Vice President

January 20, 2026
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address