The Economy
6 Macau has few natural resources. Its main economic links are with Hong Kong. Tourism from Hong Kong and taxes on gambling are important sources of revenue. Its main industries are textiles and garments and toys, much of the product of which is exported, with the United States being the principal destination. Exports now stand at about US $1.8 billion, and Macau enjoys a small trade surplus. It is a member of the General Agreement on Tariffs and Trade (GATT).
GDP grew by just over 6 per cent last year and GNP per capita has been estimated as US $8,100 in 1990. At the end of 1989, the government announced a five year plan to diversify the economy, to upgrade existing industries and to attract new ones, such as financial services. Macau is also engaged on the construction of a major new international airport which is scheduled to open in 1994. Other large infrastructural developments are under way including a port development and a road link with Canton and Hong Kong is planned.
Population
7.
The population of Macau is just under 500,000 of whom about 95% are ethnic Chinese. Unlike British law, Portuguese law does not provide for types of nationality without right of abode int he metropolitan country. Accordingly, a higher proportion of inhabitants of Macau qualify for residence in Portugal (and thus eventually other EC countries) than Hong Kong people having right of abode in Britain. The generally quoted figure for those who have Portuguese passports or are qualified to hold them is 80 100,000.
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British
Interests
8. The British were commercially predominant in Macau through the British East India Company until the cession of Hong Kong in 1840. The British Consulate General in Macau was closed in 1966 after scenes of violence and great humiliation for the Consul General during the Cultural Revolution. Since then the Consul General has been housed in the British Trade Commission Hong Kong.
9.
There is a small British community in Macau of whom about half are ethnically Chinese. Most British managed eastern trading companies have subsidiaries in Macau, or are represented by agencies. The Hong Kong Bank and Standard Chartered have branches there.
November 1991
Far Eastern Section
Research and Analysis Department
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