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Macau's sustainability and diversification

Macau's sustainability and diversification We analyze the socio-economic development of Macau after the return to Chinese sovereignty from the three dimensions of sustainability (economy, society, and environment). Macau's economy has both high growth and high volatility, mainly due to its unbalanced industrial structure and vulnerability to external shocks. During the COVID-19 pandemic, consumer confidence declined, due to the rising and high unemployment rate, while the environment has been relatively good since air quality became better. The overall assessment of sustainable city competitiveness of Macau has slipped gradually. This suggests that Macau's factor endowment structure has reached its upper limit and needs to be changed through internal industrial pluralism and external regional deepening (e.g., Guangdong-Macau In-Depth Cooperation Zone in Hengqin) to promote the moderately diversified and sustainable development of the economy. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Economics Springer Journals

Macau's sustainability and diversification

Liu, Chengkun; Lin, Yongjia
Business Economics , Volume OnlineFirst – Jun 4, 2022
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Publisher
Springer Journals
Copyright
Copyright © National Association for Business Economics 2022
ISSN
0007-666X
eISSN
1554-432X
DOI
10.1057/s11369-022-00260-9
Publisher site
See Article on Publisher Site

Abstract

We analyze the socio-economic development of Macau after the return to Chinese sovereignty from the three dimensions of sustainability (economy, society, and environment). Macau's economy has both high growth and high volatility, mainly due to its unbalanced industrial structure and vulnerability to external shocks. During the COVID-19 pandemic, consumer confidence declined, due to the rising and high unemployment rate, while the environment has been relatively good since air quality became better. The overall assessment of sustainable city competitiveness of Macau has slipped gradually. This suggests that Macau's factor endowment structure has reached its upper limit and needs to be changed through internal industrial pluralism and external regional deepening (e.g., Guangdong-Macau In-Depth Cooperation Zone in Hengqin) to promote the moderately diversified and sustainable development of the economy.

Journal

Business Economics – Springer Journals

Published: Jun 4, 2022

Keywords: Sustainability; Diversification; Macau

References