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by Tyler Durden
December 18,
2019
from
ZeroHedge Website
Italian version
China's President Xi Jinping arrived in Macau, an autonomous
region on the south coast of China, on Wednesday amid socio-economic
turmoil in Hong Kong.
Xi is expected to
announce new economic packages for the area as a reward for its
stability and support of the communist party,
reported Bloomberg.
Xi will celebrate the 20th anniversary of Macau's
handover to China and had a straightforward message to the 670,000
people of the region, roughly half the size of Manhattan:
obey our
laws, and we'll make you wealthy...
Xi spoke at Macau International Airport on Wednesday afternoon and
applauded Macau's "earnest implementation" of the "one country, two
systems" framework - the same structure that governs Hong Kong.
"The achievements and
progress Macau has made in the past two decades since its return
to the motherland are a source of pride," Xi said.
"The beautiful
blueprint for Macau's future development needs our joint
efforts."
Bloomberg notes that Xi
could unveil several economic policies that could transform Macau
into a financial powerhouse.
One of those policies could be the
establishment of a yuan-denominated financial market.
In the last six months, Macau has experienced little unrest,
while
Hong Kong, 30 miles away, has seen violent protests that have
shocked the economy into a recession.
"While Hong Kong
people can be mobilized by fighting for abstract value as
democracy and freedom, Macau is 'interest-oriented'," said Ieong
Meng U, an assistant professor at the University of Macau's
Department of Government and Public Administration.
"Only very few
government policies can trigger widespread social grievances."
Macau's stability is
derived from its monopoly over the casino industry in China and
close ties with the communist regime.
Even though Macau's charter closely resembles Hong Kong's, residents
in the city cannot choose their leader. The new Macau Chief
Executive Ho Iat-Seng will be sworn in on Friday by Xi.
A
400-member election committee recently chose Iat-Seng.
Steve Tsang,
director of the
University of London's SOAS China, told Bloomberg
that,
"the messaging is
clear to Hong Kong and the rest of the world, but primarily to
Hong Kong - there is a way out, there is an easy and good way
out, and it's called Macau...
But what they
completely and utterly fail to see, is that if Macau is the
future, most people in Hong Kong will say, thank you very much,
you can keep it for yourself."
Macau has tightened up
immigration checks and beefed up security forces to thwart any
spillovers from Hong Kong.
China's next move could transform Macau into a financial Mecca
that could put Hong Kong out of business.
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