龘鬪甿昰 胃龘鬪澳門發展策略硏究中心

2 目錄一. ~, 言： lilf究目的 ···············································································································4二．混禛親洁閎係的現狀及{"i- 在間頲．．．．．．．．．．．．．．．．．．……..…................................................... 4 I. 港淚經濟闆係發）展的箇要脈史回顧．……..........................................………............ 4 2. 港泅經濟闆係的現狀................................................................................................5 2.1. 縂論．．香港資本在澳門的投資．．．．….....…........................... …... …..................... 5 2.2. 旅遊痹彩業···········································································································72.3. 出口加工業···········································································································')2.4. 地產建築瘩···········································································································') 2.5. 金融裴 ·················································································································l22.6. 對外交姆迤崎及綑訊．．．．．．．…．．．．…...........….... ….... ….... …................... …...... ….. 13 3. 港泅經濟關係中存在的問題．．．．．．．．．．．．．．．．．．．．………．．…......................................……… 14 <./. l.2. U. 3.4 ,.5. l.6. 崍乏區城間高層次的合俘與協調………………………………………………………… 14婷彩旅遊協調不足，到沒香港旅客減少…...………………………………........ 15 對澳門煲造業的役資後勁乏力，兩地貿易下降．．．……·…· …….. ……….. 16 香港對澳門房地產的接資陷入困炭…………………………………………………….. 17 金融裴協調配合不足．．…............….......................................... ….... …... ….......... 17 湜認兩地伉迎冝用高畠，大幅提高誔門的壹盔成本 19 一．新時期氾禛經躋關係的鎴燜定位．…………………..………....... …..... ……………· ….J'J I 新時期的定義 ........................................................................................................... /9 2. 確立新時期港渼經濟關係總體定位的基本依據……·…………· ……· ………….. 20 2.1 香港、認門網鵾衷珠江三角洲在活南緄溍區域合伴與分工中的比較限勞．．．….....….... …..... …... …... ….... …............................ 20 2.2. 誔門在區域合侔與分工中的繹清定位……………..……………….. …………….. 22 2.3 祈旿期湛溴逕沉闆係的總胆定泣………………………..…………………………· …25

四 JJII強谁浪纈清分工互補的發嚴策咯…………………………．…………………………...…..... .26 l 總體策咯：推進制度革新，建立良好的投資營商環埡 26 I.] 推行政制改革，以衛序漸進方式建立一個高效、祏簡丶虛記、公正的政府和一個菲政治化、在社會利益集冏中限持中立的公膀旦燜制..........….... ….... ….................. …............ ….... ….... …...... 26 1.2. 推行法制改革，建立一個現代化的法津燜系和公平丶公正的法治瓌埡，實行＇｀以法治澳"…·……· ……….. ….. …. …............ 27 1.3 建立有效的監察鸝'M· 正莖警隊，恥行戾貪倡廉，徹底改善治安環埡．．．…....…............ …............ ….... …..... ….... …..... …... ….... …...... 29 2. 加強港泅經濟關係的具盟對策．．．．．．．．．……................................... '9 2.1 邡強封香港及周迎地區的宣M推介，重塑誤門形象'. ................................ 29 2.2. 大力發展｀｀亞洲的拉斯維加斯＂，加強港澳兩地旅遊搏彩粲的分工互補...................…........... …............ ….... …........... …........... 30 2.3 加強溴門與歐盟、拉丁語國宗的魯貿、文化昴擊，將澳門建成扁擊歐盟、拉丁語系國家和中國旳橋樑以及中介性國際商貿城市． 料2.4 加強港溴間約科技合侔，推動溴門袈适業的升级軔型 ...... 36 2.5. 加強港澳地產建築業的合作協調………………………………………………· …...... 38 2.6. 加強港澳兩地金融業的合作協調．………………………… .... …… ........ 39 2.7 加強港、演兩地與內地交通基礎設施的合伴協調，強化澳門自由港功能........................................................................................ 41 2.8. 建立香港、澳門與內地多居次協調棍制…....…冨.... 冨.. …...... …........ 42 五．結束語，"'"'''"''''''''''''''''''''''''''''''''''''''''''''''"""""""'""'................................................ 43 附件：閎於九h後浪l"J與內地經貿閎係的基本原則及基本政策的延議 戶

4 一．引言：磧究目的長期以來，香港和虞門雖然分屬英國和蔔萄牙管治，但卻是兩個經濟聯擘十分緊密的地區。 1999 年12 月 20 日，虞門將繼香港之後回歸中國，戍為中華人民共和國第二個特別行政區，貫徹落實｀｀一國兩制＂方針的第二站。在香港和虞門相繼回歸祖國的新的歷史時期中，港溴經濟關係將如何重新定位，兩地的經濟閼係將如何進一步開展，其發展策略將如何制定，是本專題的研究目的。本專題將把港虞兩地的經濟鬪係，放在華南經濟區域合作與分工的宏觀視野下，結合戾門本身的經濟定位和經濟發展戰略進行研究，在回顧港溴兩地經濟合作的歷史與現狀的基礎上，找出存在問題和雙方的比較優勢，進而確定新時期港溴兩地經濟關係的總體定位以及具體發展策略，推動兩地的經濟合作提高到一個新的層次，促進虞門經濟的持編穩定繁榮。二．濫躋經濟關係的現耽及存在問題1港澳經濟鵬係發展的簡要屋史回顧香港與溴門分震廣東硃江口東西兩岸，膈伶汀洋相望，兩地相距僅 42浬，相互間一直保持密切的經濟聯纂。虞門開埠於1535年，歷史上曾是遠東最繁盛的轉口商埠之一。從開埠到鴉片戰爭前的300年間，尤其是16 世紀後期到17 世纪前期，澳門的轉口貿易進入全盛時期。這一時期，虞門以中國東南沿海為履地，以絲綢為大宗商品，形成了三條圍際性貿易航線，包括虞門＿一杲阿—里斯本、虞門——長崎、溴門一馬尼拉-~匱西哥等，戍為聯褚歐洲、亞洲、拉丁美洲迴上絲路貿易大循環的樞紐。然而，鴉片戰爭以後，筋着英區侵佔香港，香港作為自由貿易港的崛起以及中國東南品海五口通商，溴門的轉口港地位一落千丈。 1847年，澳葡政府宣佈賭博合法化，溴門逐步發展為東方賭城，成為香港及鄰近地區旅遊睹博的消費城市。20 世纪 60 年代以後，港溴之間的經濟關係進入一個新的發展時期。 60年代開始，香港資本大規模進入具門經濟的各侗領域，尤其是旅遊博彩業和出口

加工業，並帶動了港澳兩地在銀行、保險、貿易、運輸、倉儲、地產、建築以至零售商業等領域的全面合作。造一時期，港澳經濟閼係之所以取得突破性的發展，原因是多方面的：首先是港澳兩地地理位置相鄰，有相同的語言、社會文化、歷史背景；其次，溴門巳具備投資的一定基礎，澳門政府亦修改法例，推出優惠政策吸引外資；再次，與香港相比，澳門具有低成本、紡纖品配額及普惠制等一系列優勢，港商到溴門投資能獲得更高的逞際利潤。種種因素的配合，推動了港澳兩地經濟關係的發展。因此，＂香港因素＂成為臭門經濟在70 年代中期以後起飛、進入現代增長的主要動力，而虞門經濟加速發展帶動市場需求擴大，亦咸為香港經濟繁榮的一個不容忽略的境外因素。80 年代中期以後，豷着中固改革開放的深入發展，港澳兩地與中國內地，尤其是廣東珠江三角洲的經濟合作全面展開，港溴廠商大規模將製造業內遷，雙方形成＂前店後廠＂的分工格局。這種區域經濟合作的結果之一，是港面到溴門投資的減少，並進而在某種程度上影響到港溴兩地問的貿易。 1997年亞洲金融風暴衝擊香港，加上澳門治安環境惡化以及其他因素，訪澳的香港遊客大幅減少。這些跡象進一步顯示，港澳兩地經濟聯繫有削弱的翅勢，尤其值得裊門社會各界高度重視。2. 港澳經濟關係的現狀2.1. 鎴論：酮且資本在演l''J(IIJ接資香港資本大規模進入澳門則始於60 年代。 1961 年，香港富商何鴻燊丶霍英東聯同葉漢、葉得利合組財圄，奪得虞門賭博業專營合約，並成立溴門旅遊娛樂公司。這是港資大規模進入澳門的先聲。 60年代大規模進入溴門的港資，還有來自製造業的大批廠商，他們利用澳門所享有的紡織品配額和普惠制，在澳門大舉投資設厰，逐步建立起澳門出口加工業，主要是紡織業、製衣業、玩具業的基礎。 70至80年代期間，港資還先後進入澳門的銀行保險、海運倉儲、酒店飲食、地產建築、商業零售等行業。這一時期，港資巳成為溴門最大的外來資

6 本，並在溴門經濟中佔據了主尊地位。港資在虞門經濟中的主導地位，突出表現在兩囧方面(1) 作為港資的溴門旅遊娛樂公司，是澳門經濟中實力最強、影響力最大的企業集匪。經過數十年的發展，娛樂公司已不再是一家單純經營賭場的公司，它所涉及的業務，遍及博彩、迺店、旅遊、地產｀建築、金融、大型公共建設以至虞門經濟的各個領域。它旗下的九家賭場及附启公司控制了虞門的螫個博彩業，包括幸運博彩、跑馬、賽狗以及各種彩票。它的關係企業＿在香港上市的信德集團擁有全琮最龐大的噴射船隊，經營着港虞間海路客運逾七成以上業務，它持有股權的酒店，包括葡京酒店、新麗華酒店、愛都酒店、凱悅酒店、金域酒店、文華東方酒店、威斯汀酒店等，是虞門首屈一指的酒店集團。娛樂公司又是臭門最大的地產發展商之一，它是規模浩大的南灣湖整冶工程的主要股東之一。娛樂公司還全面參與溴門各項大型基建工程，包括新港澳瑪頭、九溴貨櫃港、澳門國際機場等。根據娛樂公司的公佈， 1 997 年該公司資產淨值高逹234.45 億虞門元。該公司在溴門經濟中的影響力巨大，澳門企業無出其右。(2) 港資在虞門經濟的四大產業支柱中幾乎都佔有相當大的侵勢。在旅遊博彩業，港資控制了其中最核心的行業＿博彩業，港資還是溴門迺店業的主要投資者。在出口加工業，虞門的工厰企業估計約有七成以上來自香港，大型製造業企業亦多數是由港商釁資或合資開設的。在地產建築業，港資一直是該行業的主要推動力之一，只是到了90年代以後，髓着中資大規模進入地產業以及地產市場的低迷，港資在地產建築業的地位才逐漸下降。在銀行保險業，港資亦佔一定比重，大部份銀行和保險公司都是透過它們在香港的地區總部孰閼係機構來開展業務的。此外，港資在溴門的倉儲碼頭業、零售百貨業等也佔有一定的比重。長期以來，港資一直主導着溴門的經濟，並成為溴門經濟中最大的外來投資者。不過，自80年代後期以後，髓著香港與內地經濟合作的日益加強，港資投資的重心逐漸轉移到內地，對虞門的投資明頴減少，其主導地位亦已有所削弱，它作為最大外來投資者的地位，亦囂位予迅速崛起的中資企業。

2.2. 旅遊捕彩業長期以來，旅遊博彩業一直在澳門經濟中佔有重要地位，除了80年代中的一段時期以外，它一直是虞門經濟中最大的產業支柱。據统計， 1997年旅遊博彩業在溴門本地生產總值中所佔比重高逵45% 。旅遊博彩業包括博彩業、遊覧業、酒店業、飲食業、娛樂業、族遲業、珠寳首飾業、手信業以及古玩業等，其中，核心行業是博彩業。踏入90年代，博彩消費在來虞旅客消費顎中所佔比重逐年上升，已從 1991 年的 61% 上升到 1997 年的 73%( 見表 1) 。表 1 : 90 年代博彩消費佔澳門旅客消費總雛的比例1991 140.88 86.46 61.4 1992 177.52 115.99 65.3 1993 196.83 133.50 67.8 1994 215.01 14 8.46 69.l 1995 249.04 167.61 67.3 1996 249.11 159.04 63.8 1997 235,83 172.02 72.9 責料來翌澳門箜計匿普查司、詼遊司虞門的旅遊博彩業對香港的依頼程度頗大，主要表現在兩方面：(1) 香港是澳門博彩業的最大投資者與經營者。目前，由香港富商何鴻燊、何婉琪、霍英東、鄭裕彤等人作為主要股東的溴門旅遊娛樂公司，控制着虞門博彩業的專營權（該專營權至2001 年屆滿），娛樂公司旗下的9 家賭場，包括葡京娛樂場、皇宮娛樂場、金碧娛樂場、東方娛樂場、假日娛樂場、回力娛樂場、金域娛樂場、海島娛樂場、新世紀娛樂場，控制了幸運博彩的全部經營。娛樂公司還控制着經營各種博彩業的專營公司。 1984年，娛樂公司就接管了專營跑狗的溴門逸園賚狗有限公司。 1991 年，以娛樂公司為首的港溴財回瞬入澳門賓馬會 51 %股權。娛樂公司附屬的榮興彩票公司經營包括白鴒票、即發彩7

8 票、泵波拿等各種彩票。 1998年，娛樂公司启下的溴門彩票公司還獲政府發出為期一年的｀｀賭波＂專營牌照。(2) 香港是溴門旅遊博彩業的最大旅客來源地。長期以來，來自香港的旅客人數對於具門旅遊博彩業的發展一直有舉足輕重的影響。 1987年，香港政府簡化當地永久性居民出入境手續， 1990年來往於港虞兩地的噴射船增設夜航，這些措施令港澳兩地的往來更加方便快捷，直接刺激了訪澳港客人數的大幅上升，推動了溴門旅遊博彩業的蓬勃發展。據統計，直到1992年之前，來自香港的旅客佔戾門旅客總數的比例一直在80%以上（見表2) 。在旅行社業務上，虞門許多旅行社摹實上就是香港旅行社在澳門的分社或辦事處。溴門海外旅行國的祖园工作，長期以來主要依靠總部設在香港的籃行社推動二劃。 1996年，經外港海路來溴門的外國遊客逵178 萬人次，佔外港敖客總數的30%, 反映訪虞的外區遊客多經香港中轉。表2 來自香港的旅客在澳門旅客鎴數中所佔比重的妥化\ 年份 丶 來澳旅客人次 ' 來演湛客人次 I 澳來門演旅港客客總佔數的比重（％）' 1986 4,238,269 3,46氏896 81.8 1987 5,100,461 4,191,991 82.2 1988 5,542,943 4,537,993 81.9 1989 5,619,289 4,611.064 82.1 1990 5,942,210 4,803,754 80.8 1991 7.488,610 4,950,584 66.1 1992 7,699.178 6,167,042 80.1 1993 7,701,007 6,067,760 78.8 1994 7,833,754 6,088,364 77.7 1995 7,752,495 5,617,492 72.5 1996 8,151,055 5,205,617 63.9 1997 7,000,370 4,400,048 62.9 庄 (1) 1986 年至 1990 年敖抹僅包括超水路來虞人次 資滘來慕為門究計暨音查司(Z) 1991 年至 1997 年獄據為経海、陸、空入境人次

2.3. f/fn/J/1兀業澳門現代的製造業實質上是香港製造業的延伸。踏入60年代，香港急速崛起中的製造業主要是紡織業、製衣業等開始受到英、美等西方國家的紡纖品入口限制，這種限制最終導致西方國家於1974 年正式引入＂多纖協蟻＂，釘紡纖品實行配額制度。當時，溴門被西方國家視為＂非主要出口地區＂，得以享有充裕的紡纖品配額。部份港商為利用溴門的紡織品配額，大舉在溴門投資設厰，建立起虞門紡織製衣業的基礎。 70年代初，歐美國家對發展中國家產品進口實行＂普遍優惠税制＂，剌激了香港部份非紡織製衣廠商，主要是塑樛玩具商移師虞門發展。在這種昰史背景下，澳門出口加工業得以起步發展，並在80年代中期逵到頂峰。據統計， 1984 年，虞門以製衣、紡纖、玩具為主體的出口加工業，在虞門本地生產總值中所佔比重高達35.9%, 已超過旅遊博彩業而成為虞門經濟中的第一產業。可惜，自 80 年代後期起，溴門出口加工業開始萎縮。不過，目前香港仍然是澳門出口加工業的最大投資者，估計展門工厰企業中，有七成以上來自香港，大型工廠企業亦多數是由港商獨資或合資開設的，不少訂單也是從香港分判過來的。由於地域狹小、資源短缺，溴門出口加工業所霈要的生產設備、原材料以9 及各種零配件等幾乎全部需要從外地進口。因此，漠門的進口物品中，生產設 ~- 備、原材料、零配件及半成品所佔比重很高，一般在55% 以上。然而，虞門當時沒有深水港和國際機場，對外聯繫主要依靠香港，這部份物品絕大部份是透過香港進口的。長期以來，香港一直是虞門最大進口來源地， 70年代中出口加工業高速成長時，溴門自香港進口在溴門進口總值中所佔比重一度高達70% 以上，到80 年代初仍佔60% 左右，其後10 年徘徊在35-45% 之間， 1996 年之前仍居澳門進口總值的首位（見表 3) 。2.4. 香港對溴門地產廼築業的影書主要表現在三方面 一是香港地產發展商雹

10 I I 英東等首創的｀｀分層出售、分期付款＂的售樓方式於60年代被引進溴門，推動了溴門地產建築業的起步發展；二是從60 年代後期到 90 年代前期的逾 20 年間，香港一直是臭門地產市場的主要推動力之一；三是香港的地產循環周期直接或間接地影譬着溴門地產建築業的盛衰。表 3 澳門自香港、中國大陸進口所佔比重變化情況（單位：億懊門元）1980 31.66 18.84 (59.5) 7.53 (23.8) 1981 41.41 14.94 (36.1) 1.33 (3.2) 1982 44.96 16.90 (37.6) 13.17 (29.3) 1983 54 52 21.12 (38.7) 15.45 (28.3) 1984 64.55 25.47 (39.5) 18.11 (28.1) 1985 62.57 27.49 (43.9) 13.31 (21.3) 1986 73.73 33.84 (45.9) l~.51 (19.7) 1987 91.28 39.56 (43.3) 19.42 (21.3) 1988 104,86 40.03 (38.2) 21.02 (20.1) 1989 121.64 50.06 (41.2) 23.23 (19.1) 1990 126.74 52.10 (41.1) 21.94 (17.3) 1991 148.32 51.66 (34.8) 31.92 (21.5) 1992 156.85 51.60 (32.9) 32.04 (20.4) 1993 161.38 48.18 (29.9) 34.29 (21.2) 1994 169.25 51.37 (30.4) 31.86 (18.8) 1995 162.67 47.00 (28.9) 35.39 (21.8) 1996 159.31 46.27 (29.1) 38.18 (24.0) 1997 166.03 41.76 (25.2) 47.41 (28.6) 資料來涇奚門统計跤毒奩司

60年代以前，溴門的地產建築業一直處於落後和停滯不前的狀態，虞門政府對地產發展採取保守的政策，規定地産需整幢交易，並需即時付清全部款項。 60年代初，在西方經濟尤其是香港經濟迅速發展的推動下，溴門政府採取｀｀吸收外資，發展溴門＂的政策，正式將香港首創的｀＇分層出售，分期付款＂的售樓方式引入虞門，推動了溴門地產建築業的發展。 1972年，溟門第一個屋邨—祐漢新邨落成，就是採用｀＇分層出售、分期付款＂的營銪策略推出市場，結果旋即售罄。這期間，正值香港股市大旺，資金充裕，部份港資流入溴門，掀起一股空前的炒糗熱，將溴門地產建築業推向戰後的第一個高峰。1975年中東石油危機後，香港地產市道再次暢旺，地價、樓債標升，成本急增，部份港資再次轉向虞門。當時，溴門政府規定，在溴投資製衣、紡場等行業必須自置廠房，開設商業公司也必須有固定的寫字樓。這些措施刺激了港商對澳門房地產的投資熱潮，令晨門地產建築業進入第二個高峰期。然而， 80年代初，受到香港地產市道崩潰的影響，／貝門地產建築業也進入困難的綱整期，直到 1984 年中英簽訂閼於香港問題的聯合聲明、 1985 年中蔔發表聯合公報，表示將透過外交途徑談判解決溴門問題以後，才再露曙光。1987 年 4 月，中葡正式簽署關於澳門問題的聯合聲明，投資者信心增11 強。這時，溴門政府宣佈多項大型基建工程計劃將動工興建，推動了虞門經濟和 一地產建築業的蓬勃發展。當時，溴門的樓價僅為香港的四分之一，部份港資再次流入澳門市場。 1991 年，溴門政府修訂土地法及土地競投規則，剌激了地價、樓價急升。溴門政府曾在新口岸填海區推出六幅土地，被港漠富商何鴻燊聯同香港大型地產發展商李嘉誠、鄖裕彤等投得。該六幅土地後被溴門政府回收重新競投，否則將掀起港資投資虞門地產的另一輪高潮。在90年代初澳門地產最高蜂時期，不少香港商人和居民都到虞門炒賣樓花。據統計， 1991 年溴門在超過70萬虞門元的5,000個地產交易中，七成以上的買主是香港人。港人對虞門地產市場的與趣和影譽，由此可見一斑。當然，無可否認，這一時期投入溴門地產市場最多旳資金是中資，尤其是來自廣東珠江三角洲各縣市的大量資金。

12 2.5. 金齒業臭門的金融體系對香港依頼很大。這主要表現在兩個方面．(1) 港元在溴門金融體系乃至整體經濟中佔有極重要地位。虞門的貨幣發行制度與香港相同，都採取＂貨幣發行局＂制度。自 1972 年起，澳門幣已開始與港元掛鈎。 1983年10月香港實行港元聯繫匯率制度，將港元與美元掛鈎，匯率為每7.8港元兑1 美元，溪門元亦透過港元間接與美元掛鈎，匯率則維持在官定每103虞門元兑100港元水平。在溴門的貨幣發行制度中，溴門政府授權的兩家發鈔銀行-大西洋銀行和中國銀行具門分行按官定固定匯率將等值的外幣一—主要是港幣存入虞門貨幣暨匯兑監理署(AMCM), 由 AMCM 提供外幣的擔保和清償能力， AMCM收取等值外幣後向發鈔銀行發出負債證明書，發鈔銀行憑負債證明書以固定匯價發行鈔票。因此，在溴門的外匯儲備中，港元佔有一個相當重要地位。長期以來，港元＿直是屎門最廣泛流通的貨幣。這種情況時至今日仍然沒有改髮，它的流通量甚至超過溴門本幣－~虞門元。這種特殊的現象可以從溴門貨幣流通量M1 、 M2 中港元與虞門元的比重髮化清晰可見。從80 年代中期起，屎門元在M1( 流通貨幣加上活期存款）中所佔比重從1984年的46.6%, 下跌到 1991 年的 27.6%' 同期港元所佔比重則從509% 上升到 59.2% 。不過，從1992 年起，這種趨勢開始扭轉，但到 1997 年，溴門元在 M1 中所佔比重達43.7%, 略低於港元的45.3% 。在M2, 澳門元的比重慬違30.9%, 遠低於港元的53.1%( 見表4) 。目前，在溴門的大額交易和對外貿易支付中，港元的使用量大大超過虞門元；銀行存款中，亦是港幣存款佔主坞地位，形成溴門經濟中獨特的通貨替代現象。因此，港元匯債的穩定與否，對虞門的金融體系以至整體經濟都具有極其重要的影響。(2) 澳門金罷業業務的開展對香港倚重極大。虞門金融業結構簡單，基本上是銀行業為主體，保險業輔之，業務主要以存貸款為主，金厰市場不發速。虞門22家銀行和21 家保險公司中，其中相當部份在經營和管理上直接隸屬於香港

的地區總部，即使是本地注冊銀行亦與香港的往來銀行保持密切業務往來。澳門銀行業的存款業務中，港元存款佔有相當大的比重，且本地銀行同業市場並不發達，因此在扣除必要的流動資金外，餘額均須存到香港銀行體系，銀行頭寸的拆借也主要通過香港的地區總部或往來銀行進行。因此，香港是虞門銀行業境外資產與負債的主要地區。因為這種情況，加強港元在溴門金融業的重要地位，虞門銀行利率走勢基本跟髓香港，香港利率的穩定與否對虞門金融業乃至整體經濟影響相當大。此外，由於缺乏金融市場，溴門的外匯、證券、基金、黃金買賣亦主要是由澳門金融機構透過其在香港的地區總部或往來機構代理進行的。表 4 澳門賁階供原中澳門元與港元的比例變化（單位·百萬澳門元）Ml 年份 金額 澳門元 港元 外幣 金額（百禺澳門元）O/o （吮） （吩） (O/o) （百萵褪門元（1984 2,554.8 100.0 46.6 50.9 2.5 8,355,4 1985 3,329.5 100.0 44.1 51.8 4.1 9,589.0 1986 4,022.4 100.0 44.3 50.1 5.6 11.403.4 1987 5,711.7 100.0 37.2 54. l 8.7 14.513.5 1988 6,194,9 1()0.0 38.8 48.6 12.6 20,029.8 1989 7.189.9 100.0 40.4 49,6 10.0 24,381.6 1990 8,979.3 100.0 35.8 47.2 17.0 30,588.9 1991 8.979.3 100.0 27.6 59.2 13.2 41,900.6 1992 20.987.9 100.0 28.8 573 13.9 50.375.3 1993 20,602.8 100.0 3!.5 53.2 15.3 53,956.1 1994 18,809,5 100.0 35.8 53.0 11.l 61.018.8 1995 19,010.5 100.0 38.5 51.3 10.2 59,284.3 1996 20.438.5 100.0 42.5 47.5 10.0 74,744.3 1997 18,953.1 100.0 43.7 45.3 11.1 78,353.8 資料來源 :j奧門貨幣暨篋兑監理署2.6. 對外交逝迎愔及逝詛l\l 2 溴門元O/o （吮）100,0 27.4 100.0 26.6 100.0 25.7 100.0 22.6 100.0 19.1 100.0 20.9 100.0 22.7 100.0 22.8 100.0 23.8 100.0 26.2 100.0 27.1 100.0 29.0 100.0 30.5 100.0 30.9 ，,仕,,, 兀一 外幣(O/ol (O/o) 59.3 13.3 59.9 13.5 54.2 20.1 51.5 25.9 56.2 2,1.6 55.2 23.9 49.0 28.9 51.1 26.l 50.8 25.3 50.9 22.9 55.5 17.4 56.3 14.7 54.9 l~.6 53.1 16.l 溴門與香港雖然同虞珠江口兩岸，但兩者的港口條件差異極大。香港的維多利亞海港是世界三大天然良港之＿，而澳門港口水淺且淤塞嚴重，長期以來既13

