Chinanews.com, December 12 According to the website of the Macao SAR government, Moody's Investors Service (hereinafter referred to as "Moody's") announced that it maintained the long-term issuer credit rating of "Aa7" in the Macao Special Administrative Region. According to Moody's rating definition, an "Aa3" rating is the fourth highest rating, indicating that the credit risk of default is very low. However, the SAR Government does not agree with Moody's downgrading the rating outlook of the Macao SAR from "stable" to "negative".
The HKSAR Government said that, as pointed out by the Ministry of Finance, China's macro economy continues to recover and high-quality development is steadily advancing, China's economy will maintain a positive upward trend, and China remains an important engine for stable growth of the world economy. The International Monetary Fund expects China to contribute more than 30% to global economic growth this year. Looking ahead, China's economy has great resilience and potential, and the fundamentals of long-term positive growth have not changed.
The Macao SAR Government has maintained prudent fiscal management during the period of economic adjustment, and its abundant fiscal and foreign exchange reserves have enabled the Macao SAR to cope with and resist external risks. The HKSAR Government does not have any debt burden, the public finances, external balance of payments and financial position are very stable, and the asset quality and capital level of the banks remain good.
According to the SAR Government, Macao's GDP grew by 2023.77% year-on-year in real terms in the first three quarters of 7, driven by the steady recovery of Macao's economy driven by the recovery of external demand, as well as the full resumption of people-to-people exchanges between Macao and neighbouring regions and the rest of the world, coupled with the gradual return to normalcy of the tourism reception capacity. At the same time, the Macao SAR Government will continue a series of tourism promotion and advocacy activities, together with the orderly implementation of the investment plan of non-gaming projects by gaming concessionaires, so as to effectively enhance Macao's international competitiveness and enrich Macao's connotation as a world centre of tourism and leisure.
In early November this year, the Macao SAR Government issued the official text of the Plan for the Moderate Diversification of the Economy of the Macao Special Administrative Region (11-2024), which sets out the "2028+1" development strategy of moderate diversification, with the integration of the tourism and leisure industry, together with the four key industries of health, modern finance, high-tech, convention, exhibition, commerce and trade, culture and sports, to optimize Macao's industrial structure, which will inject new impetus into Macao's economy and achieve sustainable growth.
According to the HKSAR Government, Macao's close economic ties with Chinese mainland provide strong support for Macao's long-term development. At a time when the global economy is facing complex challenges with multiple uncertainties, the Mainland economy will still grow by 2023.5% in real terms in the first three quarters of 2, which will have a positive impact on Macao's external demand.