Macau, a growing tourist destination in Asia is closely located to China. According to a survey conducted, Macau has been ranked as one of the richest cities (with per capita gross domestic product (GDP) of US $ 17,500) of world. This article deals with the reasons behind the solid economy of this exotic city of entertainment.
The base of Macau’s Economy
The economy of Macau is based on commerce, import-export, gambling (generating about 55 percent of Macau government’s revenue) and tourism. Factually speaking, the economy of Macau mainly depends on its ties with China and more specifically Hong Kong. It may surprise you but Macau imports most of its food items including water from the Chinese mainland. In return, China uses Macau as a gateway to the capitalist world and imports and launders good amount of unregistered money.
Further entrepôt trade and port services had always been the other reasons for the growing economy of Macau. Since the city levies low taxes and has flexible corporate laws, it is an ideal place for uncontrolled (though very often criminal) business schemes. Organized crime groups play a significant role in Macau’s economy.
Major industries in Macau
While gambling and casino industries are still very popular and important source of Macau’s total income, other industries have also been developed here. Till recently international trade was the mainstay of Macau as free port. After the decline of port, which was a good way to generate income, Macau quickly tried reorienting its economy via industrialization.
Small and medium business industries of Macau remarkably perform better. Some of the major industries of Macau include enamel, firecrackers, footwear, incense, machinery, textiles, wooden furniture, electrical appliances and Chinese wine. Not-to-miss is the toy industry that plays a prominent role in Macau’s economy.
Tourism industry in Macau
Recently Macau has gained a popular position in terms of tourism, but this industry in Macau mainly revolves around casinos, prostitution and racketeering. It is worth mentioning that these activities have turned the city quite notorious. As a result tourism has remarkably gone down lately, but even then the exotic nature of Macau city annually pulls a large of visitors. Catering to the needs of tourists around the globe, there is a good range of Macau hotels. If you really want to experience the magical pull of this city, then plan a trip to this city. To get the best accommodation deals, read Macau hotel reviews as submitted by travelers like you