14 缺乏深水港亦缺乏國際機場，對外交通運輸主要透過香港中轉。因此，在溴門對外交通運輸中，海運具有重要地位。據粗略估計，溴門的對外貨運中，海運量約佔具門貨運總量的九戍半，幾乎全部透過香港中轉，而其餘5%由空運解決，其中五分之三亦須透過香港中轉，香港成為澳門對外貨運最重要的中轉港。在客遲方面，港晨間的海路客運極為頻密，僅遠東水翼船公司每膈15 分鐘就對開一艘嘖射船，航程僙為一小時， 24 小時全天候服務，交通噩為方便。在通訊方面，港溴兩地間的通訊聯繫亦極為頻密快捷。目前，溴門電訊有限公司的股權中，英図大東電報局持有51%, 香港中信集回持有20%, 它與香港電訊公司保持密切的業務往來。3. 港澳經濟關係中存在的問題3.1. 缺乏加域Ill/高肘次約合(1與協調香港和溴門雖然近在咫尺，且經濟囘係密切，但由於兩地長期以來分別由兩倆不同國家一一英國和葡萄牙管治，相互間缺乏高層次的合作與協調。由於具門經濟體積細小，它對香港經濟的重要性遠遠不及香港對虞門經濟的重要性，雙方鸏係並不平等。英國在對香港實行殖民管治期間，港英政府從未將由葡萄牙管治的溴門放在眼裏，而葡萄牙政府出於強烈的民族自尊心，亦不願意聽到人們説香港比澳門好，以及將虞門與香港進行比較。在這種情況下，港英政府從未將年間，尤其是經濟合作、雙逞經濟互補、有關經濟政策措施協調等列入政府的經濟發展計副和蟻事日程，更談不上主動與溴門政府磋商有關雙方經濟合作事宜。而溪葡政府也未能充分利用香港這個國際金融貿易中心來更好地推動虞門經濟的發展，更不肯放下所調｀｀對等＂的架子主動與港英政府磋商兩地經濟合作事宜，成立政府間有檐威性的區域經濟合作機構。港溴兩地間維持的官方、半官方聯繫，僅在一些具體的層面上有所進展，如1993年由香港旅遊協會、臭門政府旅遊司及廣東省旅遊局共同組成的｀＇珠江三角洲旅遊推廣機構＂推廣粤港溴旅遊大三角。

這種情況時至今日仍然沒有改震，特別是區近＂九七＂、＇＇九九＂政權回歸時期，為政權交接而費盡心機的兩地政府均未認識到此事的重要性和迫切性。即使在香港回歸中國後，香港特別行政區政府在1998 年提出的《全港發展戰略檢討報告》中，提出了到2011 年香港的目標是要成為區域與园際的理想之都、珠江三角洲的主要城市，該報告在提到香港與廣東省及其他內地省份的合作發展策略中，對毗鄰而且徑濟閼係極為密切的溴門隻字未提。這不能不説是港澳間經濟關係發展的一個重要缺陷。誠然，這也是溴葡政府從未主動提出與香港加強縛濟合作，爭取得到香港支持和配合的後果。因此，到目前為止，港溴兩地的經濟合作基本上停留在自發的、低眉次的、民間的層面，以市場為主導。這種狀況，與港扆和以屆東珠江三角洲為核心的華南地區經濟一體化的進程，形成鮮明的反差。港虞商人在涉及兩地經濟閼係的具體層面所遇到的種種問題，因缺乏兩地高層次的合作、協調而往往不能及時解決，累積起來，使得兩地的經濟合作不僅未能＂更上一層樓＂，而且有倒退的趟勢。這個問題不能不引起港溴兩地有閼方面的高度重視。3.2. 棟彩旅遊協調不足，到涙否浩旅客鋮少過去，港澳兩地在博彩業的發展方面有一個不成文的默契，即香港不開睹，澳門不賓馬。 1989年澳門賽里會正式揭幕後，雙方在賽馬時間上亦能相對錯開避免構成直接的惡性競爭。然而，在博彩業方面，自 80 年代後期香港出現賭船之後，港澳兩地的博彩業已開始形成正面的競爭。目前，在香港附近遊弋的賭船已增加到7艘，最大的—艘達五萬噸級，氣派豪華，博彩設施先進，各種娛樂服務一愿俱全，而且就停泊在九龍附近，十分方便香港賭客。據説， 1999年將再有一艘七萬噸級的豪華輪船加入該行列。這對管理較落後、設施較陳舊的澳門博彩業構成的衕擊可想而知。澳門旅遊娛樂公司總經理何鴻燊曾公開表示，香港開出的賭船對溴門賭場的生意影響甚大，以一般香港客為主的｀｀中場＂生意少了一咸半到兩成。從目前情況看，港溴兩地在旅遊博彩業方面協調明顎不足。15

16 香港是澳門旅遊博彩業的最大旅客來源地，然而，自1992年以後，香港訪溴旅客無論從所佔比重和絕對數量方面，都呈現明萌下降的趨勢。據統計，從1992 年到 1997 年間，香港旅客在溴門嚴客總數中所佔比重從80% 逐年下跌到63% 。當然，這其中部份原因是近年來自中國內地和台灣的旅客所佔比重大幅上升所致。不過，從到溴港客的絕對入數看，情凡亦不樂觀，同期到澳港客人數從616.7萬人次下跌至440萬人次，跌幅高達29% 。這種情況的産生，原因是多方面的，除了香港經濟不景、溴門治安環境惡化令遊客卻步之外，虞門博彩業管理較落後、設施較陳舊、缺乏創新，加上香港賭船的競爭等，都是不容忽略的因素。另外，澳門旅遊資源開發不足，尚未能戍為家庭式渡假、商務、會蟻旅遊地區也是重要原因之一。這可從香港旅客的咭構及消費情況可見一斑，據1997年抽樣調查來虞港客中， 71.2% 是男性，其平均逗留時間僅 128 天，非博彩的人均消費僅846.5溴門元，均低於溴門旅客的平均數， g頁示溴門對香港旅客的吸引力並不大，主要集中在博彩業。3.3. 對涙門製造業fllj接資後勁乏力，爾地貿易N旅80年代中期以後，髓着中國內地尤其是蜃東省珠江三角洲對外開放的擴大，珠江三角洲逐漸取代虞門成為香港製造業廠商的首選投資地區，港虞兩地製造業廠商大規模將勞動密集型產業或工序內遷。這一時期，虞門的生產成本不斷上升，勞工短缺，紡纖品配額及普惠制的出口優勢日漸削弱，種種因素導致香港對溴門製造業的投資後勁乏力。這可從具門製造業場所和職工數目的髮化反映出來。據統計，從 1990 年到 1997 年，溴門製造業場所從 2.270 閆下降到 1,339間，跌幅為41%; 同期製造業儷佣的勞工人數從6.47 萬人下降到3.87 萬人，跌幡亦達 40% 。香港對澳門製造業的投資後勁乏力，甚至出現萎縮，導致了兩地間貿易比重和貿易總值的下跌。據統計， 1990年虞門自香港進口總值違到有史以來最高峰的 52.1 億虞門元，其後逐年下降，到 1997 年僅達 41.8 億溪門元，跌幅違

20%; 同期佔澳門進口總值的比重亦從42.2% 下降到252% 。從出口看， 1989年澳門向香港的出口達到最高峰的 19.3 億澳門元，到 1997 年已下降到 132 億溴門元，跌幅逵31.6%, 佔溴門出口總比重亦從14.7%跌至7.7% 。很明顯，鈿論從進口或出口，澳門對香港的依存度都大幅降低，並逐步被中园內地所取代。3.4. 香浩對涙l咀3地産旳殺資陷入困梲香港對澳門地產建築業的投資在90年代初達到高峰後即逐漸下降甚至停滯。 90年代初，澳門政府改裊賣地方式，將洽商批出改為公開競投，並大量推出土地供匯，吸引了大量外來資金尤其是中資蜂漂入市，炒風熾熱，導致地價、樓價大幅標升，與澳門整體經濟對房地產的需求及澳門居民的承接力嚴重脱節，風險大增。這一時期，香港大型地產發展商基本上都沒有參與澳門土地競投。其後，中國在1993年開始實行宏觀經濟調控政策，收緊信貸，大批中資相繼撤出溪門房地產市場，令澳門房地產市場供過於求情況更形嚴重，地產市道遂—蹶不振，陷入低述。從1996 年至 1997 年中，香港地產大旺，港澳兩地樓價差距進一步拉大，寫字樓的差價更高達10-15倍；然而，香港投資者和大小炒家認為香港地產市場的利潤更大，期間並無再次重返澳門市場，對虞門地產建築業的投資興趣明顎減少。其後，溴門地產陷入空前困境，部份香港投資者和大小炒家因未能及時離場，也陷入困境之中。目前，港澳兩地樓債差異很大，但港人仍很少到澳門買樓自用。其原因主要是 :(1) 溴門地產交易手續繁瑣，法律落後，買樓十分不方便， (2) 虞門政府對港人在虞門居住問題，在證件方面還有一些限制； (3) 港澳兩地海路客運雖僅一小時航程，但船費卻是一筆不少的開銷； (4) 澳門有閼方面宣傳欠缺針對性。3.5. 令融業協調配合丕足由於歷史的原因，溴門與香港兩地間金融聯繫密切。然而，與此成鮮明反差的是，港澳兩地在金融方面的協調配合卻明閂不足，溴門方面尤其萌得被動，17

18 主要表現在．(1) 港溴兩地金融監管當局缺乏密切的協調配合。澳門貨幣暨匯兑監理署與香港金融管理局之間，除了在一些具體層面，諸如防止｀｀冼黑錢＂等簽有合作協議之外，雙方缺乏密切的協調配合。以監管方面為例，香港對一些金融業務，諸如外匯｀證券買賣等，政府有一套較嚴謹的法例進行監管，而溴門則缺乏必要的監管法例和手法，香港一些金融投資公司遂利用法律漏洞在溴門設立機構，代理主要是香港顧客買賣外匯、證券，造成香港監管當局的監管真空。這類在虞門開設的投資機構在最高峰時多遲30-40 間。(2) 虞門對＂與港元掛鈎＂的貨幣發行制度所隱含的金融風險缺乏足夠的防禦措施。溴門由於實施與港元掛鈎的貨幣發行制度，外匯儲備中相當部份是港元，而且港元亦是溴門金融體系中流通最廣的貨幣，因此，港元匯率的髮動對虞門金融體系乃至整體經濟影響極大。就以這次亞洲金融風暴對香港聯緊匯率的衝擊來看，溴門對其中所隱含的匯率風險實在缺乏足夠的防禦措施和應妄辦法。(3) 虞門的銀行利率被迫跟隨香港利率的走勢，情形就如同香港銀行利率被迫跟糙美國利率的走勢一樣。香港銀行公會及各家銀行調整利率時，主要根據香港經濟、金融形勢而決定，絕少顧及溴門方面的情形。(4) 未能充分利用香港作為亞太區國隊金融中心的有利條件去發展虞門金融業務。香港作為亞太區國際金融中心，金融體系健全，金融市場亦較發達，所運用的金融工具眾多。溴門毗鄰香港，與香港的金鼉聯繫極為密切，然而，虞門金融業咭構單一，業務範圍狹小，從整體來看，基本上是以銀行業為重，輔之以保險業，而銀行保險業都是以傳統的零售業務為主，至今尚未建立起相愿的、較為多元化的金罷市場。這種情況的產生，一方面固然是具門經濟規模細小，市場容量有限，另一方面亦是與香港配合不足，未能充分利用香港的有利條件去發展虞門的金融業務。(5) 讎岸金險業務發展不足。國際調查資料顎示，港，貝兩地都是發展離岸金醣業務的理想地點，特別是溴門流通貨幣中外幣流通量遠遠大於溪門幣，本地

銀行實力也不如境外銀行，這是本地金罷業的一個弱點，但卻是發展離岸金融業務的一祠有利條件。可惜，澳門未能充分利用毗鄰香港、澳門幣與港幣掛鈎丶港澳兩地都無實施外匯管制等有利條件去發展離岸金融業務。3.6. 浩淚兩地航運費Jf/,:':1'.昴，大幅提聶涙l''JJ1IJ緹菩咸水溴門由於缺乏深水港，對外貨運絕大部份須經海路從香港中轉。然而，港澳兩地間航運費用卻長期傌高，目前每個標準貨楫從溴門運抵香港，航運裝卸費高達10,655 元，比香港至歐洲的航運裝卸費還要高出47% 。港溴兩地航運費用高昂的原因是多方面的，其中重要原因之一，是區際性買家與香港的遠洋公司以及澳門的代理船公司之間的交易利益韻連鵬係所形成的某種程度的霨匪。此外，香港遲輸裝卸成本的不斷上漲也帶動了兩地航運費的上升。這種情況大幅提高了澳門工商界的經營成本，削弱了競爭力。正因為如此，目前巳有溴門廠商考慮烕低對香港的依頼，轉而採用深圳鹽出港為中轉港。－．新時期浩禛經濟關係的鎴燜定位1. 新時期的定義本研究報告所指的新時期，是指1999 年12 月 20 日溴門回歸祖國，成為中華人民共和國第二個特別行政區以後並檐即跨入21 世纪的歴史新時期。在這一時期裏，港溴兩地的閼係將發生質的髮化，從以往分別被英國和葡萄牙管治的兩個區域，轉髮為在｀｀一國雨制＂方針指導下，在中華人民共和國＂一國＂管轄下，繼續實行原有的資本主義制度和生活方式50年不髮的兩個特別行政區之間的特殊關係。因此，香港和溴門相繼回歸，將哈港澳兩地的經濟閼係發展帶來新的契機，並推動兩地經濟關係進入一個崭新的歷史時期。在新時期來鬣之前，探索港澳兩地經濟關係的轉髮和發展，促進兩地的經濟合作，特別是促進澳門的經濟發展，餌疑具有重要的歷史意義和現實意義。19

20 2. 確立新時期港澳經濟關係總體定位的基本依據本研究報告確立新時期港虞經濟鵬係總體定位的依據主要有兩點:-是香港、虞門與廣東珠江三角洲在華南經濟區域合作與分工中的比較優勢。二是虞門在區域合作與分工中的經濟定位。2.1. 香港丶淚門與廣東珠江三角洲在華南經消區域合件與分工中(If)比戟但勞80年代以來，隨着中國對外開放的不甌擴大，香港、虞門製造業廠商大規模地將勞動密集型產業或工序內遷到華南地區，尤其是廣東珠江三角洲地區，彼此之間形成了＂前店後廠＂的分工格局，這種產業的轉移推動了三地之間在投資、貿易、金鼉乃至各個領域的全面合作，區域內的錙濟一髖化已成大勢所趣。因此，新時期港溴經濟關係的定位必須建立在區域內三地比較優勢分析的基礎上。長期以來，香港和扆門都是中區領土中被外國笞治的地區，它們同局海島型經濟體系，都實行自由港政策、簡單而低税率的税制，兩地之間存在不少相同之處。因此，香港和虞門通常被內地合稱為｀｀港溴＂。香港、虞門相繼回歸中國後，將成為中國的兩個特別行政區、獨立閼税區，繼續實行自由港政策、簡單而低税率的税制，繼續維持原有的資本主義制度和生活方式50年不髮。因此，與廣東珠江三角洲地區相比，港溴是內地與國際經濟聯繫的｀｀橋樑＂和｀｀中介"'是區域內的服務中心，而匱東珠江三角洲則是香港、虞門的僙澗的經濟臆地和生產基地，具有充足而低廉的土地、勞工資源以及廣闊的市場。然而，香港和虞門之間也有很大的差別。港虞兩地的經濟關係實質並不對等，基本上是＂大香港，小澳門＂的格局，這是必須承認的客觀現實。就體積而言， 1997 年底溪門人口為42.2 萬人，土地面積為21.45 平方公里，僅分別是香港的 65% 和 2.0%; 以當年價格計算， 1997 年溴門本地生產總值為584.7 億溴門元，折算為港元僅為香港的5.3% 。就比較優勢來看，香港的優勢是全面的，不過，溴門亦有其獨特的優勢。雙方的差異主要表現在以下方面

(1) 香港是國際著名的商業大都會、現代化全方位對外開放的自由資本主義經濟體系；而澳門則主要是區域性的旅遊博彩城市、周邊地區的後勤服務基地，資本主義經濟尚未達到現代化的水平，國際化程度不高。(2) 香港是亞太區國際金融中心，香港的貨幣金融體系已較健全、完整，金融市場發達，金噩工具眾多，外匯儲備雄厚，財政穩健，而澳門的貨幣金融體系相對較薄弱、單一，對香港的依賴性強。(3) 香港憑藉着世界三大天然良港之一的優勢，充分發揮自由港的功能，是中國內地乃至亞太區最重要的貿易轉口港，與國際市場保持着極密切的商業、貿易、航運聯繫；而澳門則因缺乏深水港，其自由港的優勢長期細法發揮，必須借助香港為中轉港。(4) 香港和澳門的國際聯繫面各有側重，香港在國際經濟中的聯繫是全球性的，但側重美、日、歐洲及東南亞；而澳門則因與葡萄牙的關係，其國際聯讎面側重於歐盟、拉丁語系國豕以及束南亞，有其特定的潛在侵勢。(5) 香港與澳門的經濟均已轉向服務經濟，但香港的經濟繕構仍呈多元化，金融、貿易、地產、旅遊以及資訊業等均較發達；而虞門的經濟結構則相對較單一， 1997 年僅旅遊搏彩業在澳門本地生產總值中所佔比重已高達 45%,正如美國麥健士公司十年前的研究報告所指出，溴門經濟結構呈現出＂極性＂的特點。(6) 與香港相比，澳門開埠的歷史更悠久，它在垕史上曾是中西文化、宗教長期交匯的城市，具有｀｀博物館＂式的都市風貌和豐富的歷史文化遺產。與生活節奏快速的香港比較，溴門膺漫着｀｀歐陸小鎮＂的休閒情調。而且，澳門的博彩業早已聞名於世，享有＂東方蒙地卡羅＂之稱，長期以來都是周逞地區的博彩旅遊勝地。因此，溴門更具有發展旅遊博彩業的優勢。(7) 與營商咸本相當高昂的香港相比，溴門具有低成本的優勢。據估計，溴門的生活費用只是香港的40%左右，地價和租金約為香港的17%, 僱員的工資也只是香港的 40% 左右，澳門還有一套比較重活的勞工輸入制度。21

22 (8) 香港與華南地區經濟的合作和融合程度較高，經過20 年的發展，雙方已形成＂前店後厰＂的分工格局，香港在整個區域分工格局中處於商業大都會和服務中心的戰略地位；而澳門與吡鄰的珠海，在進入90年代以來反而逐步凸顎其競爭性。其中的重要原因之一，是具門經濟體積细小，特別是缺乏深水港，無法與其背後的經濟腹地，尤其是珠海、珠江三角洲西部以及西江中下游地區形成緊密的戰略聯繫。不過，自從1995年底戾門國際機場啟用後，情況已開始改善，溴門作為台為與中國內地的中轉站的角色開始凸顎。1.2. 涙l''J在但域合作與分工中的紳清定位新時期港溴經濟關係的定位鉺疑必須與新時期溴門在區域合作與分工中的經濟定位咭合起來一起硏究。事實上，踏入90年代，溴門根據自身的比較優勢烕國際競爭優勢去確定本身在區域合作與分工中徑濟定位的研究已經開展。1990 年底，受晨門政府委托的美國麥健士公司發表的研究報告《溴門未來十年發展前景》首先揭開這一硏究的序幕。該研究報告指出：虞門一亶所採取的隧波逐流式的發展模式，迄今已走到盡頭，具門應趁當前大規模發展基建的有利時機，重新確定經濟發展的路向，而最佳的選擇就是利用｀｀鄰近增長中的有潛力的、吸引人的華南經濟＂這種戰略優勢，爭取發展成｀｀地區性的戰略樞紐＂。這是對溴門經濟的首次定位。可惜的是，報告並無具體論述這一定位的具體內涵，以至有人將其誤解為要成為華南地區的製造業中心。綜觀整份報告，其貢所謂｀｀地區胜的戰略樞紐＂的內涵，不僅包括製造業，而且包括服務業，尤其是旅遊博彩業。不過，紐可否認，報告的側重點是虞門製造業的提升，這與當時溴門的客觀形勢有莫大關係。 80年代期間，製造業一度取代旅遊博彩業而成為第一產業。到 90 年代初，製造業的升級轉型已成為當時虞門經濟中一個極緊迫的任務，可惜報告並未能扭轉製造業日漸下滑的勢頭。其後，溴門出口加工業的增長明啁放緩，＂加快工業轉型步伐，以求經濟持續繁榮＂已成為當時虞門社會上下一致的呼聲。在這種背景下， 1994 年中國

回家科委專家組經長違一年的調研，發表題為《溴門高技術產業發展之路》的研究報告。該研究報告認為，發展高技術產業已成為當今世界經濟發展的主旋律，澳門應｀｀乘世界之大勢，積極創造條件，大力發展高新技霨，求溴門經濟之振興＂。具體而言，是＂借中國大陸高技術人才之優勢，融溴門政治、經濟、社會之位勢，造澳門發展高技術產業之大勢，從生物和信息兩大高技術領域入手，培育生長點，營造新產業，再頸溴門之輝煌。＂不過，由於溴門發展高新技術產業的整偓基礎比香港更加薄弱，無論從企業規模、技術裝備、科技人材等均遠遠不足以支撐其發展，該報告被普遍認為脱離虞門的客觀現實。1996年，溴門經濟進入負增長時期，出口加工業在本地生產總值中所佔比重已降至不足10%• 高新技術產業的崛起遙遙無期。在這種背景下，贗東港澳經濟研究會和溴門噩濟學會的專家組成聯合餜題祖，對澳門經濟再次進行全面深入考察，於1997 年初發表硏究報告《溴門經濟發展的若干策略》。該研究報告曾在澳門社會引起較大的反簪。報告在全面分柝溴門經濟的比較優勢和制約條件後提出了虞門經濟的具體定位一一｀｀區域性商貿綜合服務中心＂。這一定位明顆是麥健士報告的定位一｀區域性的戰略樞紐＂的具體化，而在內涵上亦從側重於製造業轉向側重於商貿服務業，包括旅遊博彩、金融服務和商業服務23 等。與回家科委的報告不同的是，該報告以商貿服務業取代高技術產業，視為一一｀｀已經興起並日益發展的股務業，將成為澳門未來經濟新興產業。＂該報告並強調指出，＂當前振興溴門經濟，首先要振興旅遊博彩業.....要發揮旅遊搏彩業的先導作用，帶動其他產業的發展＂。與前兩份研究報告相比，這份報告巳將旅遊博彩業在澳門經濟中的戰略地位大大提高了。這一判匪實際上也反映了當時虞門經濟的客觀現實。 1996年，旅遊博彩業在澳門本地生產總值中所佔比重已達43% 。不過，評論者仍然認為，｀｀區域性商貿綜合服務中心＂的定位容易被誤解為忽略了旅遊博彩業的重要地位，而商貿服務的函義亦罪得不夠清晰、準確。1997 年 8 月，《平穩與繁榮－－溴門跨世紀經濟發展戰略研究》一書面世。與前三份研究報告相比，這本書明顎將振興溴門經濟的期望寄托在旅遊博

24 彩業。該書把溴門經濟定位為．｀｀保持自由港的制度框架，加強與香港及內地的分工協作，成為國際胜的以博彩業為特色的綜合旅遊中心，並以綜合旅遊帶動整個虞門經濟的發展和社會的進步＂。該書認為，在現代社會中，旅遊業這個享有｀｀永久朝陽產業＂美譽的新興產業巳越來越展現出勃勃生機。該書實際上反映了近年溴門出口加工業日漸式微，旅遊博彩業日益坐大的客觀現實。不過，根據我們的研究，將具門經濟的主導產業全部寄望在旅遊博彩業，至少在長遠戰略上就值得磋商。深入分析溴門投資環境中的一個極其重要的侵勢，就是它作為中國南大門與香港互成椅角之勢的另一個自由港。而且，與香港比較，澳門的鏈濟腹地和所聯繫的國際市場都有所區別。溴門背靠的，是珠江三角洲西部，沿西江往西北上溯是西江中下游廣闊的經濟腹地；而它聯繫的國際層面，則以歐盟和拉丁語系國家為側重點。這是溴門獨特的、不容忽略的戰略優勢。從長遠發展戰略角度分析，澳門這種極重要的中介角色若不加以充分發掘丶利用，無論是對澳門、香港還是中國本身，都是一種重大的損失。從對上述四份有影響的研究報告或論證的剖析中，虞門在新時期的緹濟發展路向已漸次顎霹。根據我們的研究，新時期溴門在區域合作與分工中的經濟定位，必須建立在澳門具國際競爭侵勢和具戰略性潛在仮勢的基糙上，而這些優勢最重要是兩個方面＇一是溴門旅遊博彩業在區域合作與分工中的比較優勢；二是溴門的自由港優勢、區位優勢及國琮網絡優勢的結合。綜合這兩大戰略優勢，新時期溴門經濟可重新定位為：在｀｀一國兩制＂的基本框架下，維持並強化自由港的功能，在區域合作與分工中成為綜合性旅遊博彩城市和中介性商貿服務城市，並以綜合性旅遊博彩業和中介性商貿服務業這兩個產業為主導產業，促進澳門經濟結構的多元化、現代化發展，並帶動澳門螫體經濟的持續發展和社會的穩定繁榮。在這一經濟定位之下有兩個具體的發展目標：第一，成為區域內的綜合性旅遊博彩城市，即＂亞洲的拉斯維加斯＂，將溴門目前以博彩業為核心的旅遊博彩業拓展為搏彩旅遊｀渡假旅遊、觀光旅遊、文化旅遊、商務旅遊、會議放遊、

