Has President Xi finally set Macau on the path to shedding its reliance on casinos and becoming a financial hub?
- On his recent visit to mark 20 years since its return to Chinese rule, Xi said his government supported Macau in its goals of diversifying away from its reliance on casino revenues
- At the same time, a raft of measures were announced which could help the former Portuguese territory on its way to becoming a financial centre
Tim Zhang, a 24-year-old Macau native, quit his job at the Chungwa (Macau) Financial Asset Exchange in July to study for a master’s degree in finance at a university in Sydney.
Disillusioned with a lack of exciting opportunities at home, his plan was to improve his CV in preparation for finding himself a good finance job overseas.
But his plans have changed.
“Now I will probably go back to work for my former employer,” said Zhang.
He feels a fresh sense of excitement about the city’s prospects after Beijing recently announced a raft of policies aimed at developing Macau’s financial industry.
“Over the years, Macau has just focused on gambling, tourism and resort development. The economic base is too narrow. For young people like me, who focus on finance, we did not see any prospects other than joining traditional banks,” said Zhang.