Copyright macaudailytimes
During its first pre-agenda session for the eighth term yesterday, the Legislative Assembly (AL) heard several legislators cite impressive economic indicators from Macau – such as visitor arrivals, hotel occupancy rates, and gross gaming revenue – arguing for the prompt introduction of measures like the electronic consumption cards used during the 2020 pandemic. Indirectly-elected lawmaker Kevin Ho, representing the business sector, highlighted that over 90% of businesses in Macau are small- and medium-sized enterprises (SMEs), emphasizing their vital role in driving sustainable economic diversification. However, he noted that local consumption patterns are gradually shifting, significantly impacting their operations. “Should a larger wave of SME closures occur, it would undermine socio-economic confidence and potentially trigger an irreversible economic crisis for Macau,” he warned. Ho cited the effectiveness of ongoing consumer promotion initiatives, pointing out that daily consumption in residential areas remains sluggish under immense operational pressure. He proposed reintroducing the 2020 initiative, where tourists received consumption vouchers upon spending a specified amount via designated e-wallets at all Macau merchants. “Each consumption voucher drives offline spending by 10 to 15 times,” he stated, suggesting this could significantly boost the retail and catering sectors. “We hope the government will actively explore ‘Cross-Border Consumption Voucher 2.0’ as a starting point to channel international tourists to small businesses. By combining multi-wallet incentive programs, we can redirect tourist purchasing power to residential districts, inject economic vitality into SMEs, and create greater opportunities for them to participate in the integrated development ecosystem of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA),” he remarked. José Pereira Coutinho, crowned this year’s top vote-getter in the Legislative Assembly, along with fellow directly-elected lawmaker Chan Hao Weng, highlighted that the business environment for many SMEs has not improved, with shops frequently closing down and rising unemployment leaving many unable to find full-time work. Chan urged the government to adopt a long-term and forward-looking approach by distributing consumption cards worth MOP10,000 to every eligible resident. “By distributing consumption cards, we can alleviate the pressure on residents’ livelihoods while effectively stimulating domestic demand, driving local consumption cycles, and quickly revitalizing the economy,” he stated. The lawmaker emphasized that the funds would rapidly flow into the local market, benefiting sectors such as retail, catering, and services, which would particularly help stabilize small and micro enterprises, safeguard the job market, and ensure the social sharing of economic outcomes. Meanwhile, Coutinho noted that elderly residents are hopeful for the distribution of electronic consumption cards to help alleviate their high living costs, especially given the rising prices of daily necessities. Another directly-elected legislator, Joey Lao, emphasized that Macau’s economy is currently at a critical stage of transformation and development. In this context, he stated, “stabilizing domestic demand” serves as a crucial pillar for consolidating foundations and enhancing economic resilience. He described the introduction of the consumption card as a “shot in the arm,” a “lifesaver,” and a “pain reliever” for small and micro enterprises in the current livelihood sector. “Simultaneously, it can help alleviate the daily burdens and pressures faced by residents,” he added.