展覽旅遊互相融合及互相帶動的綜合性旅遊服務業。第二，成為區域內中介性商貿股務城市，包括成為香港、廣東珠江三角洲西部地區及周逞地區的後勤服務基地，台商投資中國內地的中轉站，連結中國內地尤其是廣東珠江三角洲西部地區和西江中下遊地區和歐盟、拉丁語系國家的國際商貿城市。中介性商貿服務業的崛興，勢將推動溴門經濟結構的多元化和升級轉型，哈整體經濟注入一股新的強大動力。這兩個目標可起相輔相承作用。從中短期看，虞門可以亞洲綜合性旅遊博彩城市為重點，以中介性的國際商貿服務城市相輔助；而從中長期看，後者的戰略地位將髓條件的逐步成熟而逐漸提高，成為推動澳門經濟發展的兩股主要動力之一。2.3. 箭時期造演練清閼係旳鎴燜定位根據本研究報告對港澳兩地比較優勢的分析以及在區域合作與分工中虞門經濟定位的研究，在新的垕史時期中，溴門對香港的經濟關係的定位可以確定為：＂發撣優勢，分工互補，良性互動，共同繁榮＂。在｀｀一國兩制＂方針的蹩體框架下，香港利溴門在政治上是中華人民共和國中央人民政府管轄下的兩個對等的特別行政區，在經濟上則在原有的基礎上加強合作，實現分工互補，共同繁榮。在新的屋史時期中，香港要成為亞洲的首要商業大都會和華南經濟區域主要服務中心，其比較優勢和整體經濟結構均在變動之中，澳門對香港的經濟關係，一方面要配合香港經濟結構的變動，充分利用香港的優勢成為其功能的延伸和輔助，另一方面，漠門亦應充分發掘及創造自身的優勢，揚長避短，突出差異，重黯出擊，以發揮對香港功能的分流和補充作用，形成良性互動，實現分工互補，共同繁榮。澳門對香港的分工互補，具體內涵主要包括·(1) 虞門作為粤港虞旅遊大三角協作區獨具特色的一個重要環節，將發展成為區域內綜合性旅遊博彩城市，即｀｀亞洲的拉斯維加斯＂ , (2) 虞門將發展成聯繫中固內地，尤其是廣東珠江三角洲西部地區、西江25

26 中下游地區和歐盟、拉丁語系國家的中介性國隊商貿服務城市；(3) 溴門將發展為中國內地與國際社會尤其是歐鹽的科技交流及轉移中心，(4) 晨門作為香港國際金融中心的輔助，將發展咸避税型和實務型相結合的離岸金融中心；(5) 虞門將發展成與香港相輔相承的高附加值製造業基地；(6) 虞門將發展成為台商投資中國內地和歐盟的中轉站，(7) 虞門以低成本和良好生活質素的佼勢發展成為香港及周逞地區的後勤服務基地；(8) 虞門將發展成香港的衛星城市一—境外的居民住宅區。在這種分工互補的合作閼係中，香港將繼續成為澳門經濟發展和現代化、多元化、國際化的推動力之一，而虞門功能的充分發揮亦將反過來有助於鞏固和提升香港的國際地位和國隊競爭力，兩者貨現良性互動，相輔相承。四．皿弧沮躋經濟分工互鏞的發厲策嚕1. 總體策略：推進制度革新，廼立良好的投資營商環境近年來，虞門的投資營商環境日超惡化，其中最重要的制約因素，是政制、法制嚴重滯後於經濟的發展，導致官僚作風嚴重，行政效率低下，法治程度低，貪污受賄盛行，已成為溴門經濟發展的重大不利因素。澳門回歸中國後，要推動經濟復甦、穩定、繁榮，加強與香港及周逞地區的經貿合作，首要的前提是建立一個良好的投資營商環境和公平競爭的市場機制。1.1. 惟行政制改孕，以節／治甑進方式紐立一個高效汀詡源、服淙丶公正曲政l在利一個非政治化丶在社會利益集崮中探椅屮立if{_/公磊貝燜制由於歴史的原因，具門政府現行公共行政架構可謂流弊叢生，主要表現為公共行政機構龐雜、臃腫，各部門之間、中央和地方行政機關之間分工不合理、職能重曇，而且缺乏統乞協調機制。這種狀況使得各部門之間權限不清或重疊，造戍互相推諉或爭相插手，導致政出多門、行政效率低下。溴門政府行政程序的

繁複，行政效率的低下，以及政策的多之、缺乏連續性，多年來已為外界所垢病，令投資者望而卻步。近年來雖已有所改善，但至今仍是溴門投資營商環境中的一大制約因素。關於這點，澳門社會已有共識，就是虞葡政府建制內的高官亦深有同感。其中一位高級官員就私下表示，溴門政府目前機構太過龐大、籃腫，職能重疊，不儸對溴門經濟發展不利，而且令現行禋濟也難以長期負膽下去。另一位具影響力的在虞葡資企業的前負責人亦表示，溴門現行的官僚制度無法吸引外資到虞門發展離岸金融業務。因此，虞門政府現行行政架構和公務員制度的改革勢在必行，繼續維持現狀已行不通。香港回歸後，為適愿垕史性的轉之，在公務員制度改革方面已邁出重要步伐，改革已成為曆史潮流。因此，澳門特別行政區政府思把握九九回歸這一難得的歷史契機，在碓保政權交接平穏過渡的大前提下，以循序漸進的方式去推行制度改革，以開拓一個嶄新的政治、經濟局面。虞門在政制改革中，可借鑑香港的成功經驗。事宣上，虞門《基本法》的制訂，巳在某種程度上參考了香港《基本法》的模式。在行政架構和公務員制度方面，香港有不少成功的經驗，香港政府的綜合表現，已連續五年(1994年至 1998 年）被瑞士洛桑國際管理學院 (IMD) 在競爭力年報中評為全球第二位，27 僅次於新加坡，香港公務員隊伍的總體質素亦被國際稱道，這些都值得澳門借鑑。誠然，也應該承蒭，溴門的情況與香港有很大的差別，其現行行政制度主要由葡圍政制演之而成，與香港現行的政務官制度不同；其法律體系亦淵視於歐洲大陸法系，而非香港的海洋法系。因此，澳門政府行政架構的改革厄在借鑑香港成功經驗的同時，根據虞門本身的曆史和實際情況穩步推行，形成具有虞門特色的模式。當然，最終目標是要建立一個高效、精簡、廉潔及公正的政府以及一個非政治化，在社會利益集回中保持中立的公務員體制。1.2. 推打法制改祁，紐立一個現代化前法往胆系打l公 'I' 、公正前江治隕樟，實行"以法治泅"

28 虞門投資營商環境中的另一重要制約因素，就是虞門法律體系，尤其是商業及經濟法律體系的現代化、國際化程度低，法治程度不高，公平競爭的市場環境尚未形成。就以具門的《公司法》為例，溴門現行的《公司法》是以1888年《蕾萄牙商法典》和 1901 年《有限公司法》為藍本，許多條文早巳不符合一百多年後的現代澳門社會，就是葡國本身亦於 1986 年重新領佈了新的《公司法》。 1990年，虞門政府曾對原有的《公司法》進行修訂，可惜事隔多年仍未能在立法會通過、生效。又如溴門現行的物業轉移税、遣產税等，未能髓社會經濟的之遷而作出相愿的修訂和調整，造成現代商業交易中的極度不便。另外，溴門的法律均使用葡語，而非國際上通用的英語，溴門的律師亦一直以葡國人彧土生葡人為主，故外商在涉及法律問題時，要繞過翻譯等程序，往往使時間拖延，霉致商業貿易上的延誤，而法院方面則每年有長達三亻目月的暑假，這對於不停運作的商業活動來説影響極大。值得指出的是，虞門長期以來所形成的｀｀華洋共處分冶＂的局面，使得從萄园延伸過來的整套法律制度從未能植根於晨門社會，加上現行法律嚴重滯後於經濟的發展，使得螫個社會的法治程度不高，很多問題往往需要靠人際閼係去解決，貢際上缺乏一伺公平、公正的法冶環境。踏入過渡時期，糙着法律本地化的推進，情況雖已有所改善，但問題仍然不同程度地嚴重存在，成為制約溴門投資營商環境的一個重要因素。因此，虞門特區政府成立後，愿纘續致力於推動虞門法律體系，尤其是商事沄律的本地化、現代化和國辭化，借鑑香港及鄰近地區的做法和經驗，使之符合溴門當今的經濟發展情況，並有利於促進溴門與香港及鄰近地區的經濟交往。部份法律，如＂物業轉移税法＂在修訂時，愿考慮到有利於簡化立契程序，提高立契效率，以改之目前晨門立契程序複雜、緩慢的問題。為有利於吸引外商投資者，有閼法律法規愿盡量做到中、英、葡文並用，以符合國際通行的慣例。當然，建立一佤健全、完善的司法體制和公平｀公正的法治環境，更是其中不可或缺的重要環節。法制改革的目的，是要建立一個高度法治的社會，一切依法辦事，實行以法治溴。

1.3. 建立有效{/lj監察槭制， iJl幣警隊，!/!)'行反貪倡廉，徹底改，笠治安項犏長期以來，溴門政府缺乏一套行之有效的監察機制，導致內部資源浪費，個別部門尤其是紀律部隊中的害群之馬貪污受賄盛行，對日益猖獗的里社會勢力打擊不力，社會治安環境日趨惡化，已成為澳門投資營商環境中另一蹋目的制約因素。在虞門，專責反貪污及反行政違法的機構是反貪污暨反行政違法性高級專員公署。早在80年代，受到香港及鄰近經濟高增長地區反貪倡廡的影響，虞門社會對設立反貪機構的呼聲日滸高漲，然而反貪公署逞至1992年才正式成立。該機構由於受到葡國憲法的限制及其他種種原因，明咢先天不足，其組織架構、人員繯制及權限均受到很大的制約，因而實際成效有限。該署成立以來，政府架構中，尤其是某些纪律部隊中，貪污受賄之風仍然盛行，這已成公開的秘密。反貪公署因而被民間稱為＂無牙老虎＂，其工作側重點亦集中在行政申訴方面。對此，首任高級專員薛克在公署咸立之初已承認．｀｀長期以來，在虞門人的意念中的反貪組織是一個類似香港原政公署的機構＂，但溴門的＇｀立法者從未打算設立一個具有香港龐政公署特點的機構＂，這使得反貪公署作為＂一個規模甚小的機構，既無特別的楣力亦不具備條件在其領域施展，以回應經常囷擾當地居民的一些問題＂〔註 1 〕。薛克的分析可説－針見血道出反貪公署難以取得成效的重要原因。因此，澳門特區政府成立後，德致力於建立有效的監察機制，可根據《基本法》的有閼規定，借鑑香港的成功經驗，並根據虞門的歷史和現實情況重祖審計署、簾政公暑、海關等部門，重整警隊形象，厲行反貪倡廉，嚴厲打擊里社會犯靠活動，從根本上改善澳門的冶安環境。2. 加強港澳經濟關係的具髖對策2.1. 加強對香港及周追地區約宜餠推介，，Ttl/Jl!涙門形象長期以來，香港及周逞地區對溴門的印象，主要是一個賭城，有着薑冨夜註 1 荳料來源 戾食污匿反行政迢法性高统蓴旦公署 1992 年報29

30 生活的＂東方蒙地卡羅＂。前兩年，日本福田顧問有限公司董長福田就表示．對日本人來説，晨門只是一個旅遊城市，從來不是一個投資對象。這是一穩對溴門的明閂誤解。近兩年，虞門治安環境日趨惡化，黑社會勢力日益猖獗，嚴重暴力犯舞案件頻頻發生，溴門作為旅遊博彩城市的形象亦隨然失色，甚至被視為東方"西西呈島＂，香港及周逞地區的旅客已盡量減少到虞門旅遊，更遑論到虞門投資營商。因此，裊門特區政府成立後，除了要花大氣力改善虞門的投資營商環境外，還要組纖力量有針對性地對香港及周逞地區宣傳推介晨門投資營商環境的侵勢，重整戾門的對外形象。虞門特區政府對香港的宣傳推介，愿主要集中在以下方面：(1) 虞門投資營商環境的比較優勢。這可增強香港投資者對晨門投資營商環境的全面認識。(2) 新時期溪門經濟的發展路向和長期發展戰略。這可使香港的投資者認識溪門經濟發展的中長期方向，做到心中有數。(3) 新時期港具經濟罌係的總體定位。這可強調溴門與香港的分工互補關係，讓香港商人腮識溴門的商機。在宣傳推介的方式上，除了可通過報紙、電視廣告、召開投資介綹會、設立諮詢中心，在互聯網上設立相關網頁之外，可借鑑新加坡在香港電視台大登廣告的做法，並充分發揮溴門貿易投資促進局的功能，定期組回到香港推介宣傳，鼠香港及周逞地區充分認識溪門投資營商環境的優勢，扭轉錯誤的觀感，重整虞門的形象。2.2. 大力發展＇，亞洲約拉斯維力11斯II I /JI/強浩涙耐地旅遊l蓴彩菜曲分工互補拉斯维加斯是短缺資源的城市，但在政府政策的鼓勵和有效的監督下，以博彩業帶動脈遊娛樂業和整體經濟的發展，成為當今世界著名的綜合性旅遊搏彩城市和國際會議、展覽中心，在沙漠上創造了一個經濟神話。虞門要發展戍｀｀亞洲的拉斯维加斯＂，加強與香港旅遊業的分工互補，具體策略愿注意如下幾點

(1) 檢討改革現行的博彩專營制度。，臭門現行的博彩疇營制度對博彩業起步發展具有積極作用。然而，經過30多年來的實踐，其弊端亦已逐漸暴露，諸如使澳門博彩業經營出現鬟斷因素，造咸博彩業經營保守，傳統色彩過濃，設施陳舊，在區際及區域的競爭中逐漸落伍等問題。相比之下，鄰近地區則相繼放寬禁令，引入競爭機制，發展賭業，已對溴門博彩業構成了相當大的沖擘。目前，虞門旅遊娛樂公司的博彩專營合約將於2001 年屆滿，溴門特區政府成立後，面臨的一項重大經濟政策，就是重新檢討改革現行的博彩專營制度，這可以説是未來特區政府在制定整體經濟政策時必須鱧及而無法迴避的一項帶有根本性的決策。這一決策對於溴門能否發展成＂亞洲的拉斯維加斯＂有重大的影響。無論是誓時維持博彩專營制度還是適時引進競爭棍制，新的博彩監管制度厄有利於推動溴門博彩業積極引入現代化管理，更新博彩設施，發展高科技博彩娛樂事業，提高服務質素，創造一個文明、健原、舒適、安全的博彩環境，以增強對區內及極際遊客的吸引力。倘若條件基本成熟，應適時引入競爭機制，吸引區際資本投資溴門博彩業，以提高溴門博彩業的國際競爭力。(2) 積極讎求與香港特區政府就博彩業政策達成默契或諒解。 80 年代後期以來，香港已有越來越多的大型豪華賭船遊弋公海，對溴門博彩業構成正面的競爭，形成很大壓力。目前，香港巳有與論贊咸開賭，香港著名的政經評論家林行止就認為：當年港英政府不開睹，＂有其深層的政治原因，即擔心會對虞門構成致命打擊，可能導致葡萄牙提早交還澳門綹中國，從而影響香港的地位。髓着英圍在1997 年從香港撤退，香港開賭的時機已經成熟＂。這雖然會令虞門經濟更加固難，但｀＇救香港遠較救具門重要，何況溴門可利用地理但勢，與深圳、珠海聯成一片，合作發展勞工密集工業。退一步看，公元2000年後，溴門和香港同為中回國土，從國際聲譽角度看，在香港或虞門開睹對中固的影響是相同的＂〔註 2 〕。在目前香港經濟低迷之隊，這種觀點相信頤有市場。一旦香港開賭，對澳門的旅遊博彩業和整體經濟的打擊將相當深遠。註2 貢祠來譚 1998 年 12 月 23 日香港佶芸31

32 因此，溴門特區政府成立後，愿積極與香港特區政府就兩地博彩政策進行磋商協調，爭取香港特區政府繼續維持不開賭的政策。香港不開賭，可以説是香港特區對溴門經濟的最大支持和配合。事實上，香港作為國原商業大都會，開賭貢有損其聲譽，港英政府時期尚且堅持不開賭政策，回歸中國後更沒有理由開賭。在賭船問題上，港澳兩地特區政府可透過協商以適當、可行的方式解決。溴門特區政府可向香港方面建議，仿效新加坡的做法，訂立新的海事條例，規定限制自香港開出而沒有明確目的地的船隻數量，同時限定在36小時內不准駛返香港，以杜絕賭船活勳。與此同時，溴門方面亦應重視維持香港在賽馬方面的利益，不要因小失大。雙方可就博彩業政策達成默契或諒解，以平衡兩地的利益閼係。(3) 配合香港旅遊業的發展新態勢，加強對澳門蜃史、人文等旅遊資源的深度開發，致力將澳門延設成為具歐陸風情的亞洲旅遊渡假中心。旅遊業向來都是港澳兩地經濟的重要支柱。近期，香港特區政府已宣佈採取連串措施振興旅遊業，包括重建海洋公園、興建漁夫碼頭和郵輪碼頭等，其中最為嗣目的，就是與國際著名的主題公園營運者美國迪士尼公司達成初步意向，在香港興建迪士尼樂園。假如這一龐大計劃得以實現，由於迪士尼樂圜將現代科技和文化、趣味、遊覧、休閒等融匯一體，對家庭式的旅遊將有積榎的推動作用。這將成為溴門發展旅遊博彩業的一股新動力。澳門要爭取這批遊客讓道前來旅遊，就必須加強對溴門潛在的歷史、人文等旅遊資源的深度開發，要充分利用溴門在歷史上曾是中西文化交匯的樞紐，具有｀｀博物館＂式的城市風貌和豐富歷史文化這產的優勢，突出溴門作為亞洲的｀｀歐陸小鎮＂的特色。在發展策略上，溪門應加強整體城市的發展規畫lj, 對具有歷史價值的以西启一蟻事亭前地一大三巴牌坊一綫為主軸的歷史古城區加強保護、重建工作，強化其南歐風格和休閒情調。地產業的發展亦愿避免學香港興建格調單一的高樓大反，應發展歐陸特色的建築。與之相配合的，可創建髓國風味食品街、步行街、土風舞表演亭、葡語短期培訓班，進而強化溴門在粤港

虞旅遊大三角中的特色和差異。另一方面，虞門在繼續辦好現有的國際性文化活動，如國際音樂節、國際藝術節、格閤披治大賽車、國際煙花匯潰、國際龍舟賽的同時，厄重點興建一些小巧玲瓏的、具豐富文化內涵的主題景點，致力將澳門建設為具歐陸風情的亞洲旅遊渡假中心和中小型國際會議、展覽中心。(4) 加強粤港澳大三角旅遊區的合作協調。澳門回歸後，溴門與廣東的經濟合作無疑將進一步加強，而溴門與珠海的合作將成為其中的重心。目前，珠海市已初步規副將毗鄰溴門的橫琴島開發為｀＇區際特別脈遊區＂。根據規劃，橫琴島的開發將以旅遊業為龍頭，綜合發展商貿、飲食、金融、房地產等行業，而旅遊業的開發將突出海島特色，以｀｀中西文化交匯＂為主題，向渡假、休閒、娛樂、會展、購物等全方位發展，成為一個國際性的、綜合性的旅遊區。橫琴島的開發無疑有利於澳門打破地域狹窄、資源短缺的局限。因此，溪門愿積極加強與珠海的合作，硏究聯合開發橫琴島的可行性，使澳門旅遊博彩業的發展與橫琴島開發配合銜接，以避免形成正面競爭，達到相互補充、相得益彰的效益，將虞門興建成粤港溴大三角旅遊區中獨具特色的一個不可或缺的重要環節。溴門還應充分發揖1993 年由粤港澳三地官方或半官方機構成立的＂珠江三角洲旅遊推廣機構＂的功能，辦好＇｀粤港澳大三角脈遊區＂。粤港溴三地愿形33 成各自的旅遊特色，將｀｀購物天堂＂與＂搏彩勝地＂、｀｀歐陸小鱭＂以及＂南粤 一風情"結合起來，形成分工互補、互惠互利的旅遊路綫，共同提高競爭力和開拓新的旅遊市場。 1999年，是澳門回歸年，中央政府應適當放寬內地居民到虞門旅遊的政策，簡化有關的手續，利用九九回歸熱潮刺激溴門旅遊業的復甦。為促進粤港溴大三角旅遊區的發展，中央政府愿適當放寬跨境旅遊的限制，鼴｀｀臭門遊＂的內地居民可到香港旅遊，以推動澳門旅遊業的進一步發展。2.3血l強泅門與歐盟、拉」．語國家的鍊貿、文化聨繫，將涙門建咸聊縶歐盟｀拉丁語系鬪家打l中同的槁樑以及中介性國際商貿城庫。溴門具有400 多年東西方經濟、文化交流的歷史，長期以來—直與國際

34 社會，尤其是歐盟及拉丁語系國家和地區保持悠久的經濟、文化等方面的閼係。由於葡萄牙的關係，晨門在歐盟長期享有特定的貿易優惠。 1991 年，具門成為歐洲共同投資伙伴組纖(ECIP) 成員， 1992年，溴門與歐盟簽訂在貿易與合作上的優惠協議（該協議將跨越 1999 年），同年，歐盟在虞門設立｀｀溴門歐洲資訊中心＂，這是歐盟在亞洲設立的第一家同類機構，該中心的宗旨，是致力加強歐盟與亞洲，尤其是中國在經濟、貿易和文化等領域的合作和資訊交流。溴門歐洲資訊中心除了推廣歐洲共同投資伙伴計劃外，還於1998年推廣亞洲投資計劃，目的是推動歐盟及亞洲中小型企業的合作，提供信息予有關企業去了解市場新動向，辨別合適的合作伙伴，並提高歐盟在亞洲的形象。髓着九九回歸的逼近，晨門作為歐盟與亞洲地區尤其是中國的橋樑的戰略角色日益突頷。近期，歐盟知名人士委員會已正式向歐盟總部遞交了一份鸚於1999年後歐盟與虞門閼係的報告書，該報告書認為臭門在21 世紀的歐盟與中國關係中將發揮積橙作用，建議歐盟採取一系列更加積極及一致的對溪戰略。而日本、台這等亦在積極探討如何利用溴門發展對歐盟的經貿關係。日本駐香港領事館近期正積檯了解硏究虞門的經濟和社會情況，據了解，與美國關係密切的日本方面認為，溴門對於日本積極尋求透過第三者發展與歐盟關係具有巨大的潛在償值。因此，溴門要實現與香港的分工互補、良性互動，愿充分利用這一優勢，爭取發展成為亞洲囤家和地區，尤其是中國與歐盟、拉丁語系國家的橋樑和中介。具體的策略是：(1) 積極推動與歐盟、拉丁語系國家和地區蓮立常設的、多層次的聯繫機制。溴門應吸取香港回歸的縫驗和教訓，積極加強而不是急於削弱與葡萄牙及歐盟和拉丁語系國家的聯繫。近日，葡萄牙總統沈拜奧在接受記者訪問時已表示：葡萄牙將在溴門設立領事館，這將是該國在全球最重要的領事館之一，葡文學校、東方葡萄牙學會亦將會在新的框架內展開活動。 1999 年3 月，溴督韋奇立訪問歐盟時，已就溴門與歐盟互設代表處達成協蟻。而根據中葡聯合聯絡小組的決議，溪門回歸後將可以繼續作為葡語國家都市聯盟的咸員展開活動。該聯

盟包括歐洲的葡萄牙，南美洲的巴西，非洲的安哥拉、莫桑比克、幾內亞比紹、佛得角、聖多美及普林比西等，擁有2億人口的龐大市場。澳門回歸中國後，恩積極及充分地利用這些現有的渠道，並推動落實與歐盟以及巴西等，互設代表震，建立及強化雙方的常設聯繫機制。目前，歐盟在澳門巳設立不少戰略性的椴構，包括1992 年成立的溴門歐洲資訊中心、 1996 年成立的澳門歐盟一中國企業家俱樂部等等，虞門愿積極、充分地發揮歐盟在虞門設立的這些機構的功能，並採取優惠措施爭取歐盟在虞門繒續設立更多的不同功能的機構，將澳門發展成獸盟進軍亞洲尤其是中國的中轉站。(2) 爭取將澳門這成歐盟與中圍的科技交流及轉移中心。虞門作為歐亞兩大洲科技交流和轉移中心的角色，在1998年4 月上旬舉辦的｀｀尤里卡計副［會合］亞洲＂的活動中，業已經開始突顆。該項活動可説是歐盟舉辦的歷屆尤里卡活動中參加的企業及人數最多、規模最大的一次，共有568家歐、亞兩大洲的科研機構、大學和企業，逾1000名代表雲集虞門。具中， 433 家共855 入來自中國內地24 個省市， 102 家共 148 人來自歐洲 15 個國家。活動期間，中國科學技術部部長朱麗悶與葡萄牙科學技術部部長賈比利簽暑了有閼科技合作的聯合聲明，決定每兩年在澳門舉行一次｀｀尤里卡一—亞洲＂國際技縉合作會蟻。這種安排可以説為澳門成為歐亞兩大洲的科技交流及轉移中心提供了初步的框架。據了解，歐盟還計劃建立歐盟—－虞門一—中國資訊共享系統，借助先進的信息高速公路建立起歐洲與中國相互進入之路。澳門回歸中國後，應積極推動這些計副的貫徹落實，並利用現有兩條連接香港的微波系統兩條通往廣東珠江三角洲的光纖電纘及已投入商業服務的互聯網國辭信息網絡，推動澳門資訊業的發展，借此向中國內地及亞洲其他國家和地區提供有關歐盟、拉丁語系國家的經濟、貿易、市場、科技、法律等方面的信息，同時也將中國內地的有關信息反饋給歐盟，成為歐盟與中國內地資訊網絡的連接點。(3) 積極發展成為亞洲的蕭語培訓中心。澳門的歷史和社會在歐亞文化交流方面具有量富的經驗，除了約有3%的人口精通雙語外，溴門實際上是一個多35

