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Macau opened a new chapter in its history on Friday. Chinese President Xi Jinping swore in Sam Hou-fai as chief executive with a call for more aggressive diversification of the city's economy and integration with national development strategies.
Sam has his work cut out for him. Before running unopposed in the election, he was Macau's top judge, a position he once described as demanding a high degree of insularity from elites, lest his impartiality be compromised.
While the new leader has retained several key ministers from the previous administration, it remains to be seen whether he can devise the right mix of policies to broaden Macau's economy beyond the gambling industry, which contributes 80 per cent of tax revenue.
In a speech on Thursday and again on Friday, Xi underscored the need for Macau to play a greater role on the international stage. Sam, who was born in mainland China and is fluent in Portuguese, has said that fostering deeper ties with Portuguese-speaking countries, especially in increasingly economically powerful South America, will be among his top priorities.
According to one political analyst, Xi's call for Macau to assume greater prominence at the global level could signal the central government's intention for the city to accelerate efforts to become a second major offshore renminbi centre, alongside Hong Kong.
Macau's tourism industry, which collapsed during the pandemic, is once again thriving, with 28.2 million visitors arriving last year. Other parts of the economy are growing, including concerts and shows, as well as meetings and exhibitions.
But younger residents interviewed by the Post have spoken about their concerns that job opportunities will be limited to a handful of core industries. Once they have completed their university education, they intend to look farther afield in the Greater Bay Area to launch their careers.
This is one of the challenges at the core of Beijing's plan for the bay area. While the deeper integration of the 11 cities making up the megalopolis undoubtedly brings benefits, at the same time the increasing mobility means residents, especially younger ones, have more choices over where to put down roots.
As Macau enters the 26th year since its return to Chinese administration, Sam will need to work hard to give them enough reasons to stay.
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