Macau is celebrating its 10th anniversary under Chinese rule and its new leader, Fernando Chui, yesterday was sworn in by the Chinese president. Chui said that he would be promoting economic diversification over the next five years, a clear indication that the authorities realise that the casino boom has not been beneficial to all. Following the ceremony demonstrators called for an end to corruption and the right to elect the territory’s leader as well as demanding greater economic equality.

In his speech Chui made little mention of the casino industry even though it is the mainstay of the Macau economy. However, he did say that regulation of the gambling industry would be strengthened. Analysts are predicting that at the same time as stricter regulation the Macau government is likely to reduce local gaming tax in order for the casinos to better compete with the emergent casino industry in Singapore.

Chui promised to focus on the upgrade and transformation of traditional industries and to put emphasis on the convention, exhibition, logistics and cultural side of the economy. Stanley Ho, who once held a gambling monopoly in the territory, made his first public appearance in months at Chui's inauguration. (E-12.21.09)

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