36 語言的地區。虞門有10多萬華人和土生葡人持有葡萄牙鸌韶，在1999年後可隧時進出歐盟15 儘圍家，與歐盟與拉丁語系國家保持着獨特的文化往來。因此，虞門回歸後，愿繼續積極致力使虞門發展成亞洲區內的葡語培訓中心，培訓葡語人才。這一時期葡語的作用不僅是繼續作為溴門的官方語言之一，更重要的是作為中國加強與葡語系國家和地區錴濟、文化聯繫的紐帶。為此，虞門應積極採取一系列有效措施，包括挽留蔔語人才、創立葡語培訓學校、在大學強化葡語教育等等。與此同時，虞門也可以成為歐洲學者和商人以及計劃進入華南地區的歐洲人士學習中文的地方，成為歐亞語言交流中心。虞門如果能在上述方面實旃有效政策達致目標，則可建戍為歐亞兩大洲經貿、文化聯緊的樞紐。這種發展態勢將可吸引大批中國內地、香港、台這以及亞洲其他地區的資本和企業進入澳門，發展對歐洲和拉丁語系匭家的中介性的商貿服務業，進而減低溴門對香港的經濟依賴程度，推動雙方建立一種分工互補、良性互動的發展模式。:z...t./J/1強港涙間／位科技合作，惟鼐泅門襲造業的升级悼麂80年代後期以來，溴門作為發展勞動密集型出口加工業基地的比較優勢逐步喪失，主要表現為生產成本，尤其是勞工薪酬和廠房租金不斷上升，使得製造業的逞際利潤大幡下降，大批廠商逐步將勞動密集型工序咸產業轉移到廣東珠江三角洲地區，使得虞門的製造業日漸萎縮，據統計， 1997年製造業在澳門本地生產總值中所佔比重僅為8.3%, 其中八成半以上是紡織製衣業。現在的問題是，維持溴門製造業（其中主要是紡織製衣業）得以生存發展的其中一個重要因素—紡纜品配頵制度將在2004年後最終取為，溴門製造業的生存發展已面臨嚴峻的考驗。目前，溴門工業界已積極呼籲政府和社會推動製造業的升級轉型，其發展方向是採取改造傳統產業及扶植新興產業的發展策略，從＂數量型＂的發展轉向｀質量型＂的發展，一方面盡可能利用先進技術、先進管理來改造及提高現有的

傳統產業重點是紡織製衣業，以靈活快速及不斷求髮進取方式，透過提升產品質素、檔次和技衍含量及附加值，逐步向｀｀小批量＂、＂多樣化＂、＂精品化＂的方向發展，另一方面，要調動各方力量爭取短期內進行重點突破，積極扶植若干新興支柱產業，發展一批既有市場需求又符合澳門客觀環境，具有中等技術及資本密集的工業項目，例如光學電子產品、資訊技術周遏產品、食品加工、生物製藥等，投資的規模可大小並舉，祇要有一些成功的案例，就會對虞門工業轉型產生積極的推動作用。鈿論是改造及提高現有傳統產業，還是積極扶植新興產業，都需要加強與香港、中國內地的合作尤其是科技方面的合作，充分發揮各方的優勢整合。其中，在改造和提高現有傳統產業方面，鵬鍵是提升紡織成衣業的附加值，建咸與香港相配合的第二個成衣中心。據專家估計， 2005 年全球紡織品配額取消以後，紡纖品貿易仍將受到各國貿易保叢主義的制肘，存在着各種無形的限制，而且世界成衣消費模式正發生明顯的轉髮，需求向品質、潮流以及基本衣着雨個極端發展，處於中檔的傳統類型成衣市場則嚴重萎縮。這種態勢，使得香港、虞門等地的高附加值成衣業仍有發展空間。澳門製衣業的技術水平與香港相若，但生產成本僅為香港的一半，而且有較彈性的勞工輸入政策。因此，溴門可以在新的歷史條件下，憑藉着這些有利條件，吸引香港的大型製衣廠商到虞門投資設廠，或與澳門同業結成伙伴鬪係，引進香港的資金、技術、先進管理經驗和市場喎絡，提高澳門紡織製衣業的國際競爭力。為配合這種發展，澳門特區政府應在這方面提供相匯的侵惠政策，如纘續發展聯生工業村這類工業基地，緡縉實行更具彈性的勞工輸入政策、積極發展相閼的配套設施，使溴門成為與香港相輔助的另一個成衣中心。在積極扶植新興產業方面，虞門更愿加強與香港及中國內地的科技合作。目前，香港特區政府已制定長遠的科技發展策略，專門成立了以前美國加州大學柏克萊分校校長田長霖為主席的創新科技委員會，並探取一系列措施，積極推動香港製造業的升級轉型。澳門可通過與香港合作，充分利用香港的先進科技成

38 果，將香港高科技中適用於溴門製造業的技術、工藝、產品移植過來，推動新興產業的發展。這方面已有成功先例可循，如近年香港華閩集回與溴門寳盛集圜合資在虞門開設的企業，所生產的光學晶體產品，包括晶體材料、高精密度光學原器件、小型激光器等，在匡際市場就巳有良好銷路。1.5. 加強浩涙地産建築業／汐合作協調根據香港政府的數據，目前香港總人口巳達650 萬人，超過 150 萬個家庭，其中，僅有約 50% 的家庭擁有自置居所。而櫻價的持續高企，使相當部份市民餌力購買住房，巳成為一個突出的社會問題。這些都嚴重地制約着香港經濟的發展。亞洲金融風暴後，香港的房地產價格雖然巳大幅下調，但考慮到香港政府一度暫停賣地，地産發展商場紛紛放緩地產發展的步伐，因此未來一段時期龐大人口對地產的需求仍存在着較大的壓力。另＿方面，溴門房地產因前幾年過度發展，空置了大量樓宇單位，空置數目保守估計約四萬個，令晨門地產建築業陷入空前低述的困境。目前，虞門的住宅樓宇價格僅為香港的15-20%, 生活費用也只是香港的約40%, 溴門的社會制度、風俗習慣均接近香港，醫療設施完善，生活條件甚至優於香港。港屋來往交通程度與香港島到新界屯門、大嶼山相若，船程儸一小時。如果溴門能吸引香港部份退休人士和新移民來虞購房居住，不僅可以解決長期困擾虞門經濟發展的房地產資金積甌問題，而且可以相愿紓緩香港社會房屋壓力，穩定香港住宅價格，對於提高香港的國際競爭力，促進經濟的持續發展也有積極作用。要加強港虞兩地在這方面的合作，虞門方面應採取一系列促進措施，主要包括．(1) 解決港人在溴門的居留權和進出溴門的問題。歷史上，港人曾積極投資溴門，其中一個重要原因就是港人進出具門方便，不受限制。 1989年和1991年，虞門政府先後兩次修改來溴投資居留法，對港人在虞居住採取了一定的限制措龍，這對港人到虞門居留、投資有不利影吉。特區政府成立後，可考黥取消有關限制，以利於港人在溴居留和進出境的便利。

\ (2) 改善港澳兩地交通狀況，減低交通費用。港溟目前的海上客遲已十分發達、方便，但是如果香港居民在澳門買樓居住，往返港溴船費仍是一筆較量的負擔。可考慮港澳兩地的客運服務實行月票優惠，降低往返兩地的船費。同時，亦可考霞興建橫跨香港、澳門和珠海的跨海大橋，港溴可以直接駕車來往，這榨將大大改善港溴兩地的交通，刺激香港居民到虞門買樓居住的意欲。(3) 健全房地產法例，簡化地產交易的手續。溴門愿借鑑香港的成功經驗，健全房地產發展和交易的相關法例，以保障投資者、消費者的利益，尤其需對一些涉及房地產交易的法律，諸如《物業轉移税法》等進行修訂，簡化立契程序，提高立契效率以改之目前溴門立契程序繁複、緩慢，收費偏高等問題。(4) 溴門住宅的配套設施要相痘完善。澳門的房地產要對港人有吸引力，除了價格因素外，其他配套設施愿相厄跟上，諸如良好的醫療、教育設施等等。例如興辦高質素的區際學校，不但可以吸引港人到虞門定居，而且也可吸引一些地區總部設在香港的跨國公司把邰份後勤服務遷往虞門。(5) 和香港有閼方面配合大力進行推介工作。澳門特區政府的官方或半官方機構可祖襪房地產商到香港進行推介工作，如與香港貿易發展局聯合舉辦溪門房地產展銷會，使香港居民對溴門的地產樓宇質素、價格、配套的生活環境有全面、深入的認識。2.6. 加強泄演兩地金融業(t/_J合作協調加強港澳兩地金鼉業的合作協調，首先要加強澳門貨幣暨匯兑監理署與香港金融管理局的合作協調，由於港虞兩地金融關係噩為密切，澳門的貨幣發行與香港都採取｀｀貨幣發行局＂的制度，且溴門幣與港元掛鉤，溴門外匯儲備中相當部份為港元，流通最廣泛的貨幣又是港元。因此，溴門貨幣暨匯兑監理署應積極主動與香港金融管理局建立緊密的聯繫渠道，就彼此的貨幣政策、利率走勢等有關問題進行磋商，互通信息，增強虞門防禦金罷風險的能力和警覺性。虞門愿與香港積極配合，盡快立法監管金融投資公司，堵塞香港外匯公司為逃避香港法例39

40 管制而來具經營的贏洞，制訂票據結算法及完善鐙行業風險管理的機制，做好防止金融危機衝擊的準備，以保持虞門金融業的穩定發展。從長遠的角度來看，髓着港溴經濟的一體化，港虞兩地可考崽實行單一貨幣，這不僅可有效地烕低虞門金融體系可能面對的風險，有助貨幣的穩定，而且也可大大降低兩地貨幣轉換的成本，並加強兩地的經濟聯繫。加強港溪兩地金融業合作協調的另一方面，就是充分利用香港這一國際金融中心的有利條件，發展溴門的離岸金融業務，咸為輔助香港的離岸金融中心。目前，國際上的離岸金融中心大致有三類，一是內外分離型，即國內金融市場與離岸金融市場完全隔離，離岸業務只限於非居民交易，美國紐約、日本東京是這一類的典型，二是內外融合型，即國內金融市場與離岸金融市場完全醣合，居民與非居民在金融市場上可自由交易而不受限制的，英國倫敦、中國香港是這一類的典型，三是避税型離岸金融中心，即國際金鼉機構的註冊所在地，只發撣記帳中心的功能，而不進行實際業務，百慕達、開曼、巴哈尼靄這一類型。虞門作為香港國際金鼉中心毗鄰的微型經濟，實難以發展成另一國際金融中心，與香港形成正面的競爭。然而，溴門與香港一樣，都實行自由經濟政策和自由港政策、簡單而低税率的税制，沒有外匯管制，而且在政策上比香港更加寬鬆且具彈性。因此，虞門有條件發展為避税型離岸金融中心。而且，與百慕達、開曼等不同，虞門金融業實際上巳有相當比重的貿捺離岸業務在操作中，虞門可以利用香港的優勢，作為其功能的廷伸，發展戍避税型與實務型相結合的離岸金隨中心。在這方面，虞門要爭取的目標，主要有兩類，一是全球各地設在香港的離岸金融機構，虞門可以租金及勞工成本低、政策更寬鬆去吸引，二是東南亞諸區的閼籍華僑開設的金恩機構，以配合虞門作為台商投資中國內地中轉站的態勢，服務對象則以鄰近的中囯內地特別是廣東珠江三角洲西部地區以及福建省等的三資企業為主。為配合這一發展，虞門除積極改善營商環境之外，在政策上應加快修訂離岸銀行法，對離岸金融業務實行寬減税務措施，加快引進國際性金融機構來溴發展，擴大並改善供款和鼉資渠道，逐步建立資本市場。

` ·--此外，澳門還應該利用香港的優勢，培訓本地金融人才，提高金融業的經營管理水平。香港是國際第四大銀行中心，匯聚了大批高質素的金融管理人才，金薏業的經營管理已具備國際水平。虞門金蘢業應充分利用香港這一優勢，透過引進人才、加強本地員工培訓等種種措施，提高自身的經營管理水平，引進金融新產品，增強金融業的實力，這樣反過來亦有利於進一步鞏固香港金鼉中心的地位。2.7. /JI/強港、演兩地與內地交通基礎詆施前合f「協調，強化涙!'1自山港功徒溴門要成為香港國際商業大都會功能的延伸、輔助、分流和補充，其中的閼鍵是要充分發揮其自由港的功能。長期以來，溴門因為缺乏深水港和國隔機場，自由港功能受到嚴重制約。囍着溴門國際機場的正式啟用通航，制約因素巳集中到深水港以及溴門與內地的貨運設施方面。當初，溴門興建九澳港時，就有兩徊明確的目標，一是取代內港在貨櫃方面的業務，成為澳門貨櫃及燃油專業研頭，二是與機場和計劃中鐵路相結合，實現澳門作為珠江三角洲西部地區主要轉口港的構思。然而，目前的九溴港未能做到這兩點。因此，愿迅速展開九虞港第二期工程，將九澳港浚深至7-9 米，可停泊5,000噸貨輪，以適愿發展需要，並為建設更大暱位的深水港奠定基礎。然而，由於九虞港的選址存在先天不足的問題，要作根本性改善難度很大。為此，曾有顧問公司提出一伺方案，擬在九虞港離岸十多公里海面興建一人工島，在島上興建深水港，在附近海面設立配合珠江三角洲內河航運的中流作業碼頭，人工島港口預計水深可達17 米，並與國際航道直接相通。根據該方案，此舉可強化澳門自由港的中轉功能，其服務範回可涵蓋珠江三角洲西部以至西江中下游地區。另一種設想就是加強與珠海方面的合作，在得到中央政府同意的前提下，將珠海部份具備條件的島嶼撥歸溴門興建深水港，或澳珠合作興建深水港。當然，這個問題難度較大，宜專題研究。在深水港興建過程中，可考霨引入香港貨楫瑪頭業的財回，以利澳門貨運客戶和網絡的拓展。41

42 在改善虞門與內地貨運方面，可從水路、公路、鐵路三方面着手，通過與內地有閼方面協商，重開前山水道，恢復前山河至西江的航運。同時，要加速京珠高速公路和廣珠鐵路的建設步伐，並將其延伸到溴門，徹底改善溴門與珠江三角洲乃至中國內地的交通運輸聯繫，發揮和強化虞門自由港的功能，強化溴門作為中國內地與歐盟｀葡語圉家和地區的｀｀橋樑＂和＂中介＂的地位，將澳門建設成中介性國際商貿股務城市。至於謨門與香港在交通基礎建設方面的合作協調，從中短期來看，主要是改善港溴兩地的海路客貨運輸，降低運輸成本。在客運方面，一是要考慮降低票價，增設船票種類，如月票、每月多次往返票、學生票、侵惠商務票等；二是要加強瑪頭與機場、關閘的交通銜接，可在瑪頭與機場、關閘之間開設巴士專纜，考慮興建機場瑪頭，使乘客可直接從澳門機場乘船到香港，還愿簡化機場和瑪頭的出入境手續，開設港入專用出入境通道和月票通道，為經常來往港溴的客人提供更多的方便。從中長期看，閼鍵是協調解決伶仃洋跨海大橋問題，當前的主要爭論有兩點．＿是大橋於西岸的落腳點是單純選擇在珠海，還是逞揖珠海與溴門兩個落腳點，或是另遲港，奧大橋，二是大橋於東岸的落腳點是還擇在屯門燝角咀還是大嶼山。由於此一大型基建項目牽涉到香港、溴門與內地的不同利益。因此，崽由中央政府出面加強協調，以利於三地經貿鵬係的良性互動。2.8. 建立香泄丶涙門與內地多眉次協調嚴制香港、溴門相繼回歸祖國後，香港與晨門之間，港溴兩地與中國內地尤其是廣東珠江三角洲地區之間的經貿齶係無疑將更加緊密，地區內經濟一體化的趨勢將更為明顎。然而，根據｀｀一國兩制＂的方針，香港和虞門分屬中華人民共和國中央人民政府轄下的兩個特別行政區，香港、溴門與內地亦分局不同的社會經濟制度，彼此之間在貿易、投資、金醣、運輸、勞務、人員往來等各個方面都存在着錯綜複雜的利益關係，中國內地各省市、各部門之間在對港具的經貿關係上

--亦存在着不同的利益關係。現時，國務院港澳事務辦公室的職能主要是協調雙方的關係，因獲授權有限，還未能完全起到全盤考震、统＿指揮和統亡協調的作用。因此，要推動香港、溴門與中國內地的經貿關係互補長短，共同發展，在進一步發撣國務院港澳辦的協調功能的同時，愿由中央政府出面，設立一個強而有力的，由一位相當高級別的官員負責主持的專門機構負責統二協調。香港和虞門兩個特別行政區政府之間亦應建立聯繫協調的渠道和椴制，可考慮設立政府級具權威性的、有商人和學者參加的協調機構－港溴經濟協調委員會，由雙方高級官員出任協調委員會的負責人，定期舉行會晤，就兩地經濟合作的長期計雷和宏觀問題交換意見，磋商協調。該委員會可下設具體專責機構，諸如現巳成立的粵港、粤吳大型基建協調小組等，採取有效措施，專責處理港澳兩地間的社會經濟問題和雙方共同閼心的各種問題，如兩地居民往來的證件問題、雙方的投資問題、航空貨運的分工協作、空域的劃分和管制、大型基礎建設、博彩政策的協調、旅遊業的合作、產業的升級轉型，以及打擊走私，保鸌知識產權等等，以切實有效地解決兩地經濟合作中所遇到的問題，推動兩地經濟的一體化進程。當然，香港和具門之間經貿關係的協調機制篤是多層次的，除了政府間的協調機構外，金融、貿易等各個部門之間亦愿建立對口協調渠道，諸如溴門貨幣暨匯兑監理署與香港金融管理局，溴門貿易投資促進局與香港貿易發展局，具門生產力暨科技轉移中心與香港生產力促進中心等等，亦愿建立常設聯繫機制，使港澳雙方保持緊密的聯繫和溝通，形成官方、半官方、民間圜體之間的多層次經貿閼係的協調機制。五．結東語1999 年，是漠門回歸祖國年，也是中華人民共和國建區 50 周年，同時還是 20 世紀的最後一年。 1999 年 12 月 20 日，溴門將結束長期被葡萄牙管冶的歷史，纘香港之後成為中國的第二個特別行政區。這是鄧小平倡坞的＇＇一國雨43

44 制＂的偉大理論在溴門的又一次成功貢踐。澳門回歸祖國後，面臨的首要任務是如何創造一個良好的投資營商環境，推動經濟復甦和持續穩定發展。因此，在新的昰史時期中，溴門如何把握歷史契機，充分利用現有優勢並進一步發掘潛在優勢，制定經濟發展的長遠戰略，如何加強與周退地區尤其是香港的經濟合作，巳成為溴門社會鵬注的一個重大問題。本研究報告結合新時期溴門經濟的重新定位，重點探索港虞兩地經濟閼係的轉之和發展，並提出相厄的對策性建議，旨在拋磚引玉，啟迪思路，從漠門的角度去推動港溴兩地的經濟合作更上一層樓，促進溴門經濟在新的歷史時期中穩定發展，持續繁榮。

附件--閼於九九後禛門與內地親貿關係的基本原圃及基本政策的總議虞門發展策略研究中心 (1999 年 1 月 31 日）1999 年12 月 20 日，澳門將回歸祖國，成為中華人民共和國轄下的第二侗特別行政區。回歸後，澳門與內地之間的經貿閼係應遵循哪些基本原則？中央政府適宜採取哪些基本政策？本文擬就上述問題提出我們的初步建謊。45

4.2 一．處理禛門與內地親貿關係的基本原圃正確虞理九九後溴門與內地間的經貿關係，對於長期保持溴門的穩定和繁榮，進一步促進溴門與內地經貿關係的發展，具有重要意義。鑒於溴門回歸後，將與香港一樣，根據｀｀一國兩制＂的方針，實行｀＇虞人治溴＂、＂高度自治"'維持原有的資本主義制度和生活方式50年不之。因此，內地與溪門經貿關係的性質可參照香港的模式，確定為｀｀一個國家之內主權劻家與其所局的實行不同社會、經濟制度的單獨關税地區的經貿關係，厄視同對外經貿閼係進行管理和運作，兩地經貿往來基本上應遵循國際經貿活動的規則和慣例"。根據這種性質，具門與內地經貿關係的基本原則主要是：1 中央政府對內地企業實施的經貿法律、法規、政策及管理措施均不及於溴門特別行政區內企業。2 澳門與內地的貿易視同進出口貿易，兩地均依昭進出口貿易的制度與規則嘩行管理。3 內地繼續執行統一的閼税制度，不對虞門另行設立特殊的關税制度（包括税種、税目、視率等）。4 澳門特別行政區政府按照特區設立的有關法規自行確定並負責執行特區內的貿易管制，包括繼編實行單獨的閼税制度、分配出口配頷、簽發產地來源滘竿。'~寸5 溴門企業到內地投資，以及其他國家或地區通過溴門到內地投資，均繕繯享有外商投資待遇，並按外商投資進行保叢，保持現行政策不妥；內地到虞門投資亦仍然視同海外投資，並依此進行管理。 ~~~~ 6 對兩地經濟合同糾紛的仲裁，按璵國際慣例辦理。當使用中華人民共和國仲裁法及其他有鵬法律、法規時，適用其中涉外仲裁的條款和規定。7 鑒於溴門與內地各屬不同的法律體系，而且社會經濟制度不同，為解決迴用法律方面的矛盾，兩地間涉及民商領域的法律問題採用區際衝突法進行解決。

\ 8 溴門特別行政區根據《基本法》的規定或中央政府的授權，可以｀｀中國溴門＂的名義單獨同各國、各地區保持和發展經貿關係，包括訂立並執行多、雙逞貿易協謊，在外圍設立官方或半官方經貿代表機構（須報中央政府備案），加入或退出國際經貿組織及條約以及處理對外經貿關係有閼事宜。＝．保持和發扇厙地親貿闊係值得重禍的幾個問題然而，與香港相比，虞門與內地的經貿關係畢竟有很大的差別。香港經濟體積較大，是亞太區國際金鼉貿易中心、著名的商業大都會，香港與內地的經貿閼係比較對等。而溴門則經濟體積細小，园際競爭力較弱，與內地的經貿關係並不對等。內地對虞門經濟的影譽舉足輕重，溴門對內地經濟的影譬則遠不如香港。因此，在震理溴門與內地經貿關係時愿與香港模式有一定的區別。九九回歸後，在具體處理澳門與內地經貿關係時，以下幾個問題值得我們予以重視1. 要重視保持和加強澳門＂中介＂角色的地位溴門回歸祖國後，與內地的經貿關係在＂一國兩制＂方針的框架下無疑將得到進一步的發展和加強。然而，由於虞門本來的＂中介＂角色巳較弱，內地色47 彩亦較濃，溴門社會存在一種傾向，即較重視｀｀中國因素＂而忽視｀｀國際因素＂， －一較注重考扈｀｀一國＂的前提，而沒有注意充分發揖｀｀兩制＂的作用，因而往往忽略了發揖自身對外聯繫的功能。這種傾向如果不及時糾正，可能導致澳門＂中介＂角色的進一步削弱，具門本身的價值、溴門的生存空間將會更加縮小。因為內地到溴門投資、發展經濟閆係，主要是利用具門的海外聯繫，＂借船出海＂。如果澳門的＂中介＂地位前弱，澳門僅局限於彈丸之地，缺乏本地市場，勢難引起內地的重視，反過來將影響澳門與內地經濟貿閼係的保持和發展，進而影譬虞門的穩定繁榮。目前，虞門扮演的競潛在扮演的中介角色主要有 :(1) 香港同際商業大都會功能的延伸、輔助及周逞地區的後勤服務基地， (2) 台商投資中國內地的中輯

48 站： (3) 中國內地與歐洲、葡語國家和地區的橋樑。然而，虞門扮演的這些｀｀中介＂角色並不十分明顎，有學者和銀行家甚至形容為｀｀形有實皿＂，尤其是虞門與歐洲、葡語國家的聯繫，如歐盟在溴門設立的歐洲資訊中心、歐洲伙伴合作計副等均未能發揖其原有的功能，歐盟及葡語國家的市場對臭門來説某種程度上仍然是潛在的、待開發的，澳門土生葡人、華僑與海外的聯係亦未能發揮愿有的作用。因此，中央政府在處理溴門與內地經貿關係問題上，既應重視｀｀中國因素＂對澳門的影響，更應重視｀｀國隊因素＂的作用。在政策的制訂上，要強調保持和強化虞門的｀｀中介＂角色，以增加和擴大溴門的價值和生存空間。2. 制訂正確的中資政策，促進澳門公平競爭的營商環境的形成與香港資本結構的多元化、國際化成鮮明對比的是，虞門的資本結構較為單一，國際化程度不高，主要白中資、港資和本地華資組成。其中除旅遊娛樂業外，中資是最大的外來資本，估計約佔澳門直接投資總頷的45-50%, 是溴門經濟的半壁江山，對虞門經濟有舉足輕重的影響。因此，在處理虞門與內地經貿關係時，中央政府對中資的政策不能不是極重要的方面。應該充分肯定，在過去 20 年間，溴門的中資企業確實取得了不少成績，對虞門經濟的發展作出了很大的貢獻。時至今日，中資仍然是虞門經濟穩定繁榮的一股舉足輕重的重要力量。然而，亦匯當承認，目前部份中資企業存在不少問題，諸如企業管理層幹部素質不高、經營管理落後，少數更利用一些有形及無形的特權承包建築工程、專營項目等；在過去幾年的地產、股市狂潮中，有的甚至向銀行借貸或抽調國內資金進行炒賣，導致嚴重虧損，個別甚至已資不抵債。據了解，溴門部份中資企業已庹於經營困難境地。中資的這些問題早在亞洲金融風暴來齒之前已經不同程度地存在，亞洲金融風暴的衝擊及＂廣信事件＂只不過加速了問題的暴露和表面化。因此，中央政府在腐理虞門與內地經貿關係時，要制訂正確的中資政策，促進中資企業的健原發展。在虞理兩地鬪係的原則上，建議加上一條，即駐溴中~

