Macau economy needs diversification to stop slide

China's President Xi Jinping wants Macau and Hong Kong to adhere to the "One China" principle; he believes only the unity with the mainland China will lead to progress in both Macau and Hong Kong. Earlier this year the people of Macau protested Chui’s uncontested re-election without popular vote in a process controlled by Beijing. While in Hong Kong, recently-ended protests that began in September also called for full suffrage.

The protests were triggered by China’s announcement that only candidates vetted by a standing committee could run for the region’s 2017 chief executive elections. 

Meanwhile, Xi also spoke about Macau’s deteriorating economy which mainly relied on the gambling industry. Following Xi’s anti-corruption campaign launched when he came into power in 2012, steps were taken to stop Macau from being used for money laundering and capital flight. This caused a sharp drop in gambling revenues. 

"Focus on building a global tourism and leisure center will promote Macau's economy's appropriate diversification and sustainable development,” Xi was quoted as saying by the news outlet.The “one Country, Two Systems” principle allows for a certain degree of autonomy in the administrative regions as relates to retaining their own economies and political systems while China exercises sovereignty over the regions.