Macao SAR of China
Chamber of Commerce Country Factsheet Last update: 12.07.2018
Your advisors at the Chamber of Commerce
- Na Shi+352423939364
- Violaine Mathurin+352423939481
Colonized by the Portuguese in the 16th century, Macau was the first European settlement in the Far East. Pursuant to an agreement signed by China and Portugal on 13 April 1987, Macau became the Macau Special Administrative Region of the People's Republic of China on 20 December 1999. In this agreement, China promised that, under its "one country, two systems" formula, China's political and economic system would not be imposed on Macau, and that Macau would enjoy a "high degree of autonomy" in all matters except foreign affairs and defense for the subsequent 50 years.
Source: The CIA World Factbook - Macao
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. In 2016, Macau's gaming-related taxes accounted for more than 76% of total government revenue.
Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in the 2010-13 period, largely on the back of tourism from mainland China and the gaming sectors. In 2015, this city of 646,800 hosted nearly 30.7 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s anti-corruption campaign brought Macau’s gambling boom to a halt in 2014, with spending in casinos contracting 34.3% in 2015. As a result, Macau's inflation-adjusted GDP contracted 21.5% in 2015 and another 2.1% in 2016 - down from double-digit expansion rates in the period 2010-13 - but the economy recovered handsomely in 2017.
Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices -0.852 -20.349 -4.749 0.239 0.411 Gross domestic product, current prices 55.523 46.178 44.066 44.968 45.820 Gross domestic product per capita, current prices 87,272.584 71,394.160 67,012.687 67,264.097 67,414.598 Inflation, average consumer prices 6.047 4.564 2.600 2.800 2.800 Unemployment rate 1.700 1.900 1.900 2.000 2.000 Current account balance 19.077 12.920 12.511 13.125 13.551 Current account balance 34.359 27.978 28.392 29.188 29.574
Source: IMF Statistics - Macao
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
Air Services agreement
- Agreement from 14.12.1994 (Memorial 1995, A, p. 1646)
- Effective as of 09.25.1995 (Memorial 1995, A, p. 2210)
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can view the statistics on the website of the Statec.
Contact points in Macao SAR of China
Embassy of the Grand Duchy of Luxembourg in China
Ambassador with residence in Beijing: Mr Marc HÜBSCH
Unit 1701, Tower B, Pacific Century Place,
2A Gong Ti Bei Lu, Chaoyang District,
Beijing 100027, China P.R.
Tel.: +86 10 8588 0900
Fax: +86 10 6513 7268
Consul General with jurisdiction in the Shanghai Municipality and Jiangsu Provinces, Zhejiang, Anhui and Fujian:
Mr Luc DECKER
907-908, No. 1788 Nanjing Xi LU
People's Republic of China
Tel: +86 21 63390400/72
Fax: +86 21 63390433
Honorary Consul with Jurisdichtion over Hong Kong:
Mrs Sophie LEUNG
Room B, 13/F, Queen Centre
58-64 Queen's Road East
Wan Chai - Hong Kong
Tél.: (+852) 3621 0979
Fax: (+852) 3747 4600
Economic and Commercial Attachés in charge of Hong Kong and Macao (China)
Economic and Commercial Attachés: Mr Frédéric DELBART
9/F St. John's Building
33 Garden Road Central
Country risk as defined by Office du Ducroire for Macao SAR of China
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
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The Chamber of Commerce and the country