----資企業與其他資本企業一樣不享有任何特權。當前，澳門社會還存在着一種值得閼注的傾向，某一些本地華商因利益關係願意與中資或內地企業結成合作伙伴，而不願意外資進入溴門，擔心加強競爭。這種苗頭厄該加以糾正，在政策的制訂上要有利於促進公平競爭營商環境的形成，以利於吸引外資。必須強調的是，對中資的政策，在防止搞特殊化，改善經營管理加強對風險的防範，恰當虞理危機的同時，政策上亦不能一刀切，對經營良好的中資愿給予一定的扶持，以防止＂骨牌效應＂的爆發，對澳門經濟造咸更大損害。3 處理澳門與內地經貿關係時，中央政府應給予適當的政策性傾斜和支持。虞門與內地的經貿關係完全不能與香港和內地的經貿關係相比，由於虞門經濟體積細小，比較優勢不強，導致內地重視與香港的合作而忽略了溴門。過去20年來，溴門與內地，尤其是毗鄰的珠海，不僅始終未能建立優勢互補的合作關係，反而經常因為彼此之間的競爭而影響了雙方的發展。最突出的例子，就是虞門和珠海在咫尺之間竟然同時建起兩個機場，咸為國際航空界的笑話。伶仃洋跨海大橋的興建又是另一突出例子，珠海方面建議興建連接珠海與香港的伶仃洋大橋，澳門方面則有人建議興建｀｀港澳大橋＂。因此，中央政府在制訂虞門與內地經貿關係政策時，厄重視加強澳門與內地的合作，想方設法減少兩地的競爭，形咸共創｀｀雙贏"的局面。在諸如協調虞門與內地的產業政策，利用內地的科技人才和科研成果推動澳門產業的升級轉型方面；在加強粤港澳三地旅遊業的協調發展方面；在加強粤港溴三地大型基礎建設的協調發展方面；在推動內地部分高質素、有效益的企業到虞門投資設廠，發揮示範效愿方面；在簡化內地居民到澳門旅遊、經商、從事科技活動的出入境手續等方面，中央政府宜盡可能給予一定程度政策性傾斜的支持，尤其應避免香港在九七回歸後與內地的經貿聯繫被收緊的情況再度出現，以利於推動澳門經濟的復甦和長期穩定發展。其中，需要重點強調的主要有：49

1 建議國務院在確定溴門特別行政區管轄範圍時，能盡可能地在水域和陸地鄰近島嶼方面，適當向溴門傾斜，以碓保澳門自由港功能的充分發揖。2 在規劃大型基糙設施時要適當優先考慮溴門發展的需要，比如高速公路、廣珠鐵路的興建要為擴大虞門經濟活動規模提供更加雄厚的外圍環境。3 考靄到伶仃洋大橋方案可能導致溴珠進一步分離，建謊由中央政府直接主持協調事宜，有關之重大決議宜以不令溪門受損為前提。4 虞門人口結構急需進一步優化，建議國家在充分論證基礎上就對澳門的技術、專業移民方面提出一些更加可行的配合措施。5 鑒於旅遊業是溴門經濟的最大產業，建議中央政府對內地居民｀｀溴門遊＂制訂統一的管理辦法，以烕低其中的行政費用和成本，提高行政效率，以利於吸引內地居民到澳門旅遊。當然，澳門與內地的經貿關係應建立在互利原則的基糙上，虞門方面亦 ~~~~ 應自強不息，在區域的合作與分工中增強自身的競爭力，從而推動兩地經貿關係的良性互動。三鍵立香港、澳門與內地經貿關係的協調機制50 香港、溴門相繼回歸祖國後，香港與晨門之間，港溴兩地與中國內地尤其是廣東珠江三角洲地區之間的鑊貿鸝係無疑將更加緊密，地區內經濟一體化的趨勢將更為明顎。然而，根據｀｀一國兩制＂的方針，香港和溴門分屬中華人民共和區轄下的兩個特別行政區，香港、虞門與內地亦分屬不同的社會經濟制度，彼此之間在貿易、投資、金融、運輸、勞務、人員往來等各個方面都存在着錯綜複雜的利益閼係，中國內地各省市、各部門之間在對港溴的經貿關係上亦存在着不同的利益鵬係。現時，國務院港溴事務辦公室的職能主要是協調雙方的關係，因獲授權有限，還未能完全起到全盤考慮、統一指撣和統；；；協調的作用。因此，要推動香港、溴門與中國內地的經貿關係互補長短，共同發展，在進一步發揖國務院港溴辦的協調功能的同時，愿由中央政府出面，設立一個強而有力的，由一位

相當高級別的領導負責主持的專門機構負責統籌協調。當然，香港、溴門及中區內地之間經貿關係的協調機制應是多層次的，除了中央專設的具權威性的協調機構外，金融、貿易、勞務等各部門亦意與港澳建立對口協調渠道，保持緊密的聯系和溝通，以便及時處理在實踐中遇到的具體問題。同時，三地之間半官方機構、民間回體在協調經貿關係方面愆該而且可以扮演一定的角色。51

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Economic Relationship between Hong Kong and Macao in a New Era 汀鸞詧薑滘薑惰

54 丶丶Contents 丶 丶- -- 、 、.. -· -- -- --丶丶 ~', I. Introduction: research objective ......................... …,…,,,,,,,,,,,,,..................... 56 II. The status quo and problems ofth e economic relationship between Hong Kong and Macao ……………………........... …………………………... 56 1. Historical review of economic development between Hong Kong and Macao ...................................... …, , .. ,,,,,,,,,,,,,,, ....... ,,,,,,, ....... ……. 56 2. The status quo of economic relationship between Hong Kong and Macao ... 58 2. I Overviell': Hong Kong capital in Macao ……· …, …................... 59 2.2 Tourism and gaming industries .... …,............. …............. …................................ 61 2.3 Export-oriemed processing industrv .................................................................. , 64 2.4 Real estate sector ................................................................................................ 66 2.5 Finance sector ..................................................................................................... 68 2.6 Extema! t ransportatwn and connm1111cat1011 ...................................................... 7 I 3. Problems in the relationship between Hong Kong and Macao .................. 72 3.1 Lack of regwna cooperatwn and coonlination in the top-level ........................ 72 3.2 Lack of coordination in gaming and tourism industry resulting in decrease of Hong Kong visitors to Macao …....... …,,..…....... …,,,,.….................... 74 3.3 Decline c加nl'estmem in Macao's ma,n加cturing industrv and diminishing trade between Hong Kong and Macao ........................ …................ 75 3.4 Hong Kong investmem in Macao's property indust1yfc11/ing into depression ... 76 3.5 Ins珝恥em coordination in finance sector ....... …....................................... ….. 77 3.6 Increasing operational costs due to expensil'e transportation expenses ........... 79 HI. General orientation of Hong Kong-Macao economic relationship ma new era ..... , ... , ..................................................... , .............................................. 80 I. Defining the new era ............................................................................................ 80 2. Identifying the basis of the general orientation of HongKong-M acao econonuc relationship ....... …............................................ 81 2.1 Comparative advantages of Hong Kong, Macao and the Pearl River Delta in the fiwnework of regional cooperation and a/location in the south China ... 81 2.2 Macao's economic oriell/ation with regional allocation and cooperation ..• …. 84 2.3 General orientation of Hong Kong-Macao economic relationship 111 the new era .............................................................................................. , ....... 90 IV. Strengthening development strategy for Hong Kong-Macao's economic allocation and complementation ............. …............................... 92 ~

1. General strategy: pnsh reform in regimes and create good environment for mvestment and businesses …………………………, ...... 92 I.I Pursue reform of administrative regime and build step by step a government that is highly efficient, streamlined, clean and fai,; apart,f,vm a regime of civil servants that maintains neutralit_\ among various social interest groups ................... ,, ...... ,,,,,,, .. ,,,,,,,,,,,,,,,,, ............ 92 1.2 Push legal reform to build up a modernized legal system wit叮air and just legal e11virom11e11t, and "administrate Macao 扒 law ,,, ,,,.,,,,,,,,,,,,., •••••••••• 94 1.3 Build 11p a,1 effective system of s11pen•isio11, reform the police, carry out a11ti-corruptio11, encourage cleaner government, and decisively reverse the law-&-order situation for the better ........................ 96 2. Specific measures on enhancing Hong Kong and Macao econonuc relationship,,,,,,,,,,,,,,,,,,,,,,,,,,,.,,,, ... , ............................ ,.,.,,,,,,,,,,,,,,,,,,,,,,, 98 2.1 Present a new image of Macao to Hong Kong and other peripheral areas ....... 98 2.2 Develop "Las Vegas in Asia" and enhance the 111ut11al complemention and allocation in terms of tourism and gaming ind11slly between Ho11g Ko11g and Macao.,,,,,,,,.,,,,,,,,, ........................................ 會,,.,,,,,,,,,,,,.,,,,,,,,,,. 99 2.3 Strengthen Macao's economic a11d cultural association with the Ewvpecm U11ion and the Latin-speaking countries, and tum Macao into a bridge that links up the Europea11 U11ion, the Latin-speaking countries and China, as an mternational cil)·of trade and business ............................... ,,,,,,,,.,,,,,,,.,, 105 2.4 Strengthen cooperation in science and technology between Hong Kong and Macao and promote re-orientation and upgrading of Macao's 111011吡cturing i11dust1y ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ............................................... ,,. I 10 2.5 Strengthe11 cooperation a11d coordination betwee11 Hong Kong and Macao for property development ...................................................................... I I 2 2.6 Strengthen financial cooperation and coordinatio11 between Hong Kong and Macao ......................................................................................................... I I 5 2. 7 Strengthen cooperation and coordinatio11 in terms of transportation 硒astructure bet\veen Hong Kong, Macao a11d Mainland China, and e11ha11ce Macao'sfimction as afi-ee port ................. …............................... I 18 2.8 Build up a 11111/ti-level coordination mechanism among Hong Kong, Macao and Mainland China ............................................................................. 121 V. Concluding remarks .......................................................................................... 123 55

56 I. Introduction: research objective For a long period in history, Hong Kong was under British mle, as Macao has been under P01tuguese. However, the two places 加ve been closely related in economy. On 20th December 1999, Macao will return to China 詛er Hong Kong as a second Special Administrative Region (SAR), and as "the second stop" on the way towards realizing the policy of "one country, two systems". In the new era, after Hong Kong and Macao have returned to the motherland, identifying the economic relationship be國een the two cities, keeping the relationship developing, and working out development strategies for them are important issues of Macao as well as this research In this study, we will explore the economic relationship be國een Hong Kong and Macao from a macroscopic point of view, considering the cooperation and allocation in south China's economic regions and Macao's economic orientation and development 丶trategy. Reviewing the hist01y and the status quo of economic cooperation be國een Hong Kong and Macao, we attempt to find out existing problems and c叩11parative advantages and hence to determine the general economic orientation and the specific development strategies. We hope to push the cooperation towards a higher level and keep Macao's economy continuously stable and prosperous II. The status quo and problems of economic relationship between Hong Kong and Macao 1. Historical review of economic development between Hong Kong and Macao Hong Kong and Macao are located respectively on the east and west bank of the Pearl River mouth, separated by 42 nautical miles with Lin Ding Yang Sea lying in between. The two cities

have long had a close economic relationship. Macao was established in 1535 and was one of the most prosperous transshipment ports in the Far East. In the 300 years since then and until the outbreak of the Opium War, especially in the late 16th century and early 17th centu1y, transshipment trade reached its golden age. During the period, Macao associated itself with China's southeast coastal regions as its backup for dealing in bulk in silk cloth. Three international trade routes emerged: one which started from Lisboa to Goa to Macao, a second which extended from Macao to Nagasaki, and a third from Macao to Manila and on to Mexico, etc., forming a husk of trade routes on the seas to Europe, Asia and Latin Atnerica However, after the Opium War, I-long Kong was taken over by the British. Hong Kong emerged as free port, being one of the five major ports opened up for trade on the southeast coast of China Macao's position as a port of transshipment declined drastically. Tn the 1847, the Government of Macao made gambling legal, and since then, Macao gradually developed into a gambling city in the East --- a consumer city of tourism and gambling near Hong Kong and its neighboring regions From the 60's of the 20th century, I-long Kong and Macao moved into a new period of development. Beginning in the 1960s, Hong Kong capital has been invested in various sectors of Macao's economy on large scales, especially in the entertainment, casinos, and export-oriented processing industries. This gave an impetu 丶 toan all-round cooperation among sectors of I-long Kong and Macao economies such as banking, insurance, trade, transportation, warehousing, real estate, construction industries, and even the retailing sector. This notable break-through of economic relationship was·due to many factors Firsly is the geographic proximity of I-long Kong and Macao, as well as common historical background, social and language 57

58 culture. Secondly, Macao was then ready f or mcomma mvestment 。and the government amending the legislature and introducing policies for attracting foreign investment. Thirdly, in comparison with Hong Kong, Macao had advantages of low capital investment costs, with low tariffs and quotas of textile goods for exports, affording greater marginal profit for investment in Macao by Hong Kong investors. Thus, a combination of factors resulted in the development and economic tie between the two cities of which the "Hong Kong factor" came to be a major impetus in Macao's economic take-off, driving it to modernization from the micl-'70s On the other hand, Macao became an undeniable factor contributing to the economic boom in Hong Kong 庫er the micl-SO's, as China's "Open Door and Reform" policy proceeded fo1ward, a comprehensive economic cooperation among Hong Kong, Macao and Mainland China, especially with the Pearl River Delta region in Guangdong. There was a massive relocation of Hong Kong and Macao's manufacturing industries to Mainland China, which resulted in the allocation in which Hong Kong and Macao served as the "front store" and Mainland China as the "backyard mill". One of the consequences of such a regional economic cooperation was a decrease in investment by Hong Kong businesses in Macao, which to some extent adversely affected trade be國een them. With the onset of the Asia financial storm in 1997, in which affected Hong Kong, and the worsening situation of law and order in Macao, there was a drastic decrease in the number of Hong Kong tourists visiting Macao. Those are some signs of decline in economic linkage between the two cities, which are worth the attention of all sectors of Macao's general public 2. The status quo of economic relationship between Hong Kong and Macao

2. 1 Overview: Hong Kong capital in Macao Large-scale of Hong Kong capital invested in Macao from the 60's. In 1961, Hong Kong businessmen Stanley Ho, Henry Y.T Fok, Yip Hon and Teddy Yip form a company, and won the bid for the exclusive franchise to operate casinos, for which they incorporated Macao Tourism and Amusement Co., Ltd. (STDM) This was the prelude to large-scale Hong Kong capital investing in Macao. Most of the Hong Kong capital in the 60's, invested in manufacturing industries. Taking advantage of textile quotas and the scheme of general favor that Macao en」oyecl, they set up theil factories in Macao, laying a foundation or the territ01y's export-oriented processing industries, mainly in the textile, garment, and toy making industries and etc. From the 70's to the SO's, capital from Hong Kong were also invested in Macao's banking, insurance, warehousing, hotel and food, real estate, and retail industries During this period, I-long Kong capital took the lion's share of foreign investment in Macao, and became the engine of the Ma國0economy, which could be seen in two main areas (1) Macao Tourism & Amusement Co. Ltd. (STDM), a Hong Kong investment, has become the strongest, most influential conglomerate in the economy. After decades of development, it is no longer a company which operates merely the gambling busines、Instead, its operation now covers almost every sector of the economy, including hotel, tourism, real estate, construction, finance, major public projects, etc. With nine casinos and their subsidiary companies, the STDM has the entire gaming industiy under control, including casino games, horse racing and various lotteries. One of this business associates, the Shun Tak Group company, which is listed on the Hong Kong stock market, owns the largest fleet of 」 etfoils in the world, and runs over 70% of the passenger traffic business on the sea route between Hong Kong and Macao. The 59

60 hotels in which it has shares including Hotel Lisboa, Hotel Sintra, Hotel Estoril, Hotel Hyatt Regency Macao, Hotel Kingsway, Mandarin Oriental Macao, the Westin Res01t, etc. It is therefore Macao's number one hotel management group. The STDM is also one of the largest property developers in Macao and one of the ma」or investors in the massive Nam Van Lake project. It has also actively engaged itself in the development of various infrastructure projects, including the new Hong Kong-Macao Feny Terminal, Ka-Ho Container Port, Macao International Ai!port, etc. According to 山ec邙npany statistics, its net assets in 1997 amounted to 23.445 billion Macao dollars. No other enterprises can surpass it in terms of 山e influence on Macao's economy. (2) Hong Kong capital is the main stay of Macao's four pivotal industries, with the all important gaming indust1y is almost entirely in its control. Hong Kong capital also accounts for a major part of investment in Macao's hotel indust1y. In the case of export-oriented processing industry, it is estimated that Hong Kong businessmen invest in more than 70% of Macao's factories. The same is also true of large enterprises in the manufacturing industry, which are run either by sole proprietors or on a joint-venture basis. In property development, Hong Kong capital 加d long been the major driving force until the 90's, when Chinese capita! was in」ected. Later, when the property market was at its lows, there was a gradual downsizing of Hong Kong capital in real estate. In the insurance sector, Hong Kong capital has accounted for a significant portion, where a ma」orityof banks and insurance companies conduct their business through regional headquarters or related institutions located in Hong Kong Besides, Hong Kong capital also accounts for a part of Macao's warehousing and retailing Hong Kong capital has long taken the lead in the development of Macao's economy, as the most significant source

of investment. However, since the end of the SO's, and as the economic cooperation between Hong Kong and Mainland China became increasingly robust, as a shift of investment focus from Macao to the Mainland has gradually taken place, causing an apparent drop in investment in Macao, and thus undermining the leading role of Hong Kong capital in Macao's economy. Hong Kong capital has been replaced by the quickly emerging Chinese capital as the biggest investor in Macao 2.2 Tourism and gaming industries The tourism and gaming industry has long taken a key position -- the biggest pivotal industry -- in Macao. except for a period in the micl-80's. The statistic show that this sector accounted for 45% of Macao's GDP in 1997. The industry includes casino' 、operation, tourist services. hotel, restaurant, enteJtainment, passenger transportation, 」ewelry 丶ouvenirs, and antique businesses, of which the gaming industry is the core. From the 80's, there has been steady rise in gambling service consumption to the total tourist consumption in Macao, from 61% in 1991 to 73% in 1997 (see table 1) Table I: Ratio of casino consumption to tourist consumption in Macao Total C臨inoRatio of casino tourist , consumption in Ye,tr consumption consumption tourist (in hundred million MOP) (in hundred million MOP) consumption (%) 1991 140.88 86.46 61.4 1992 177.52 115.99 65.3 1993 196.83 !33.50 67.8 1994 215.01 148.46 69.1 1995 249.04 167.61 67.3 1996 249.11 159.04 63.8 1997 235.83 172.02 72.9 Source: Statistics and Census Services, Tourism Services 61

62 Macao's tourism and gaming industry relies considerably on Hong Kong in the following ways: (1) Hong Kong ent1·epreneurs are the most imp01tant investors and operators of Macao's gaming industry. The Macao Tourism and Alnusement Co. Ltd. (STDM). of which Hong Kong businessmen Stanley Ho, Winnie, Ho, Herny Y. T. Fok and Cheng Yu-tung, etc ;,tre the major owners, has now the exclusive franc比se of Macao's casinos operation (which expires in 2001). The nine casinos under its management, namely, Casino Lisboa, Casino Palace, Casino Karn Pek, Casino Mandarin Oriental, Casino Diamond, Casino Jai alai, Casino Kingsway, Casino Taipa, and Casino New Century, are literally operating in monopoly. The STDM is also in control of various companies which have been granted concession in lottery operations. In 1984, it took over Macao (Yat Yuen) Canidrone, which was licensed to run greyhound racing business. In 1991, a Hong Kong-Macao conglomerate in which the STDM was in the lead, purchased 51% shares of Macao Jockey Club. The Sociedade de Latarias Wing Hing Lela., which is affiliated with the STDM, is running operations of lotteries such as "pacapio". lotte1y, tombola, etc. In 1998, the exclusive franchise of football betting, which is valid for one year, was granted to Macao Lottery Co. Ltd., also affiliated with the STDM (2) Hong Kong is the largest source of visitors for Macao's tourism and gaming incluslly. For a long period, the mere numbe1 o玕long Kong tourists has had decisive effects on the development of Macao's tourism and gaming industry. In 1987, the Hong Kong government simplified procedures for permanent residents traveling to Macao. With the introduction of night 」etfoil service in 1990, travel be國een Hong Kong and Macao has become quick and easy These measures have led directly to the big increase in the numbe1 of Hong Kong visitors, and hence the boom of tourism and gaming

indust1y, because they enabled the travel to and fro between the two cities convenient and expeditious. According to the statistics, in a period of many years up to 1992, Hong Kong visitors accounted for more than 80% of the total tourists (see Table 2). Most travel agencies in Macao are in fact branches of those headquarter, 丶 mHong Kong. As to package tours of overseas visitors to Macao, they have for long been promoted and organized by travel agencies headquartered in Hong Kong. In 1996, overseas visitors who came to Macao via Hong Kong amounted 1.78 million, which accounted for 30% of the total number of visitors accessing Macao through Exterior Port Terminal. indicating that many of them came via Hong Kong. Table 2: Ratios of Hong Kong visitors to the total visitors in Macao Ratio of Hong Hong Kong Yeru· Visitors to Macao vistiors to Macao Kong visitors in (person-time) (person-time) toMtal avciasoito(%rs ) to 1986 4,238,269 3,465,896 81.8 1987 5,100,461 4,191,991 82.2 1988 5,542,943 4,537,993 81.9 1989 5,619,289 4,611,064 82.1 1990 5,942,210 4,803,754 80.8 1991 7,488,610 4,950,584 66.1 1992 7,699,178 6,167,042 80.1 1993 7,701,007 6,067,760 78.8 1994 7,833,754 6,088,364 77.7 1995 7,752,495 5,617,492 72.5 1996 8,151,055 5,205,617 63.9 1997 7,000,370 4,400,048 62.9 Noles: (I) Da1afo1一 years /986-1990 o礽 co\'er ,•isilors who came lo Macao 扒 sea,(2)Dala」,,ryears /991-1997 com·\'isilors H"ho came 10 Macao 扒 land. sea and ai1: Source: S!ali.Hics and Census Sen·ices

64 2.3 Export-oriented processing industry Current manufacturing industry in Macao is in essence an extension of that in Hong Kong. From the 60's, the rapidly emerging manufacturing industries in Hong Kong, mainly those of textile and garment, were beginning to be sub」ected to import controls by countries such as Britain and the United States, which led eventually to the introduction of a "Multi-fiber Agreement" in 1974. The Agreement insitutionalizecl a system of quotas against textile imports Then, Macao was viewed by western countries as a "non-major exporting region", and therefore was granted ample quotas for its textile exports. In view of this advantage, many Hong Kong businessmen came to set up their factories in Macao, which in turn laid down the foundation of textile and garment industries. In the early 70's, European and American countries adopted the policy of "general tariff favor" for products imported from developing countries. This gave incentive to some of those non-textile-garment manufacturers in Hong Kong. mainly those of plastic toys, to move their factories to Macao. In such a historical background, Macao's export-oriented processing industry was able to initiate, develop, and reach its highest in the mid-SO's. The statistics show that in 1984, Macao's export-oriented processing industries, mainly that of garment, textile and toy-making, accounted for as much as 35.99% of its GDP, surpassing that of tourism and gaming industries and becoming the number one sector of the economy. Unfortunately, from late 80's, this sector began to shrink. However, Hong Kong remains its position as the b」ggest source of investment in Macao's processing industries. It is estimated that more than 70% of those processing enterprises in Macao are from Hong Kong, and a majority of those major enterprises and factories are owned by Hong Kong businessmen, or run on a 」oint-venture basis. A considerable portion of orders is sub-contracted from Hong Kong

Nearly all production equipment, raw materials and accessories of sorts needed by Macao's processing industries have to be imported. Therefore, production equipment, raw materials. accessories and unfinished goods account for quite a high ratio. usually more than 55%, of the imports. However, with neither a deep-water seaport nor an international airport available in Macao, Table 3: Trend of ratios of imports from Hong Kong and Mainland China in Macao's imports (in hundred million Macao dollars) Total imports to ToMtaal ciamo pfrorotm , to Total imports of Macao from Yem· Macao Hong Kong Mainland nC%hi) na (Ratio in%) (Ratioi 1975 7.91 5.65 (71.5) / 1980 31.66 18.84 (59.5) 7.53 (23.8) 1981 41.41 14.94 (36. l) 1.33 (3.2) 1982 44.96 16.90 (37.6) 13.17 (29.3) 1983 54.52 21.12 (38.7) 15.45 (28.3) 1984 64.55 25.47 (39.5) 18.11 (28.1) 1985 62.57 27.49 (43.9) 13.31 (21.3) 1986 73.73 33.84 (45.9) 14.51 (19.7) 1987 91.28 39.56 (43.3) 19.42(21.3) 1988 104.86 40.03 (38.2) 21.02 (20.1) 1989 121.64 50.06 (41.2) 23.23 (19.1) 1990 126.74 52.10 (41.1) 21.94 (17.3) 1991 148.32 51.66 (34.8) 31.92 (21.5) 1992 156,85 51.60 (32.9) 32.04 (20.4) 1993 161.38 48.18 (29.9) 34.29 (21.2) 1994 169.25 5 l.37 (30.4) 31.86 (18.8) 1995 162.67 47.00 (28.9) 3S.39 (21.8) 1996 159.31 46.27 (29.1) 38.18 (24.0) 1997 166.03 41.76 (25.2) 47.41 (28.6) Sou,-ce: Departme/11 t,JS1a1;"; 吖 aod Ceosus sen·fr·es o(Macao 65

66 communication with the outside had to rely on Hong Kong, which means that most of the imports had to be transshipp~cl by way of Hong Kong. I-long Kong has, for a long time, remained a major source of imports for Macao. During the micl-70's, when processing industries were rapidly growing, the imports to Macao via I-long Kong accounted for more than 70% of Macao's gross imports, which ratio remained at 60% in the early SO's and between 35-45% in the following 10 years. Before 1996, the above ratio ranged number one in Macao's gross imports (see Table 3) 2.4 Property sector I-long Kong's influence on Macao's prope1ty indust1y is mainly marked by: (1) the introduction in the 60's of property sale "by 恥or and by installment plan" which was first established by I-long Kong real estate dealers such as Herny Y.T. Fok, driving drove the initial development of Macao's property indust1y; (2) by the fact that, for over 20 years from the 60's to the early 90's, I-long Kong was one of the ma」or driving forces behind the development of Macao's property market; and (3) by the fact that business cycle of I-long Kong's property market has had a direct or indirect impact on the 叩s and clowns of Macao's property inclust1y Before the 60's, Macao's property development industry remained backward and stagnant. The Government adopted a conservative policy towards property development that required the property should only be sold by individual buildings, on a one-off payment-against-keys basis. Until the early 60's, motivated by the rapid growth of western economy, particularly that in Hong Kong, when the government of Macao adopted a policy of "developing Macao by absorbing foreign capitals" and Hong Kong's model of property sale "by floor and by installment plan", which gave rise to the later development of Macao's property inclust1y. In

