Prof. Hoipang Wong
Prof. Hoipang Wong, Assistant Professor in the Department of Economics of the Faculty of Social Sciences at UM and a member of the Macao Economy Team at APAEM, was recently interviewed by TDM. He provided an interpretation of the economic growth target in the 2025 Central Government Work Report and its implications for Macao’s development.
The Central Government Work Report sets a 2025 economic growth target of 5%. Prof. Hoipang Wong believes this target is reasonable but notes challenges such as real estate adjustments and insufficient domestic demand. He suggests measures like extending consumer subsidy policies, optimizing local government debt, and lowering interest rates on existing mortgages to unlock consumption potential and support economic growth.
Regarding international trade, Prof. Hoipang Wong mentions that escalating China-US trade frictions will slow down demand for imports from the US. However, steady demand from Asia and Belt and Road countries, along with the increasing competitiveness of high-tech products, will continue to support export growth.
For Macao’s development, Prof. Hoipang Wong highlights the report’s new expectation of “deepening international exchanges and cooperation.” He believes Macao should focus on attracting international high-tech talent and capital, developing high-tech industries, and enhancing its role as a gateway to strengthen international capacity and trade cooperation, building a global marketing network.
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Photo Credit: TDM