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This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.

Macau (China : Special Administrative Region) --- Aomen (China : Special Administrative Region) --- Macao (China : Special Administrative Region) --- Macau Special Administrative Region (China) --- Aomen Tebie Xingzhengqu (China) --- Região Administrativa Especial de Macau (China) --- 澳门特别行政区 (China) --- Macau --- Economic policy. --- Infrastructure --- Macroeconomics --- Public Finance --- Real Estate --- Statistics --- Criminology --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Aggregate Factor Income Distribution --- Housing Supply and Markets --- Personal Income, Wealth, and Their Distributions --- Econometrics & economic statistics --- Property & real estate --- Data capture & analysis --- Finance --- Corporate crime --- white-collar crime --- Income --- External sector statistics --- Housing prices --- Personal income --- National accounts --- Economic and financial statistics --- Prices --- Saving and investment --- Economic statistics --- Macao Special Administrative Region, People's Republic of China --- White-collar crime

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KEY MESSAGES Setting. Discussions took place for the first time since the handover of Macao SAR from Portugal to China in 1999. Prudent macroeconomic management has underpinned rapid development in the territory, which is now the world’s largest gaming center. As a small, open and tourism-dependent economy, Macao SAR is currently also benefiting from loose global monetary conditions and a Mainland-related boom. Outlook and risks. Growth should stay strong over the next few years at 8–10 percent buoyed by gaming exports and investment, with inflation remaining around 5–5½ percent. However, the economy is vulnerable to external shocks, in particular a slowdown in tourism, due to shocks in the Mainland or Hong Kong SAR or other setbacks to the global recovery. The buoyant property market could also correct if demand fundamentals shift or interest rates rise abruptly with the withdrawal of unconventional monetary policy abroad. Macroeconomic policies. The policy stance is appropriate, with scope for further tightening of macroprudential policies should property prices continue to rise sharply. If downside risks materialize, targeted fiscal stimulus should be used to buttress growth. In the event of a severe property downturn, some countervailing measures could be cautiously unwound. The currency board is the best arrangement for Macao SAR. Financial stability. Important progress has been made in strengthening financial stability in line with the 2011 FSAP recommendations. Prudential measures should focus on managing potential credit and liquidity risks from a gaming slowdown and the property sector, as well as spillovers from shocks in the Mainland and Hong Kong SAR. Longer term challenges. Looking further ahead, Macao SAR’s public finances face a moderation in gaming revenues juxtaposed against spending needs from population aging. A sovereign wealth fund to manage part of the territory’s fiscal reserves and medium-term budgeting could therefore be useful. As the gaming sector matures, economic diversification toward other services will be key for stable growth.

Economic development --- International monetary fund --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Macau (China : Special Administrative Region) --- Aomen (China : Special Administrative Region) --- Macao (China : Special Administrative Region) --- Macau Special Administrative Region (China) --- Aomen Tebie Xingzhengqu (China) --- Região Administrativa Especial de Macau (China) --- 澳门特别行政区 (China) --- Macau --- Economic conditions. --- Banks and Banking --- Finance: General --- Financial Risk Management --- Statistics --- Industries: Financial Services --- Macroeconomics --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Monetary Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Aggregate Factor Income Distribution --- Banking --- Finance --- Econometrics & economic statistics --- Monetary economics --- Financial sector stability --- International reserves --- Commercial banks --- External sector statistics --- Financial sector policy and analysis --- Central banks --- Financial institutions --- Income --- National accounts --- Credit --- Money --- Banks and banking --- Financial services industry --- Foreign exchange reserves --- Economic statistics --- Sovereign wealth funds --- Macao Special Administrative Region, People's Republic of China

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Lisa Hellman offers the first study of European everyday life in Canton and Macao. How foreigners could live, communicate, move around - even whom they could interaction with - were all things strictly regulated by the Chinese authorities. The Europeans sometimes adapted to, and sometimes subverted, these rules.0Focusing on this conditional domesticity shows the importance of gender relations, especially the construction of masculinity. Using the Swedish East India Company, a minor European actor in an expanding Asian empire, as a point of entry highlights the multiplicity of actors taking part in local negotiations of power. The European attempts at making a home in China contributes to a global turn in everyday history, but also to an everyday turn in global history.

History of civilization --- History of Europe --- History of Asia --- anno 1700-1799 --- anno 1800-1899 --- Guangzhou --- Macau --- Swedes --- Europeans --- Merchants --- S03/0635 --- S11/0507 --- S11/1150 --- S28/0800 --- Businesspeople --- Ethnology --- Swedish people --- Scandinavians --- History --- China: Geography, description and travel--Guangzhou (incl. Foreign Settlements) --- China: Social sciences--Daily life: since 1976 --- China: Social sciences--Migration and emigration: Europe (whatever timeperiod) --- Macao--Social conditions --- Guangzhou (China) --- Macau (China : Special Administrative Region) --- China --- Europe --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- Chine --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- 中国 --- 中华人民共和国 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- China (Republic : 1949- ) --- Yang-chʻeng (Guangdong Sheng, China) --- Kanton (China) --- Wu-yang chʻeng (China) --- Hui-chʻeng (China) --- Kuang-chou (Guangdong Sheng, China) --- Kwangchow (China) --- Canton (China) --- Kwangju (China) --- Guang zhou (China) --- Kouang-chou (China) --- Quảng Châu (China) --- Shengcheng (China) --- Puyün (China) --- Pʼan-yü (Guangzgou Shi, China) --- Kwang-chowfu (China) --- Fan-yü (China) --- Kuang-chou-shih (China) --- Guangzhoushi (China) --- 广州 (China) --- Aomen (China : Special Administrative Region) --- Macao (China : Special Administrative Region) --- Macau Special Administrative Region (China) --- Aomen Tebie Xingzhengqu (China) --- Região Administrativa Especial de Macau (China) --- 澳门特别行政区 (China) --- Council of Europe countries --- Eastern Hemisphere --- Eurasia --- Social life and customs --- Commerce --- Foreign economic relations --- PRC --- P.R.C. --- BNKhAU --- БНХАУ