1972, the first housing estate, lao Hon San Chun, was completed and was put on sale using the methods of saling "by floor and by installment payment". It was immediately sold out. This kind of sale coincided with the bullish stock market in Hong Kong, where ample capital was a\'a山ble. Patt of the capital flew to Macao, giving rise to an unprecedented speculation on the property market, and hence pushing Macao's property industry to its first climax after the World 黯 TwoAfter the 1975 petroleum crisis in the Middle East, there was another boom in the property market in Hong Kong, where land prices and prope11y prices went on a steep rise, resulting in rap這increase of production cost. This caused part of Hong Kong capital to turn to Macao again at a time when the government of Macao stipulated that for investing in garment and textile industries etc investors should buy their own property, and for incorporating trading c叩npanies, investors should have their own permanent premises. These measures stimulated Hong Kong investors to invest in real estate in Macao. As a result, it led to a second peak of 靨property market. However, in the early 80's, Macao's property inclust1y experienced a 山fficult period of adjustment, triggered by the flagging property market in Hong Kong. The situation did not turn for the better until 1984 when the Chinese and the British governments signed a 」oint declaration on the Hong Kong issue and in 1985 when the Sino-Portugese Joint Declaration was published, indicating that the Macao issue should be resolved by way of diplomatic negotiations In April 1987, investors'confidence was heightened by the signing of the Joint Declaration on Macao by the Chinese and the Portuguese governments. At the same time, the government of Macao announced the start of several large infrastructure pro 」ect,、This gave a tremendous boost to the development of properly 67

68 industry, and to Macao's economy. In those clays, property prices in Macao were equivalent to only one quarter of those in Hong Kong, which attracted some Hong Kong capital to return to Macao In 1991, the government of Macao amended the Land Code and other related regulations on land bidding, which resulted in a steep rise of land and propelty prices. The government offered for 囧ddingsix stretches of land reclaimed from the sea near the Exterior Ports, which were won by Hong Kong businessman Stanley Ho in conjunction with Hong Kong prope1ty developer Li Ka-Shing, Cheng Yu-tung etc. There would have reached another climax of Hong Kong capital investing in Macao's real estate if those six stretches of land had not later been recalled by the government for re-趴dding. In the early In April 1987, 90s, many Hong Kong businessmen and residents engaged in speculation on buildings still under construction. The statistics show that in 1991 in Macao, of the 5,000 property deals with the worth of more than 700,000 Macao dollars, more than 70% of the buyers were from Hong Kong. From this, we could have a glimpse of Hong Kong people's influence on and interest in Macao's property market. However, it is undeniable that during that period, it was Chinese capital that was invested most heavily, and that capital inflow, mostly came from various cities and counties in the Pearl River Delta region 2.5 Finance sector The finance sector of Macao relies heavily on Hong Kong, and could be characterized basically as an extension of Hong Kong's finance industry. This could be seen in the following (1) Hong Kong dollar takes an extremely important position in Macao's financial system economy. Macao has the same moneta1y 1 、suing system as Hong Kong, the system of "Currency Board" Since 1972, Macao dollar has been linked to Hong Kong dollar. In

October 1983, Hong Kong adopted the linked exchange rate to have Hong Kong dollar pegged to US dollar by way of Hong Kong dollar, at an official exchange rate of 103 Macao dollars to 100 I-Jong Kong dollars. According to the regulations of Macao's monetaiy issuance, there are two issuing banks - the Banco Nacional Ultramarino and the Bank of China, authorized by the government They need to deposit a specific sum in foreign currency, mainly in Hong Kong dollar, at an official exchange rate, to the Monetary and Foreign Exchange Authority of Macao (庫!CM). On receipt of the deposit, the AMCM issues a guaranty for the deposit and 鼯liquidity, with a certificate of debit, by virtue of which the issuing banks issue Macao dollar bills at the official exchange 口teTherefore, Hong Kong dollar has a very important position in Macao's foreign exchange reserve Hong Kong dollar has long been the most widely circulated currency in Macao. This remains to be the case even today. The amount of Hong Kong dollar in circulation even surpasses that of the local currency, Macao dollar. This unique phenomenon may be clearly seen in the ratio of Hong Kong dollar and Macao dollar in Macao's currency in circulation, namely Ml plus M2. Since the mid-'80s, the ratio of Macao dollar in Ml (money in circulation plus savings deposits) has plunged from 46.6% in 1984 to 27% in 1991, whereas that of Hong Kong dollar has climbed from 50.9% to 59.2% in the same period. Though this trend began to reverse in 1992, the ratio of Macao dollar in Ml reached only 43.7%, lower than that of Hong Kong dollar, which was 45.3%. In the case of M2, Macao dollar took a ratio of only 30.9%, far lower than that of Hong Kong dollar, which stood at 53.1% (see Table 4). Today in big business deals and in external trade payments, the amount of Hong Kong dollar in use far surpasses that of Macao dollar. Similarly, in bank deposits, Hong Kong dollar also dominates the other. This is a 69

70 unique phenomenon of currency substitute in the Macao economy Therefore, the stab山ty of the exchange rate of Hong Kong dollar will greatly affect Macao's financial system and economy Table 4: Ratios of Macao dollar and Hong Kong dollar in Macao's money supply Ml M2 Year Total MOP HKD Foreign Total MOP HKD Foreign amount % currency amounl % currency {million MO! 勺 (%) (%) (%) (million~lOPJ (%) (%) (%) 1984 2.554.8 100.0 46.6 50.9 2.5 8.355.4 100.0 27.4 59 3 13.3 1985 3,3295 100.0 44.1 51.8 4.1 9,589.0 100.0 26.6 59.9 13.5 !986 4,022.4 100.0 44.3 50.1 5.6 11,403.4 100.0 25.7 54.2 20.1 1987 5,7 I 1.7 100.0 37.2 54.1 8.7 14,513.5 100.0 22.6 51.5 25.9 1988 6,194.9 100.0 38.8 48.6 12.6 20,029.8 100.0 19.1 56.2 24.6 1989 7,189.9 100.0 40.4 49.6 IO.O 24,381.6 100.0 20.9 55.2 23.9 1990 8,979.3 l00.0 35.8 47.2 17.0 30,588.9 100.0 22.7 49.0 28.9 1991 8,979.3 100.0 27.6 59.2 13.2 41,900,6 100.0 22.8 51.I 26. I 1992 20,987.9 100.0 28.8 57.3 13.9 50,375.3 100.0 23.8 50.8 25.3 1993 20,602.8 100.0 31.5 53.2 15.3 53.956. I 100.0 26.2 50.9 22.9 1994 I 8.809.5 100.0 35.8 53.0 II.I 61,018.8 100.0 27.1 55.5 17.4 1995 19,010.5 100.0 38.5 51.3 10.2 59,284.3 100.0 29.0 56.3 14.7 1996 20,438.5 100.0 42.5 47.5 10.0 74.744.3 JOO.O 30.5 54.9 14.6 1997 18,953.1 100.0 43.7 45.3 II.I 78,353.8 100.0 30.9 53.1 16.1 Soun·e: S1a1/.w/es and Census Sen'ices ,if Macao (2) Financial operations of Macao rely significantly on Hong Kong. The structure of Macao's financial system is simple, with banking as the main trunk and insurance as the complement Business is mainly along the line of deposit and loan, with an inadequately developed finance market. Of the 22 banks and 21 insurance c叩npanies, a considerable number operate under their regional headquarters in Hong Kong. Even the banks incorporated locally are in close business association with related banks in Hong Kong. Of the depos區 in the banks, those in Hong Kong dollar

account for a great p01tion. Given that the local inter-bank market is not well developed, the banks have, after reserving the necessa吖working capital, to consign their balances with banks in Hong Kong, and lending of call-money is likewise mainly made through their regional headquarters or associated banks in Hong Kong Therefore, Hong Kong is the major extra-territorial banking extension of assets and liabilities. On account of this situation and because of the key position Hong Kong dollar taking in Macao's finance, the trend of interest rate generally follows that of Hong Kong. Thu 、stability of Hong Kong's interest rates affects Macao's finance indu、t1yand economy. As lacking finance market、, Macao's dealings in foreign exchange, securities, bonds and gold are mainly concluctecl by Macao's financial agencies through their regional headquarters or associated agencies in Hong Kong 2.6 External transportation and communication In spite of the fact that Hong Kong and Macao are on either side of the Pearl River Mouth, they have totally 山fferent ports. The Victoria Harbor in Hong Kong is one of the three best natural ports in the world, whereas the ports in Macao are shallow. As for many years Macao have neither a deep-water port nor an airport, most of Macao's exports had to go via Hong Kong. According to a rough estimate, the part of Macao's gross exports by water routes accounts for 95% or more, all of which by transshipment through Hong Kong. The remained 5% is cleliverecl by air, and again three fifths of that is via Hong Kong which is the most impo11ant transshipment port for Macao's exports. In the case of passenger transportation, Far East Hydrofoil co. provides ve1y convenient 24-hour feny service in every 15 minutes. The trip only takes an hour For telecommunication, communication be國een Hong Kong and Macao is very frequent and speedy. In M:icao Telecom Co 71

72 Ltd., Hong Kong Cable and Wireless PLC has 51% shares, and CITIC Hong Kong has 20% 3. Problems in the relationship between Hong Kong and Macao 3. 1 Lack of regional cooperation and coordination in the top-level Though I-long Kong and Macao are nearly next door neighbors with close economic associations, there has long been an apparent lack of top-level cooperation and coordination between them, because the two have been sub」ected to the rule of 山fferentregime's - the British and the Portuguese. Macao has not been so much important to Hong Kong as Hong Kong has been to Macao in economic terms, because of Macao's tiny scale of economy. So there has been disparity in their relationship. During its colonial rule of I-long Kong, the British Hong Kong government has never cared to give even a thought to the P01tuguese mlec! Macao, whereas due to their intense national pride, the Portuguese Macao government would not have anybody say that Hong Kong is in any way superior to Macao, or anybody c叩11pare Macao with Hong Kong. Under such circumstances, the British Hong Kong government had neither placed businesses, like regional economic cooperation and coordination of economic policies, on any agenda nor in any projects of economic development. There has never been any communications be國eenthe 國o governments. On the other hand, the Portuguese Macao government had not made use of the advantage of Hong Kong as an international trade and finance center. It would not break the "on-parity" air and take the initiative to talk with the British Hong Kong government about further economic cooperation and possib血y to establish any authoritative inter-governmental organization for this. The little relationship maintaining was just some official or semi-official connections on 司pecific affairs, such as the "Pearl River Delta Tourism Promotion

Agency", the "Promotion of a Larger Tourism Region Between Guangclong, Hong Kong and Macao", etc., which was proposed and organized by Hong Kong Tourist Association, and joined by Tourist Services of Macao Government, and Guangdong Bureau of Tourism. This remains to be the case even now. Especially as at the period of return in 1997 and 1999, the governments became too preoccupied with the return to appreciate any importance and urgency of the matter. Even after Hong Kong's return to China, a study entitled "Review of Hong Kong Development Strategy" wa、published by the I-long Kong SAR government in 1998, in which a goal was set fo」 2011 for Hong Kong to become an ideal regional and international metropolitan city, one of the major cities in the Pearl River Delta. Nothing was mentioned in the study about the neighboring Macao, which is closely associated with I-long Kong in economic terms, when discussing a joint development strateg, with Guangclong and other Mainland provinces. This can only be seen as a serious flaw in the Hong Kong-Macao economic relationship, and of course it is one of the consequences of lacking initiative on the part of Macao government to try to nurture cooperation and win Hong Kong's support and accommodation As a result, economic cooperation be國een the cities ba、icallyremains on a spontaneous, low and non-official level, which follm, 、the market trends. This situation forms a stark contrast with the south China trend, centered on the Pearl River Delta, moving toward economic union. Without top-level cooperation be國een the cities, problems confronted by the business people of the two places on specific matter丶 of their relationship are usually not resolved time!) and economic cooperation does not move fonvarcl, but backward This problem should be seriously concerned by the government、of Hong Kong and Macao 73

74 3.2 Lack of coordination in gaming and tourism industry resulting in decrease of Hong Kong visitors to Macao In the past, there was a taciturn convention between the two places concerning gaming industry policy, namely, that there will be no casinos in Hong Kong, and Macao does not run horse racing. When Macao Jockey Club was formally inaugurated in 1989, the two places could nevertheless arrange their timetable so that races do not coincide in time, and direct competition may be avoided. However, since the emergence of casino liners around Hong Kong in the'80s, a scenario of direct competition have been unfolding between casinos in the two cities. Now such liners that cruise near Hong Kong have amounted to seven. The largest reached a tonnage of 50,000, with splend這 and advanced facilities and all kinds of entertainment services, docked near Kowloon, which is very convenient for visitors from Hong Kong. It is reported that there will be another luxurious liner of 70,000 tons joining the fleet in 1999. These fleet pose a direct and grave challenge to Macao's ill-managed casinos. Mr. Stanley Ho, general manager of the STDM has said on a public occasion that those liners have a grave impact on Macao's gaming indust1y, with a 15-20% decrease of the "median" business, is mainly Hong Kong visitors. Apparently, Hong Kong and Macao have no coordination regarding the gambling businesses Hong Kong is the 切ggest source of visitors for Macao's casinos. However, since 1992, there has been a drop in the number as well as in the ratio of Hong Kong visitor. As the statistics show that from 1992 to 1997, the ratio of Hong Kong visitors to the total visited Macao was dropping year by year, from 80% to 63%. One reason for this decline could be found in the past few years, during which there was a considerable rise in the number of visitor from Mainland China and Taiwan. However, from the net figures o閂ongKong visitors we do not see much optimism: from 6.167 million to

4.40 million person-times for the same period, with a drop of 29% There may be many causes for the situation. Apart from the flagging economy in Hong Kong and the deteriorating public security in Macao which makes visitors balk, there have been other factors such as the rather out-of-elate management of casinos, old-fashioned facilities, lack of innovation, and competition from the floating casinos in Hong Kong. Besides, in Macao, there has been inadequate development of tourist resources. The general impression is that Macao falls short of what visitors expect of a resort for family holidays, business and conference tours. This generalization may be inferred from the components and the pattern of consumption of Hong Kong visitors. In the 1997 statistical sample of Hong Kong visitors, male accounted 71.2%, staying for an average of 1.28 day Non-casino visitors consumed an average of only MOP846.S, lowe1 than that by general visitors. The figures indicate that Macao has not been so attractive to Hong Kong visitors, and the only attractive spot may be the casinos 3.3 Decline of investment in Macao's manufacturing industry and diminishing trade between Hong Kong and Macao Since the micl-801s, as Mainland China, especially the Pearl River Delta areas, pursued its opening-up, the Pearl River Delta has gradually replaced Macao by becoming the first choice for investment by Hong Kong manufacturing enterprises. Hong Kong and Macao manufacturers have been moving their labor-intensive production lines to the Mainland. During this period, production cost in Macao was continuously increasing, with a shortage of laborers, while textile quotas and general favor advantages that Mac\o enjoyed were being eroded. All these factors resulted in inadequate follow-up on investment in Macao by Hong Kong manufacturers. This may be inferred from the trend of change in 75

76 the number of production facilities and the number of workers According to the 丶tatistics, the number of production facilities dropped from 2,270 to 1,339 during 1990 - 1997, with a decline of 41%, and that of workers employed in manufacturing from 64.7 thousand to 38.7 thousand, at a drop of 40% There was a lack of impetus in the investment in Macao's manufacturing sector by Hong Kong, or even a decrease, resulting in a drop in the trade ratio and gross value. The statistics show that in 1990 Macao's gross import from Hong Kong reached an all-time height of MOP5.21 billion. But since then, it has been decrea 、ingyear by year, with the 1997 figure standing at only MOP4.18 billion, at a drop of 20%, and meanwhile a drop from 42.2% to 25.2% also occurred in what those imports accounted for in the gross imports On the exports front, an unprecedented MOPl.93 billion was achieved in exports to Hong Kong in 1989, which dropped to MOPl.32 billion in 1997, 31.6% down, and a concurrent drop from 14.7% to 7.7% was recorded of the ratio of such exports to the gro、s exports for the 、ame period. Obviously, Macao relies a great deal less on Hong Kong than it used to do. and instead, China is gradually substituting for the position of Hong Kong 3.4 Hong Kong investment in Macao's real estate industry falling into depression Hong Kong investment in Macao's real estate construction industry has gradually taper off, and even halted, after reaching its peak in the early 90's. This was the time when Macao government changed its way o臼and sale from negotiated concession to a system of public auction, and increased land supply by a large scale. A great deal of foreign investment was then attracted into the market, especially from the Mainland, leading to a dramatic rise in land and property prices, which was more than what the local economy

demanded and what local people could afford. Investment risks were thus increased. During this period of time, major Hong Kong real estate developers generally did not participate in Macao's land auction. Later, China began 昉 macro-economic adjustment in 1993 by tightening credit, which resulted in the withdrawal of Chinese capital from Macao's real estate market, leaving the market in a more serious state of property ove卜汎1pply, and hence a bearish market. Yet, from 1996 tom叫 1997, Hong Kong's real estate market boomed, which further differentiated the price between the two places. The 山fference for office space was as large as 1 O -15 times then. However, Hong Kong investors and speculators considered Hong Kong's real estate market as more profit-promising and apparently reduced interest in returning to Macao's market 庫e1v,ards, Macao's property market lapsed into an unprecedented depression, in which some Hong Kong investors and speculators were bogged clown because of not being able to promptly withdr,m Even now, price difference on the two markets still varies. but few Hong Kong people come to buy property in Macao for their own use, mainly because (1) complicated transactions procedures in Macao with a backward legal system making purchase very inconvenient; (2) limitations on travelling documents of Hong Kong visitors for staying in Macao; (3) ferry fare is a rathe1 回gexpense for an one-hour journey; and (4) inadequate promotion by concerned parties of Macao 3.5 lnsutflctent coordination in finance sector For historical reasons, Macao and Hong Kong's finance has been closely associated. In contrast, however, the coordination betvveen the counterparts is obviously not enough. Macao handle、the situation pa、、ively, and it may be seen in the following aspects (1) The corresponding supe1vising authorities in the finance 77

78 sector lack close coordination. Apart from the few coordination agreements on specific matters, such as the prevention of "money laundering", 由ere has not been coordination be國een the lvlonetaiy and Foreign Exchange Authority of Macao and the Hong Kong lvloneta1y Authority. In terms of supe1vision, Hong Kong has a set of fairly comprehensive laws and regulations regarding finance operations such as foreign exchange, securities dealings, etc., whereas a lack of supe1visory laws and codes is apparent in Macao Therefore, some finance investment companies took advantage of loopholes in Macao's legal system by setting up offices in Macao These companies deal in foreign exchange and securities business as brokerage for mostly Hong Kong clients, and thus create a 、upe1visory vacuum beyond Hong Kong Moneta1y Authority. The number of such speculation entities in Macao amounted to 30-40 at its peak. (2) Macao is not well prepared for the financial risks that is inherented in the monetary policy of "linkage to the Hong Kong dollar". Due to the moneta1y policy of "linkage to Hong Kong dollar" a fairly large part of Macao's foreign exchange reserve is denominated in Hong Kong dollar, which is the most widely used currency in Macao. Therefore, fluctuations in the exchange rate of Hong Kong dollar have great impact on Macao's finance system and its economy. From the experience of the recent financial storm m 駟a which struck Hong Kong's "linked rate of exchange", insufficiency of preventive measures and countermeasures against the potential risk of exchange rate on the part of Macao are 山scernible(3) Macao's banking interest rate is bound to follow that of Hong Kong, just as Hong Kong's interest rate does that of the United States. But when Hong Kong's Banking Association and various banks adjust the interest rate, only in view of Hong Kong's

economic and financial situation, with little regard to that of Macao (4) It failed to take full advantage of Hong Kong as the Pacific-Asian finance center to serve Macao's financial purposes Hong Kong has a sound financial system —a developed finance market with various finance instruments in use. As its neighbor, Macao is financially closely related to Hong Kong. However, Macao's finance sector is unitaiy in structure, and small in scope of operation It is greatly centered on banking, supplemented by insurance, both of which again are based mainly on conventional retail business, in the absence of a corresponding finance market. One reason for this is naturally the small scale of Macao's economy, with limited market potentials. On the other hand, it is clue to the lack of cooperation with Hong Kong, and failure to take full advantage of Hong Kong to sen•e Macao's purposes of financial development (5) Development of offshore finances inadequate International survey has shown that both Hong Kong and Macao are ideal places to develop offshore finance, especially in Macao In Macao, the amount of foreign currencies in circulation is much larger than that of Macao dollar, and local banks are no match f01 those overseas banks in terms of resources. Though this is one of the drawbacks for local finance sector, it is nevertheless one of the advantages for developing offshore finance 丶ervices. Unfortunately, Macao fails to take full advantage of being close to Hong Kong. currency linking to Hong Kong dollar, and without foreign exchange control, etc., to develop offshore finance operations 3.6 Increased operational cost due to expensive transportation expenses Macao does not have a deep-water seaport. Most of the cargo exports have to go by Hong Kong 鼬 transshipment. However transport fees charged on cargo transport have been too high Transport and clock handling fees charged on e\·ery standard 79

80 container amount to MOPl0,655, 47% higher than that charged for delivery from Hong Kong to Europe. Causes of such.high cost are many-fold, one important factor is that international_ buyers and 飼ght carriers in Hong Kong are in ce11ain monopolistic relationship with cargo carrier brokerage in Macao, based on their combined interest. Besides, transport and docking costs have been continuously increasing, giving rise to prices hikes of transport between the two cities. This situation has resulted in business operational cost in Macao going up steeply, resulting in Macao's competition edge being blunted. Because of all this, some Macao manufacturers are considering reducing their reliance on Hong Kong, and turning to Shenzhen's Yantian port for transshipment HI. General orientation of Hong Kong-M acao economic relationship in a new era 1. Defining the new era By the new era, we are referring to the new historical period of Macao's return to the motherland on 20th December 1999 as the second special administrative region of the People's Republic of China(PRC) and of its immediate ent1y into the 21st centmy. In that period, essential changes will occur in the relationship between Hong Kong and Macao, from being administered by the British and the Portuguese respectively, to a special relationship between the two SARs under the principle of "one count1y, two systems", in the sovereignty of "one country"- the PRC, as continuing their capitalist system and style of life for another 50 years. Their return will bring new opportunities to the development of economic relationship between the two regions and thus bring such a relationship into a new historical era. It is certainly meaningful, both historically and realistically, to explore the change and development of economic relationship between the two regions

in order to motivate economic cooperation between them. and to progress Macao's economic development 2. Identifying the basis of the general orientation of Hong Kong-Macao economic relationship In this research repo1t, we will identify the general orientation of Hong Kong-Macao economic relationship base on: (1) comparative advantages of Hong Kong, Macao and the Pearl River Delta within the framework of regional cooperation and allocation in the south China; and (2) Macao's economic orientation in regional cooperation and allocation 2. 1 Comparative advantages of Hong Kong, Macao and the Pearl River Delta within the framework of regional cooperation and function allocation in South China Since the 80's. as China's adoption of "open door" policy progressed, Hong Kong and Macao's manufacturers moved their labor-intensive production lines to the south China, especially to the Pearl River Delta area, resulting in the format of "front store and back-yard mill" between the regions. This sort of industrial relocation has pushed fo1warcl c邙nprehensive cooperation bet\veen the regions in terms of investment, trade, finance and other sectors A tied regional economy force has formed. Therefore, the orientation of Hong Kong-Macao economic relationship in the new era must be determined on the basis of an analysis of comparative advantages of the three places Hong Kong and Macao have long been parts of China that were under foreign administration and both belongs to island economy, implementing free port policy, with simple and low tax regimes. Having a lot of similarities between them, they were alway、referred by Mainland China as "Hong Kong-Macao" .After the two 81

82 ,%~ have returned to China, they will become two individual SARs of China, with separate tax regimes, continuing the free port policy, simple and low tax regimes, and will maintain their existing system of capitalism and style of life for another 50 years. Therefore, comparing with the Pearl River Delta, Hong Kong-Macao will remain as linkage for Mainland China and the international societies, in addition to being se1vice centers for the neighboring regions. On the other hand, the Pearl River Delta will continue to be a vast back-up and production area for Hong Kong and Macao, supplying sufficient, low cost land and labor, and huge market potentials However, great differences remain between Hong Kong and Macao. The two are not on par economically. The fact of "B屯Hong Kong, Small Macao" is a reality that must be realized. In terms of size, Macao had a population of 422 thousand in 1997, and an area of 21.45 square kilometers, which is 6.5% and 2.0% of Hong Kong respectively. In terms of current prices, the GDP of Macao in 1997 stood at MOP58.47 billion, which was an equivalent of only 5.3% of that of Hong Kong, if c珥11putecl in I-long Kong dollars. In comparison, I-long Kong's advantages are comprehensive However, Macao also has its unique advantages. Differences between them may be seen in: (1) I-long Kong is a well-known international metropolitan city, with a modern and open capitalistic economy, while Macao is mainly a regional tourist and gaming city, a backup service base for its peripheral areas, where capitalistic economy has not yet reach the standard of modernization and internationalization (2) I-long Kong is the finance center in the Asia-Pacific region, with a fairly sound monetaiy and financial system and a developed finance market where a lot of financial tools are available. I-long Kong has ample foreign exchange rese1ve, and enjoys a stable and healthy finance. In comparison, Macao's monetary and finance

systems are relatively weak and simplistic, relying heavily on Hong Kong. (3) With the advantage of having one of the world's best three natural harbors, Hong Kong plays its full role of a free port acting as the most important trading transit port for Mainland China and the Asia-Pacific region, and in very close contact with the international market in terms of commercial, trade and transportation. On the other hand, Macao has long been unable to fully utilize the advantage as a free port because of its lack of a deep-water seaport, and have had to use Hong Kong as a transit port. (4) Hong Kong and Macao have their own preference in their international connections. Although Hong Kong's international connections are global in dimensions, its priority has, however, been placed on the llnited State, Japan, F.umpe, and South Asia On the other hand, due to its relations with Portugal, Macao has placed emphasis on relationship with the European Union, the Latin dialect countries and South East Asia, which is not without 噩own potential advantage (5) Hong Kong and Macao have transformed to become se1Yice economies. However, Hong Kong's economic structure is diversified, with fairly developed sectors of finance, trade, real estate, tourism and information technology etc. while Macao's economy structure is relatively simple. In 1997, simply the tourism and gaming indust1y accounted for as much as 45% of the GDP, and as pointed out in a report by McKinley & Company in the United States, there is a characteristic feature of "polarization" about Macao's economic structure. (6) Compared with Hong Kong, Macao is a city with longer history and was historically a place where the Oriental and Occidental culture and religions mix, with a "museum" style of 83

84 urban scene1y and rich historical relics. In cont1·ast with Hong Kong's relatively fast pace of life, Macao is more of a leisure "European" town. Moreover, Macao is well known for its casinos, reputed as "Oriental Monte Carlo" and has long been a tourist and gaming spot for its neighboring regions. Therefore, Macao is more endowed with the qualities for developing the tourism and gaming industries (7) Compared with the rather high operation costs in Hong Kong, Macao has the advantage of being low cost. It is estimated the cost of living in Macao is only 40% of that in Hong Kong land price. Rents are only approximately 17%, and salaries for employees are only approximately 40% of those in Hong Kong. Besides, Macao has a set of more flexible import labor system (8) Hong Kong is in a fairly high degree of integration and cooperation with the various regions in the south China. During the 20 years of development, the format of" front store and backyard mill" has been established, in which Hong Kong plays a strategic role of being a business metropolitan and service center for the region. On the other hand, competition between Macao and neighboring Zhuhai has became increasingly apparent since the beginning of the 90's. One of the key reasons for this is that Macao is an economy of small scale, without a deep-water sea port, and is unable to form a close-nit strategic relationship with its backyard regions, especially Zhuhai, the west side of Pearl River Delta and the middle and down reaches of the Xijiang River. However, the situation improved since late 1995, when the Macao International Airport began to operate, and Macao began to emerge as transshipment station between Mainland China and Taiwan 2.2 Macao's economic orientation in regional allocation and cooperation The orientation of the economic relationship between Hong Kong and Macao in the new era should no doubt be studied in

conjunction with the economic orientation of Macao in the context of regional cooperation and allocation. In fact, since the early 90's, studies based on its co唧arative advantages or advantages in international c國npetition have been undertaken regarding Macao's economic orientation within the framework of regional cooperation and function allocation. At the end of 1990, such study was began by a report entitled "Macao's Development Prospect in the Next Ten Years " published by McKinsey & Company, an American company, appointed by the Macao government. According to the report, Macao had come to a dead-end on its way of freewheeling development, and it should, by taking advantage of the large-scale infrastructure development that was then unde1way, re-identify its economic development strategy. The best alternative was to make use of the strategic benefits from "the potential and attractive economies of growing southern neighborhoods in China", strive to develop into the "regional strategic pivot". That was the first positioning for Macao's economy. Unfortunately, that research fell short of elaborating in detail what was embodied in the concept of that positioning, leaving room for misunderstanding that Macao should become a manufacturing center in the south China. In the perspective of the research as a whole, the so-called "strategic pivot" should encompass not only the manufacturing, but also that of services, especially of tourism and gaming industry. However, it is undeniable that the research placed its preference on uplifting Macao's manufacturing industry, which was to a great extend due to Macao's reality. In the 80's, the manufacturing industry once took over tourism and gaming by becoming the top industry. By the early 90's the lifting and transformation of the manufacturing ind(1st1y became one of the critical tasks for Macao. Unfortunately, the study failed to achieve the result of saving the downsliding of the manufacturing indust1y 85

86 Afterwards, the growth of Macao's export manufacturing indust1y obviously slowed clown, There was a great.demand in " speeding up industry transformation, so as to sustain prosperity of the economy", Under these circumstances, in 1994 a specialist group from the National Science Commission, after one year's research, issued a report titled "Towards Developing Macao'.r 祏gh Technology Jndwtr霹', The opinion was that the development o臼1igh technology industries had already become the principal of today's world economic growth, and that Macao should go by that world -wide tide, and aggressively create conditions for the drive for high-technology, so that Macao's economy may re-vitalize, In specific Macao should " take advantage of the talent from Mainland China in high technology and combine with Macao's political, economic and social potentials, thus creating an environment for developing high technology industries, Efforts should be brought to bear on biology and information technology, where points of growth may be nurtured, and new industries may be created, so that Macao will shine again 11. However, that study was regarded as being too detached from Macao's reality, as the whole foundation fot developing high technology industries was even weaker, in terms of the scale of enterprises, technical 即pport, and scientific talents, than that of Hong Kong, which rendered high technology industry development in Macao unsustainable In 1996, Macao's economy experienced a period of negative growth, Export manufacturing has dropped to less than 10% in the GDP, and the emergence of high technology industries was unforeseen, Under such circumstances, a joint group of specialists from The Research Association of Hong Kong & Macao Economic of Guangdong and Associacao das Ciencia Economics de Macao undettook another comprehensive and in-depth research on Macao's economy, and In early 1997 publi、hed a paper titled''St1-ateg兀sfor

Macao's Economic Development". This paper has aroused a large feedback from local community. The paper based on cross-section study of the comparative advantages and constraints of Macao's economy recommended Macao's economic position as "a regional trade service center". This positioning was apparently a specified rendering of the orientation of "regional strategic pivot" identified by Mckinsey & C叩pany. In its concept, emphasis is shifted from the manufacturing to trade services, including tourism and gaming, financial and commercial. In contrast to the study by the National 沁ence Commission, this one substituted high technology industries with the service industries that "are already spouting and growing and will become future new industries for Macao's economy ". It has also pointed out in 畑phasis that "in order to revitalize Macao'、economy, we need to revitalize the tourism and gaming industry first, and "bring to full the leading role of tourism and gaming indust1y so that other industries may be motivated along the way of development". C叩npared with the two p因vious papers, this one has greatly uplifted the strategic position of tourism and gaming industry in Macao's economy. This concept d這 in fact reflect the reality of the economy at that time, while in 1996, the tourism and gaming inclust1y accounted for as much as 43% of the GDP. However, critics said that the concept of a "regional trade service center" could easily mislead to neglect the important position of tourism and gaming industry, and that the meaning of trade service wa、not clear and exactly defined The book "Stability and Prosperity-Development S坏ntegyfor Macao's Economy into the Next Century" was published in August 1997 Compared with the p民vious three researches, this book apparently places the hope of revitalizing Macao's economy on tourism and gaming industry, positioning Macao's economy as "to maintain its free-port regime, to enhance function allocation and coordination 87

88 with Hong Kong and Mainland China, with a view to become an international all-in-one tourist center, with the gaming industry as its core of attraction and use the tourism industry to activate the development of Macao in economic and social terms." In its opinion, the fledging tourism industry, which is noted as an II ever-green indust1y II in modern society, is continuously booming. That actually reflected the real situation of Macao, where its export manufacturing indust1y was declining, while the tourism and gaming industry was continuously growing However, according to our research, taking the tourism and gaming indust1y to lead the economy as long-term strategy needs deeper thinking. One of the most important advantages of Macao's environment of investment is that it is the other free port, apart from Hong Kong, on the southern border of China. And. in comparison with Hong Kong, Macao's economic support and associated international markets are 山fferent from Hong Kong's The west side of Pearl River Delta is economically backing Macao; the middle and lower reaches along the Xijiang River a vest region that stretches northwestwards, besides it is associated with the EU and the Latin dialect countries. This is Macao's notable and unique strategic advantage. From a long-term strategic perspective, it would be a heavy loss, not just to Macao, but also to Hong Kong and China if Macao 訕led to explore and take advantage, to the greatest extent, of such an important role of the intermediary From the above analysis of the four influential studies, Macao's orientation of economic development in the new era is gradually revealed. According to our research. the economic orientation of Macao in the regional cooperation and allocation in the new era must be based on Macao's international competitiveness and its strategic potential advantages. of which the two most important aspects are (1) the comparative advantage of Macao's tourism and

gaming industry in regional cooperation and allocation; and (2) the combined advantage of Macao as a free port, its geographic locations and its international connections. On the basis of these two strategic advantages, Macao's economic orientation may be redefined as: under the framework of "one country, two systems", maintaining and strengthening the function as a free port, striving to become an all-in-one city of tourism and gaming industiy plus intermediary trade and commercial services under regional cooperation and allocation, and led by these two industries to develop into a modernized and multiplex economic structure, at the same time promoting a sustainable development of Macao's overall economy which leads to stability and prosperity of the society. Under this economic orientation there are two specific cle\'elopment objecti\'es: 1) To become a synthesized tourism and gaming city, i.e. "Las Vegas in Asia", aiming to transform the pre、enttourism and gaming industry, with casino business as its core, into a synthesized tourist se1-vice inclust1y·which is comprised of gaming-travel, vacation-travel, sightseeing-travel, culture-travel, business-travel, conference-travel and exhibition-travel, etc.; 2) to become a regional city of intermediary commercial and trade services, in addition to being a backup service base for Hong Kong , the west side of the Pearl River Delta and its peripheral areas; as being a transit station for Taiwanese investment in Mainland China, connecting the Mainland , especially the west side of the Pearl River Delta and areas around the middle and lower reaches of the Xijiang River , with international trading cities in the EU and the Latin-speaking countries. The booming of the intermediary cominercial and trade seivice indust1y will undoubtedly accelerate the transformation of Macao's economic structure, so that it will become multiplex and upgraclecl, activating the economy a丶 a whole 89

90 These two ob」ectives can be mutually complementmy. From the mid-short-term point of view, Macao may concentrate on becoming a synthesized tourism and gaming city in Asia, and complemented by becoming a city of international intermediaiy 叫de and commercial se1-vices. But from the m吐long-term view point, strategic position of the latter role shall become more important as conditions for it gradually matures, and become one of the ma」or forces in the development of Macao's economy 2.3 General orientation of Hong Kong-Macao economic relationship in the new area Based on the analysis of this study on the c釘nparativeadvantages of Hong Kong and Macao and on Macao's economic orientation in regional cooperation and Macao's economic position in relation to Hong Kong in the new era can be defined as "utilizing advantage to a full extent, through bilateral cooperation for mutual benefits, and thus achieving prosperity together". Under the principle of "one count1y, two systems", Hong Kong and Macao are politically two equal SARs under the central government of the PRC Economically they should enhance cooperation on the existing basis, achieve a division of function to be mutually complementa吖and thus achieve prosperity together. In the new historical era, Hong Kong has to be the most important commercial cosmopolitan cit}1 in Asia and the main se1vice center for economic regions in the south China. At the same time its comparative advantages and overall economic structure will still undergo constant changes. Economically Macao should at the same time adjust according to the changes in Hong Kong's advantages to extend and complement its function On the other hand, Macao should also explore and make use of its own advantages to the greatest extent avoiding defects and place emphasis on being different so as to fully act a 丶 Hong Kong's

fi.mctional sideways and complement. Base on bilateral cooperation, it should keep an allocation of function to be mutually complementmy and thus achieve prosperity together. Such a bilateral cooperation on the part of Macao should mainly include (1) As a unique key link in the tourism triangle area covering Guangdong, Hong Kong and Macao. Macao will become a synthesized tourism and gaming city in the region, i.e. "Las Vega 、in Asia"; (2) Macao will become a regional city of intermediary commercial and trade se1vices, linking the Mainland, especially the west side of the Pearl River Delta, areas around the middle and lower reaches of the Xijiang River, with the EU and the Latin-dialect countries· (3) Macao will develop into a science-&-technolo扔• exchange and transfer center between Mainland China and other international countries, especially the EU; (4) As a supplement to Hong Kong's international finance center, Macao will develop into a offshore finance center which incorporates capitals in search of a tax ha\·en and practical businesses; (5) Macao will develop into a base for high acldecl value manufacturing as a c叩1plement to Hong Kong; (6) Macao will develop into a transit point for Taiwan businesses investing in Mainland China and the EU; (7) Macao will develop into a backup se1vice center for Hong Kong and other peripheral areas, with the advantage of quality life and low costs; (8) Macao will develop into a satellite city of Hong Kong, as an extraterritorial residential area In this relationship of function allocation and bilateral cooperation, Hong Kong will continue to be one of the motivations 91

92 for Macao's economic development and to become modernized, diversified and international. Vice versa, the full roie of Macao's functions will be conductive to consolidating and enhancing Hong Kong's international position and competitiveness. The two will be mutually benefited IV. Strengthening development strategy for Hong Kong-Macao's economic allocation and complementation. 1. General strategy: push reform in regimes and create good environment for investment and businesses In the past few years, Macao's environment for investment 加s been continuously deteriorating. The most important cause of which has been the serious lagging of political and legal systems behind economic development. This situation has led to a very bad bureaucratic red tape, low efficiency of administration, rampant bribery and embezzlement. All the、e have developed into a great disadvantage for Macao's economic growth. In order to promote 氐vitalization, stab山ty and prosperity of economy, and to enhance cooperation with Hong Kong and other peripheral areas, after Macao has returned to China, the most important task will be building of a good environment for investment and business, and a market regime of fair competition 1. 1 Pursue reform of administrative regime and build step by step a government that is highly efficient, streamlined. clean and 氠 apartfrom a regime of civil servants that maintains neutrality among various social interest groups Abuses of Macao's public administrative structure exist in every department, mainly found in the cumbersome, overstaffed public administrative structure, the unreasonable, overlapping institutional set-up among departments. and among central and

local administrations. Moreover, there are no mechanisms for coordination, which has led to ambiguity or overlapping of competence references among departments, giving rise to bug-passing or cross-meddling, departmentalization, and low administrative efficiency. The general public has long criticized the government of Macao for its complex administrative procedures low efficiency, frequent changes in policy and the lack of continuity therein. These factors have caused investors to flinch. Though recently the situation is improving, this still remains a major constraint in Macao's environment of investment. The general public in Macao has a consensus regarding this issue, and even those top-level official丶 of the Portuguese admini、tration have the same feeling Mr. Leonel Miranda, consultant to the Governor, director of Office for Planning and Cooperation, once confided in private that the current government was too unwieldy with functional overlapping. which was to an extent not only detrimental to Macao's economy. but also more than the current economy can 沁pport. Mr. Alberto Soares, ex-general manager of the Banco Nacional Ultramarino, also mentioned that the rnrrent bureaucratic regime of Macao could never attract foreign capitals to develop offshore finance in Macao Therefore, Macao's existing administrative framework and civil servant regime are bound to be reformed, and the status quo can no longer be maintained. For Hong Kong, after returning to China it has taken important steps towards reforming the civil servant regime, and reformation has become the historic trend. In this way, the Preparative Committee for the SAR of Macao and the future SAR government should seize the historic opportunity of return in 1999. and pursue the reform of regime with a step心y-step approach under the prerequisite that the political handover is smooth, so as to create a new political and economic scenario In its reform of the administrative regime, Macao may 丶veil93

94 refer to the experience of I-long Kong. In fact, the Basic La丶 ofMacao has consulted I-long Kong's Basic Law. And·as far as the administrative framework and civil se1vant regimes are concerned, I-long Kong has had a lot of experience. The combined performance of the government of I-long Kong has been evaluated as ranking the second in the world spectrum for five consecutive years (1994-1998) by the !MD in Switzerland, second only to Singapore. The overall professional quality of I-long Kong's civil servants has also received praise by the international community These are worthy of an example for Macao. On the other hand, it should of course be recognized that I-long Kong differs greatly from Macao, with the latter's current administrative regime being descendant from that of Portugal, which is different from I-long Kong's system of civil servants. Macao's legal system also originated from the continental legal system, as opposed to I-long Kong's common law tradition. Therefore, reform of Macao's administrative regime should refer to I-long Kong's experience, and it should be steadily carried out on the basis of its own history and reality Meanwhile, Macao should come 叩 with a prototype ,,.vith its own characteristics. However, the ultimate objective is to build up a highly efficient, streamlined, clean and fair government, and a civil servant regime that is non-political and neutral among othe1 interest groups 1.2 Push legal reform to build up a modernized legal system with 紬 andjust legal environment and "administe Macao by law" Another important disadvantage in Macao's environment of investment and business is the inadequate modernization and internationalization of commercial and economic regulations, and its low degree of rule of law, in addition to lacking a market for fail competition. For instance, the current Macao's Company Act is based

on the Commerce Code of Portugal of 1888 and the Limited Liability Company Act of 1901. Many of the clauses therein, after a hundred or more years, can no longer meet Macao's reality. Even in P01tugal, a new Co唧any Act was issued in 1986. In 1990, the Macao government tried to 氐vise the original Company Act. but unfortunately after many years of deliberation, the revision failed to be adopted by the Legislative Council. Macao's current property transfer tax, legacy tax, etc. are fail to adjust correspondingly to the changes in Macao's society and economy as well, making today's business and trade extremely inconvenient. Apart from that, all laws in Macao were in Portuguese instead of any internationally accepted language, such as English. Macao's lawyer had mainly been Portuguese or Macanese, and therefore ,vhen foreign businesses are confronted with legal issues, they have to go through interpretating procedures, causing delay in business. Moreover, the courts are closed for as long as three months for summer holidays. which has an adverse effect on business and trade which ha,·e to go on continuously. It is worth noting that Macao's tradition of "the Chinese and foreigners co-exist but administrated separately", resulted in the failure of sets of Portuguese laws introduced from Portugal to take root in Macao, and a general low degree of rule of law. Many problems would be better to solve by way of inter-personal relationship. There is an 唧arent lack of fair and just environment of rule of law Now that Macao is well into the period of transition, and 心the localization of law advances, these have changed for the better But problems remain of various magnitudes, and are becoming a hinder to the improvement of Macao's environment of investment and business. Therefore, after the establishment of the Macao SAR government, effort should continuously be made in promoting the localization, modernization, and internationalization of Macao's legal 95

96 system, especially mercantile law. On the other hand, reference should be made to the experience of Hong Kong·and of other peripheral areas, so that laws will get updated with economic development and conducive to economic exchanges between Macao and Hong Kong and other peripheral areas. Certain laws, such as the "Property Transfer Tax Act", when being revised, should take into account the simplification of contract procedures, so as to bring change to the current contract procedures, which are complex and time-consuming. In order to attract foreign investors, laws and regulations should, as far as possible, be made available in Chinese, English and Portuguese, in conformity with international practice But of course, a sound, balanced regime of legal system and a fail and just environment of rule of law are more important and indispensable. The purpose of legal reform is to build a society with a high degree of rule of law, where everything is done by virtue of law, and entrust the administration of Macao to such rule of law. 1.3 Build up an effective system of supervision, reform the police, carry out anti-corruption, encourage cleaner government and decisively reverse the law-&-order situation for the better The government of Macao has long been without an effective supervisory mechanism. It causes a waste of internal resources Certain bad elements in government departments, especially in the disciplined forces, commit embezzlement and bribery unscrupulously. No strong measures have been taken for the increasingly rampant triads, causing a general deteriorating situation of law and order, which constitutes a glaring setback in the environment of business and investment The special institution responsible for anti-corruption and anti-administrative-breach-of-law in Macao is the High Commission

----against Corruption and Administrative illegality. In the early 80's, influenced by the practice of anti-corruption and encouraging clean government in Hong Kong and other peripheral economically fast growing areas, there developed an increasingly stronger demand for setting up an anti-corruption institution in Macao. However, the Commission was not set up until 1992. And, clue to the limitation by P01tuguese Constitution and other factors, the Commission was 唧arently not well prepared, with great constraint in organizational structure, personnel, terms of references, and limited effectiveness In spite of the set-up of the Commission, in the governmental bodies, especially in the disciplined forces, embezzlement and bribery are still rampant, which has been an open secret. So local citizens refer to the Commission as a "teethless tiger". Priority work of the Commission was on prosecutions regarding administrative affair、Concerning this aspect, the first 疝gh Commissioner Mr. Jorge Alberto Aragao Seia admitted, at an early stage of its establishment, that "it has long been the general concept of an anti-corruption institution such as the Independent Commission Against Corruption CICAC) of Hong Kong," however, it has never been the intention of Macao's legislators to have such an institution that has the characteristics ol . 97 Hong Kong's ICAC. This made the Commission "rather a small institution, with neither special power nor conditions to operate in its spheres, only responding to some puzzling problems of local citizens"(Note 1). Mr. Jorge Alberto Aragao Seia's remark cuttingly revealed the important causes why the Commission could hardly be effective Therefore, after the establishment of Macao's SAR, much efforts should be put to set up an effective supervis01y mechanism According to the regulations of the Basic Law, reform of the Auditor's Noie., 1.- Sow,·e.- Aooa/s 1992 o[Macao 祏gh Cowwl「.,ioo Agaio,r c,,,·,·oprioo w,d A,/mioi'1mTi,·e J//egali1,

Office, the ICAC and the customs, refer to Hong Kong's experiences in conjunction with Macao's history and reality, so as to recreate the good image of the police, to carry out anti-embezzlement, and to wage war on criminal triad activities, improving law and order from the basic level 8_ 9_ 2. Specific measures on enhancing Hong Kong and Macao economic relationship 2. 1 Present a new image of Macao to Hong Kong and other peripheral areas For a long time, people in Hong Kong and other peripheral areas had the impression of Macao as a gaming city, a place also known as "Monte Carlo in the East" with a rich of colorful night-life. A couple years ago, the director of Akucla consultant Co. Ltd sa這 that Macao is only a tourist city, and not a place for investment for the Japanese. This is an obvious misunclerstancling about Macao In recent years, law and order in Macao 加ve been worsened by the increasingly rampant criminal syndicates with frequent cases of violent crimes. Macao as a tourist and gaming city has lost much of its luster and is even viewed as the "Sicily in the East". People in the nearby areas are refraining from visiting Macao, let alone investing there. Therefore, when the SAR government is in place, resources should be allocated to improve Macao's environment of investment, specially promote the advantages of Macao's environment of investment to people in Hong Kong and other nearby areas, in order to rebuilding Macao's image. Promotion by the Macao SAl江 to Hong Kong should focus on the following aspects (1) The comparative advantages of Macao's environment of investment will enable Hong Kong's investors to have a better knowledge about Macao's environment of investment and business: (2) Macao's economic orientation and long-term development

--strategy in the new era, so that Hong Kong investors will be able to learn about the micl-&-long-term orientation of Macao's economic development. (3) The general orientation of Hong Kong-Macao economic relationship in the new era is to emphasize the mutual economic complemention and allocation between Hong Kong and Macao, so that Hong Kong businessmen may know the business opportunities in Macao; Regarding the means of promotion, these may be newspapers, TV commercials, investment introduction seminars. setting up consultant services centers and 圄ated web sites on the Internet. Macao may also flow Singapore's example of putting up lots of TV commercials on Hong Kong's TV channels, and bring to full play the function of the Macao Bureau of Business and ln\'estment Promotion by organizing regular promotion tours to Hong Kong, so that people there and in other peripheral areas will fully acknowledge the acl\'antages of Macao's investment and business environment. 2.2 Develop the "Las Vegas in Asia" and enhance the mutual complementation and a/location in terms of tourism and gaming indust,y between Hong Kong and Macao Las Vegas is a city that is poor in resources. However, under the encouragement and effective supervision of government policy, the gaming industry took the lead in the development of tourism and gaming indust1y as well as the whole economy, enabling the city to become the world's famous city of synthesized tourism and gaming, a center for international conference and exhibition. It is an economic legend in the desert. In order for Macao to become the "Las Vegas in Asia" and to enhance the mutually complemention and allocation in tourism industry with Hong Kong, attension should 99

100 be paid on the following strateg民S(1) Review and reform of the current system of casino franchise Macao's current system of gambling franchise played a positive role in the initial development of gaming industly. However, 詛er over 30 years of implementation, its drawbacks are beginning to expose, such as introducing an element of monopoly into the gaming industry, which results in problems of conservatism in operation, pronounced traditionalism, outdated facilities, and falling behind in competition internationally and regionally. In constrast neighboring areas are loosening their restrictions and introducing a mechanism of competition into the development of gaming industry. This has caused a great challenge to Macao's gaming industly. At the moment, the exclusive franchise of casino operation granted to the STDM will expire in 2001. One major economic policy the future Macao SAR government will have to adopt, is to review and reform the current system of casino operation franchise This policy is cardinal and unavoidable to the Macao SAR government when designing the general economic policies, which will have a great impact on whether Macao will be able to develop into the "Las Vegas in Asia". Either to maintain the existing system of franchise temporarily or to introduce a mechanism of competition at a right time, the new supervisory system of gaming industry should be conducive to promote Macao's gaming industry: to introduce modernized management, to update its facilities, to develop hi-tech casinos and entertainment industry, to enhance service quality, and to create an advanced, healthy, comfortable, and safe gaming environment. It should strengthen attractions to regional and international communities when requirements are basically fulfilled. Certain competition mechanism should be introduced at an appropriate time, so that international capital may --

be drawn into Macao's gaming industry and hence sharpen 闆international c叩1petitive edge (2) Proactively seeking understanding or tacit agreement with the Hong Kong SAlt government regarding gaming industry policies Since the late 80's, there have been more and more deluxe gambling liners crnising along the high sea around Hong Kong which have posed direct competition and caused great pressure to Macao's gaming indust1y. Recently, public opinion in favor of legalizing gaming indust1y began to emerge. As pointed out by a w乩known political and economic co1血1entator, Mr. Lam Hang Chi, that the British Hong Kong government would not legalize the gaming industry "because of a profound political reason. The government worried that if the action would cause a deadly hit on Macao's economy, the P01tugal government would have had to return Macao to China before the scheduled time. As a result, this would affect Hong Kong's position As the British have withdrawn from Hong Kong in 1997, the time has now come for legalizing gaming indust1y in I-long Kong." Thi、may well impose greater d面culty on Macao's economy, but "salvaging Hong Kong is far more important than salvaging Macao. An囧囧Macao can make use of its geographical advantages by associating with Shenzhen and Zhuhai to develop joint labor-intensive industries Also, after the year 2000, Macao and Hong Kong will both be pa1t of China. Viewed from an international perspective, legalizing gaming industry in I-long Kong or in Macao will make no difference for China." (Note 2). As I-long Kong economy is now at its lows, it is generally believed that this sort of opinion is quite popular. Once I-long Kong has legalized its gaming industly, the adverse impact on Macao's tourism and gaming industry and its economy will be rather long lasting Note., 2, Soon·e, Hong Kong Economk Joo,·nal 成23rd D,-cemha /998 101

102 ，，＾丶、、、Therefore, the future Macao SAR government should actively consult and coordinate with its Hong Kong counterpart in terms of gaming inclustiy policies in the two conununities, and tiy to convince the Hong Kong SAR to maintain its current policy regarding the gaming industry. It will be the 趴ggest support and cooperation from the Hong Kong SAR to Macao if it could regain from legalizing gaming industry. In fact, an international cosmopolitan business city, legalizing the gaming indust1y in Hong Kong will be detrimental to its prestige. The British Hong Kong government kept itself from legalizing casino business. Now that Hong Kong has returned to China, there is even less reason for legalizing it. Regarding the is、ue of gaming liners, the two SARs can resolve it in an appropriate and feasible manner through consultation. The future Macao SAR may propose to Hong Kong to follow the practice of Singapore to re-draft the maritime regulations in Hong Kong, designating a limit on the number of out-bound ships without a specific destination, and that such ships may not return to Hong Kong in less than 36 hours, so as to put a stop to such casino liners. At the meantime Macao should also pay attention to maintain Hong Kong's interest in horse racing, and prevent itself from seizing small gains at the expense of great losses. The two may reach agreement or understanding on gaming industry policies, so as to achieve a balance of interests (3) In coordination with Hong Kong's new tourism indust1y development. Macao should make in-depth use of its historical-cultural tourist resources, in an attempt to build Macao into a tourist and resort center in Asia with European style Tourism indust1y has always been one of the pivotal industries to both Hong Kong and Macao's economy. Recently, the Hong Kong SAR has put forward a series of measures to revitalize tourism industry, such as rebuilding the Ocean Park, building new fishing ~~

--berths and ferry terminals, etc. Of those, the most eye-catching event is reaching an initial agreement with the world famous theme parks operator Disney Inc. in the US to building a Disneyland in Hong Kong. Since Disneyland is a combination of modern technologies, culture, entertainment activities and leisure tours, if this gigantic project comes true, it will attract more family-based tours and groups, and will become a new clyn:imic for developing tourism and gaming industry in Macao In order to attract such tourists to Macao, Macao has to make in-depth development of its historical and cultural resources, and take full advantage of its historical position as a center of East-West cultural exchanges, with an urban scenario of "museum style" and its rich historical and cultural heritage, and singling out its characteristics of an "European town" in Asia. In terms of development strategies, Macao should upgrade its urban development planning, giving special protection and reconstruction to a series of old-town relics of historical value along a line threading from Western Bay, onto the Lela Senado square, and ending at the Ruins of S. Paul, with a view to enhance its southern European style and a sense of leisure. The development of real estate indust1y should also avoid to follow Hong Kong's example of building monotonous high-rising towers, but instead to develop buildings with European styles. To complement that urban style, there could be built a restaurant street of Pmtuguese style, a pedestrians walking ares, plazas with folk-dance show, short term Portuguese courses so as to emphasize the characteristics and difference of Macao a丶 atourist resort in the tourism triangle region covering Guangclong, Hong Kong and Macao. On the other hand, Macao should develop a series of small and yet culturally significant theme scenic spots, to go with its traditionally well known international cultural activities, such as International Music Festival, International Arts'Festival, 103

104 Grand Prix, International Show of Fire Works, and International Dragon Boat Racing, with a view to reframe Macao into a tourist , md resort center as well as a center for medium and small-scale international conferences and exhibitions in As図 with an European style. (4) Strengthening cooperation and coordination the tourism triangle region covering Guangclong, Hong Kong and Macao Macao's economic cooperation with Guangclong will certainly grow fu11her after Macao's return to China, of which its cooperation ,vith Zhuhai will become the core. Right now, Zhuhai has already made a prelimina1y plan of developing the Montanha Island into an "international special tourist zone". According to the plan, the island's development will be powered by tourism industry, taking along other industries such as commerce, catering, finance and real estate development, etc. The tourism indust1y will be developed in a way that is emphasized on the characteristics of an island, using the theme of "cultural exchange between the East and the West", aiming at an all沮round development for holidays, leisure, entertainment, conferences and exhibitions, with a view to become an international and synthesized tourist region. Development of the Montanha will be no doubt to break the constraint of space and resources on the part of Macao. Therefore, Macao should actively keep up its cooperation with Zhuhai, by undertaking a study of the teas伽lity of a joint development of the Montanha, so that Macao's tourism and gaming industry may join with the development thereof. Frontal competition may be avoided in a way that is mutually beneficial and complementary, and Macao will be turned into an indispensable link with special characteristics in the tourism triangle region covering Guangdong, Hong Kong and Macao. Macao should also bring to full play of the role of "Agency -、

~ of tourist promotion in the Pearl River Delta". and the Tourism triangle region covering Guangdong, Hong Kong and Macao". The three should come up with their own respective tourist characteristics, combining "shopping paradise" with "casino resort" leisure town with "southern Guanclong fold tradition", along a pattern of allocation that is mutually complementa1y and beneficial. In thi、way, their combined edge of competition will be sharpened, and ne,v markets explored. 1999 is the year of return of Macao to China, in which the central government of China should liberalize its policies concerning the visit to Macao of the Mainland residents by simplifying related procedures, and give incentives to the recovery of Macao's tourism industry by making use of the concern about Macao's return. In order to promote the development of the tourism triangle region covering Guangclong, Hong Kong and Macao. the central government should also liberalize its policies concerning cross-boarder tours, by letting the Mainland residents on a "Macao tour" go to Hong Kong for a visit, so that Macao's tourism industry may further develop 2.3 Strengthen Macao's economic and cultural association with the European Union and the Latin-speaking countries, and turn Macao into a bridge that links up the European Union, the Latin speaking countries and China, as an international city of trade and business Eastern and western economic and cultural exchanges have been in Macao for more than 400 years. It has for a long time had economic, cultural and other connections with various international communities, especially the European Union (EU) and the Latin-speaking countries. Macao has enjoyed trade preference of the EU for its connection with Portugal. In 1991, Macao became a membe1 of the European Community Investment Partner (ECll'). In 1992, Macao signed a trade and cooperation agreement with the EU (which 105

106 will extend beyond 1999). In the same year, the EU set up the Macao Euro-info Center in Macao as the first of its kine! in Asia. The center aims to strengthen economic, trade and cultural cooperation and information exchange between the EU and Asia, especially China. In addition to the ECIP, the center promotes the Asia Invest Project in 1998. The project aims encourage cooperation between medium-or-small-scale enterprises in the EU and Asia, to provide updated 聶ormation of the market t:1·encl, to ident炳 suitable partners, and to present a better image of the EU to Asia As the return approaches, Macao's role as a bridge between the EU and Asia, especially China, becomes increasingly apparent The EU Celebrities Committee has recently presented a report on the relationship between the EU and Macao beyond 1999 to the EU headquarters. The report mentions that Macao will play an active role in the relationship between the EU and China in the 21st century. It suggests that the EU should adopt a series of more positive and consistent policies for Macao. On the other hand, Japan and Taiwan are actively exploring the poss伽lity of developing their economic and trade relationship with the EU, taking advantage of Macao's position. The Japanese Consulate in Hong Kong is studying Macao's social and economic status. It was rep011ecl that the Japanese, who have a close relationship with the United States, believe that Macao has a tremendous potential value to serve as a third party for Japan to develop its relationship with the EU. Therefore, in order to materialize its complementaiy allocation and interactively beneficial relationship with Hong Kong, Macao should make full use of these advantages to become an intermedia1y for the Asian countries, especially for China, the EU and the Latin-speaking countries Specific strategies may be as follows (l) Actively promote the establishment of a permanent, multi-~

layer communication mechanism with the countries and regions of the EU and the Latin-speaking countries Macao should learn from the experience and lessons of Hong Kong's return, actively strengthen, rather than weaken, its connections with Pmtugal, the EU and the Latin-speaking countries Recently, the Portuguese President Mr. Jorge Sampaio said in an interview that Portugal would set up a consulate in Macao, which would be one of the most important consulates of Portugal Portuguese School of Macao and Oriental Portuguese Institute will also develop their activities in the new framework. When Governor Rocha Vieira visited the EU in March 1999, he has come to an agreement with the EU on reciprocally setting up representative offices in the EU and Macao, by vii-rue of a resolution by the Sino-Portuguese Joint Liaison Group. Macao can still be a member of the c:ity Federation of Countries of the Portuguese Language afte1 the return. This federation is consisted of Pmtugal in Europe, Brazil in South America, Angola, Mozambique, Guinea-Bissau, Cabo Verde and Sao Tome and Principe in Africa, etc. with a market of positive 200 million population, Macao should, after its return, make positive and full use of these existing channels, implement the set up of the representative offices in the EU and Brazil, etc., and establish and strengthen the regular communication mechanism of both parties NmY, the EU has set 叩 in Macao many strategic institutions, including the Macao Euro-Info Center set up in 1992, and the Macao-Europe-Chinese Entrepreneurial Club set up in 1996, etc. Macao should encourage these institutions to be fully functional, and should offer more preferences to the EU so that they may set up more institutions of other functions in Macao, and let Macao serve as a transfer station for the EU and Asia, and China particularly (2) Turn Macao into a center for science and technology transfer and exchange between the EU and China 107

108 Macao's role as a center for science and technology transfer and exchange between Asia and Europe became distinct during the "Eureka meets As國" conference held in early April in 1998 That event was the largest Eureka activity that received an unprecedented number of participant enterprises and individuals, of which 568 were scientific research institutes, universities and enterprises in Asia and Europe, and more than 1000 representatives Institutions and enterprises from 24 provinces and cities in China amounted to 433, with 855 people, while those from 15 European countries amounted to 102, with 148 people. During the event, Chinese Minister Zhu Ulan of Ministry of Science and Technology and his Portuguese counterpart Mr. Jose Manano Gago signed a joint declaration on science and technology cooperation, with the arrangement that the "Eureka - Asia" international technologic cooperation conference would be held in Macao every other year Th氐 is initial framework for Macao to become a center for science and technology exchange and transfer between Asia and Europe It is reported that the EU plans to set up an EU-Macao-China information sharing system, providing a mutual access between Europe and China via the information super highway. Macao should, after its return, positively promote the implementation of these plans, and the development of its information indust1y, by making use of the existing two microwave communication channel to Hong Kong, and the two fiber optical communication lines, and the commercial use of the Internet. In this way, Macao should be able to provide information to Mainland China and other Asian countries and regions, regarding information of economic, trade, market, science and technology, and law in the EU and the Latin-speaking countries. Meanwhile, information regarding Mainland China can 岫o be transmitted to the EU, and thus Macao may become 叨information access point between the EU and Mainland China ~

(3) Turn Macao into a training center of Portuguese in Asia. Macao's historical and social life is rich in experience of Asia-Europe cultural exchanges. 3% of its population know very well both Chinese and Portuguese, and Macao is actually a multilingual community. More than 100 thousand of its Chinese and Macanese res這ents have Portuguese passports, who can still have free access to the 15 countries in the EU after 1999. These people have a special cultural connection with the EU and countrie、of the Latin group. In this way, Macao should, after the return, develop itself into a training center for P01tuguese in Asia, to provide more specialists with proficient Portuguese. Portuguese will not only continue to se1-ve as Macao's official Ian忠iage, but also more importantly, it will serve as a tie for enhancing the economic and cultural connections be國een China and countries and regions using P01tuguese. For this purpose, Macao should take effective measures to persuade those people with Portuguese proficiency to stay, set up Portuguese training schools, and enhance Portuguese education in universities, etc. In addition, Macao may serve as an access point where scholars, businessmen and other people from Europe, who wish to explore or develop in the south China, may learn Chinese In this way, Macao should become a center for exchanges of Asia-Europe languages If Macao is successfol in achieving the above policy ob」ectives,it will become an economic and cultural tie linking Asia and Europe This development potential may attract capitals and businesses from Mainland China, Hong Kong, Taiwan and other regions in Asia This will reduce the extent to which Macao relies on Hong Kong in economic terms, and thus help to build up a frame of de,·elopment pattern in which the two cities share a mutually complemention and beneficially interactive allocation 109

110 2.4 Strengthen cooperation in science and technology between Hong Kong and Macao, and promote re-orientation and upgrading of Macao's ma叩facturing industry Macao has been losing its comparative advantage as a base for developing labor-intensive exp01t-orientecl process inclust1y since late 80's, because production costs, especially labor cost and workshop rents, are continuously increasing. Therefore marginal profit has been dropping for processing industry. As a result, businesses and labor-intensive processing are gradually moved to the Pearl River Delta area in Guangdong. Macao's manufacturing industry is gradually shrinking. The statistics show that in 1997, manufacturing accounted 銣 only 8.3% of Macao's GDP, of which textile and garment industry accounted for more than 85%. A grave challenge of survival now confronting us is that the textile quotas, on which Macao's manufacturing industry (the bulk of which is textile and garment indust1y) relies for survival and development. will eventually be terminated by the year 2004 Macao's industrial circle is now actively calling for the government and the community to promote the upgrading and reorientation of the manufacturing industry. The approach to be adopted is to reframe the traditional industries and give support to em口·ging industries, shifting from a prototype of "masses" to that of "quality". This means that, on one hand, new technologies and administration should be used as much as possible to reform and upgrade the exi画ting traditional businesses as textile and garment industry. It should turn to be fast-response and be creative through upgrading product quality, technology, and value-adding processing to achieve "small orders", "variety" and "quality". On the other hand, it should rally all resources to get a breakthrough in a short time to several emerging pivotal industries to develop projects with medium technological sophistication and labor intensity meeting Macao's --

market and reality. Such as optical electronic products, peripheral products for information equipment, food processing, biological pharmacy, etc., Investment may be small or large. As soon as there are successful projects, there will be po、itive promotional effect on the re-orientation of Macao's industries Whether it is to reform and upgrade the existing traditional industries, or to render positive support to emerging industries, there will always be the need to enhance cooperation with Hong Kong and Mainland China, especially in science and technology Advantages of all aspects should be completely used. In terms of reforming and upgrading existing traditional industries, the key is to increase the added value added to the textile and garment manufacturing, leading it to become a second garment industrial center in complement of Hong Kong. According to specialist opinion, after the worldwide termination of textile quot,1s in 2005 textile trade will still be subjected to all s011s of intang巾le limitation of projectionist practice by various countries. By then the world' 、trend of garments consumption will have changed, turning toward、two extremes of quality-fashion and everyday clothing. The in-between traditional garment market will have been seriously eroded This trend allows room for development of high value-adding garment processing in Hong Kong and Macao. \Vhile Macao's garment industry has a technological sophistication that rivals with that of Hong Kong, its production cost is not even half of that in Hong Kong. In addition, Macao's policy on labor import is relatively flexible. Therefore, in new historical setting, Macao may, by virtue of these advantages, attract large garment busine、ses of Hong Kong to invest in Macao, and become partners with their Macao counterparts. As a result Hong Kong capital, technology, advanced managerial techniques and market network may be introduced or extended to Macao, and thus sharpened the international competiti,·c 111

112 edge of Macao's garment industry. In order to adapt to such development, the Macao SAR government should provide present policies in this regard including the development of some industrial bases like the Concordia Industrial Complex, adopt a more flexible labor import policy, actively develop those facilities that complement related projects, and thus turning Macao into another garment center that is c叨11plementa1y to Hong Kong As regards rendering active support to emerging industries, Macao should pay more attention to the cooperation with Hong Kong and Mainland China in science and technology. The Hong Kong SAR government has already worked out a long-term strategy for developing sciences and technology, and has for this purpose set up a Commission for New Sciences and Technolog民s, headed by Professor Chang-lin Tian, Ex-Chairman of the University of California at Berkeley. A series of measures have been taken to positively accelerate the upgrading and re-orientation of I-long Kong's manufacturing industries. Macao may, by cooperation with Hong Kong, make full use of I-long Kong's advanced achievements in science and technology by transplant those techniques, processes, and products of high-tech that could be used in Macao's manufacturing industries, so as to promote the development of emerging industries. There have been some successful experiences in this regard, such as the enterprise jointly set up in Macao by Va Meng (Group) Co. Ltd. And Bao Shing (Group) Co. Ltd., which produces optical crystal products, including crystal materials, precision 叩ical equipment and accessories, small laser beam generators, etc., which sell well in international market places 2.5 Strengthen cooperation and coordination between Hong Kong and Macao for property industry

According to Hong Kong governmental statistics, Hong Kong has a population of 6.5 million and more than 1.5 million families, of which only 50% of the families own their residential units. It has became an outstanding social problem that a cons這erable numbe1 of citizens could not afford to buy their own flats due to steadily high property prices. This has severely limited Hong Kong' 、economic development. Though after the Asian financial turmoil, Hong Kong's property prices have dropped drastically, but having considered that Hong Kong government withheld land sale, property developers in accordance slowed down their real estate projects Therefore, in the near future, considerable pressure from the massive population for demand on housing will continue to exert In contrast, Macao's property market is oversupplied due to over-development in previous years, with unoccupied residential units estimated to amount to 35,000. At present, Macao's property prices are only 15-20% of those in Hong Kong, with cost of living standing at only 40% of that in Hong Kong. Macao's social system and life style is similar to Hong Kong, with complete medical facilitie、and conditions of living that are even better than in Hong Kong Transportation between Hong Kong and Macao is equivalent to that from Hong Kong to Tun Mun in the New Territ01y or to Lama Island, taking only one hour of ferry journey. If Macao can attract part of the Hong Kong newly immigrated and retired to buy theiI residential units and live in Macao, then not only Macao can relieve its long burden of property surplus and capital accumulation. but also for Hong Kong to relieve the pressure from demand for hou茫and to stabilize property prices. This will be good for strengthening Hong Kong's international competitiveness and sustaining the development of the economy. In order to enhance cooperation bet\veen I-long Kong and Macao in th氐 issue, Macao should take a series of measures, which mainly include 113

114 (1) Solve the problem of Hong Kong residents'a比cling right in Macao and their ently and exit from Macao Historically Hong Kong people have been active in investing in Macao. one important reason was because of the free, easy access entering and exiting Macao with no constraints. In 1989 and 1991, however, the Macao government 國ice made revision on the lawsconcerning right of abode and foreign investment, imposing some limits on Hong Kong people residing in Macao. These limits have had a negative effect. Therefore, the would-be Macao SAR government may consider suspending these limits, so as to provide more convemences. (2) Improvement on transportation between Hong Kong and Macao and lowering fare cost Pre、ently, passenger transportation by sea between Hong Kong and Macao is already well developed and very convenient But for those Hong Kong people, who bought property and live in Macao, ferry fares for travelling to and fro are still a considerable expense. So it may be considered to use a discounted monthly ticket for frequent travelers between Hong Kong and Macao, and thereby lowering the travelling cost. It may also be considered to build a bridge spanning Hong Kong, Macao and Zhuhai, so that people may drive directly between Hong Kong and Macao, thus improving transportation between the two places and thereby giving incentive to Hong Kong residents to buy property and live in Macao (3) Sound real estate laws and regulations, simplify property transaction procedures. Macao should refer to I-long Kong's successful experience in bettering laws and regulations related to real estate development and transaction, so as to protect the interests of investors and consumers, especially for those laws concerning property transaction, such as the "Law of Property Transfer Tax", which need

to be revised to simplify procedures, so as to improve efficiency, and bring about changes to the existing contract procedures, which are complicated, time consuming and costly in handling (4) Residential areas should be fac山tatecl with rele\'ant infrastructure In order for Macao's property to be attractive to the Hong Kong market, there needs to be something more than just price and that is the infrastructure to support the property, such as good medical and education facilities. Good facilities such as a high-quality international school not only can attract Hong Kong citizens to live in Macao, but also may attract international companies. with regional headquaners in I-long Kong, to move part of their back up se1vices to Macao (5) Real estate promotion in cooperation with related organizations in I-long Kong Official or semi-official organizations of the Macao SAR government may organize property developers to go to Hong Kong for promotional c沮11paigns, such as to jointly organize a propert, sales exhibition with the Hong Kong Trade Development Council. so that I-long Kong residents may have better knowledge about the quality, price and supporting infrastructure at residential areas in Macao. 2.6 Strengthen financ囧 cooperation and coordination between Hong l

6-1-~ "Monetary Authority". Besides, Macao dollar is pegged with the Hong Kong dollar which accounts for a great deal of Macao's foreign exchange reserve and is the most widely circulated currency. In view of these, the Monetary and Foreign Exchange Authority of Macao should aggressively establish communication channels with the Hong Kong Monetary Authority to seek regular consultations, exchange information with each other on moneta1y policy, interest movements, and other related issues, so that Macao may be bette1 equipped and prepared for financial crisis. Macao should also seek active cooperation from Hong Kong in making laws to supervise financial investment co唧anies, and prevent those Hong Kong foreign exchange companies to seek legal loophole in Macao Regulations on bills of exchange should be devised, and crisis management mechanism for the banks should be improved, so as to be well prepared for financial crisis, and maintain stable development of Macao's financial inclust1y. In the long run, as Hong Kong and Macao are becoming more and more associated economically, the two places may well consider the adoption of one single currency, which will not only greatly reduce the risk that Macao's financial institutions are likely to face, but also help stabilize currency, and drastically reduce the cost of exchange between the two currencies. In this way, it strengthens the economic tie between the two SARS. Another facet of strengthening financial cooperation and coordination between Hong Kong and Macao is making full use of Hong Kong's role as an international finance center, so as to develop Macao's offshore finance business, and thereby becoming an off-shore finance center in supplement to Hong Kong. Nowadays, international offshore finance centers fall into three categories: 1) the internal-external separated type, i.e., the offshore finance markets are detached from their domestic counterparts, and is available to

non-residents only, ex皿pies of which are New York in the US and Tokyo in Japan; 2) the internal-external integrated type, in which the domestic finance market is completely integrated with its offshore counterpa1t, where res這ents and non-residents are free to transact without any limitation, such as London in Britain and Hong Kong in China; 3) tax-haven type offshore finance centers, which serve only as registered domiciles for international finance institutions, functioning as base for book keeping without engaging in actual dealings. Bermuda Islands, Cayman and Bahamas are of this type. As a small economy nearby an international finance center, Hong Kong, it is hardly possible for Macao to develop into another finance center to rival with Hong Kong. However, Macao and Hong Kong are alike in that they both pursue policies of a free economy and free port, with simple and low tax regimes, and without foreign exchanges control. Yet Macao is more flexible and liberal than Hong Kong in terms of policy. Therefore, Macao is well conditioned for developing into a tax-haven type offshore finance center. And, different from Bermuda Islands, Cayman and Bahamas, Macao's finance sector is actually engaged with a considerable portion of practical offshore business. Macao may make use of Hong Kong's advantages and develop itself into an offshore finance center that combines both the tax-haven and practical business types, as a functional extension of Hong Kong. There are two target markets for Macao in this regard: (1) By vittue of low rental, low labor cost and more liberal policies to amact those offshore finance institutions, from all over the world, which station in Hong Kong; (2) Attracting those finance institutions owned by overseas Chinese in Southeast Asia and to serve as a transit point for Taiwan businesses that wish to ifwest in Mainland China. This kind of offshore finance caters mainly to joint-venture enterprises in neighboring regions such as the west of the Pearl River Delta in GuangDong and Fujian province, 117

118 etc. In order to cope with this development, Macao should, apai1 from improving its business environment, speed up the revision of its policy concerning offshore banking, give incentives to offshore finance businesses by reducing their tax levies, and speed up the introduction of international finance institutions to Macao, expand and widen money supplies and funding channels, so as to build up a capitalistic market eventually Apart from that, Macao should make use of Hong Kong's advantage to train local financial personnel, so as to upgrade finance management. Hong Kong is the fourth largest banking center in the world, with a pool o臼1igh-quality financial managerial personnel, and financial management has been in international standard. Macao could upgrade its own management level by introducing talents, offering training to local personnel and introducing new financial products, so that Macao's financial sector will become stronger, which in return will further strengthen Hong Kong's position as a financial center. 2.1 Strengthen cooperation and coordination in terms of transportation infrastructure between Hong Kong, Macao and Main丨and China, and enhance Macao's function as a free port For Macao to become a functional and effective extension of I-long Kong, it needs to bring its function as a free port more fully into play. Macao's function as a free poit has long been limited by the lack of a deep-water harbor and an international airport. Now that Macao's international airpolt is in full operation, constraints will continue to be felt by the lack of a deep-water port as well as the inadequate cargo transport facilities between Macao and Mainland China. During the construction of the Ka-I-Io Port, Macao had two clear ob」 ectives. One was to take over the containe1 、hipping operation from the Interior Port by se1ving as a specialized

container and fuel shipping port. The other was to match the development of the airport and the railway line in the planning stage in order to become a major port of transshipment for the western areas of the Pearl River Delta. However, the Ka-Ho Port falls short of these 國oob」ectives, second phase engineering project should be undertaken as soon as possible, to deepen the port basin to 7 to 9 meters to make it capable of accommodating a cargo shipment capacity of 5,000 tons, and to se1ve as pilot project 飼 further p011 development on a larger scale Due to the natural constraints inherent in the Ka-Ho Port site, it is 山fficult to make further fundamental improvements. In view of this, some consultant companies have suggested that a man-made island may be constructed some 10 kms off the Ka-Ho coast line, on which to build a deep-water port of approximately 17 meters, which will be directly accessible from the international navigation route nearby with an offshore operational dock built on the open sea as a facility for inland river transport to the Pearl River Delta. This project could strengthen Macao's function as a port of transshipment se1ving an area that covers the western part of the Pearl River Delta and the middle and lower reaches of the Xijiang River. Another proposition is that Macao strengthens its cooperation with Zhuhai, and with the consent of the central government earmark certain suitable 函ands in Zhuhai for Macao to build a deep-water port, independently or on a joint-venture basis, with Zhuhai. Of Course, this is a rather difficult proposition, which is better left for specialized research. In building such a deep-water p011, it may well be worth inviting Hong Kong's container docking groups to join in, so that things would be easier when it comes to attracting cargo transport clients and developing business network、The improvement of Macao-Mainland cargo transportation could be tackled with three approaches: waterways, highways and 119

120 railways. One is to re-open the Qianshan watef'\vay, so transpmtation from the Qianshan River to the Xijiang River may be restored Another is to accelerate the Beijing-Zhuhai highway and the Guangzhou-Zhuhai railway projects, and extend both of them to Macao, to bring about a significant improvement in 山e transportation links between Macao, the Pearl River Delta and other parts of Mainland China. Macao would then be able to bring its free port functions into full play, and strengthen its role as a "bridge" and "intermediary" between China, the EU and regions sharing the Pmtuguese language, thereby turning itself into a city of intermediary international trade and business. Macao-Hong Kong cooperation and coordination in development of transportation infrastructures in the short or mid-term perspective should mainly focus on improvement to cargo and passenger transport by sea between Macao and Hong Kong at a lower cost. In terms of passenger transport, one measure to take is to lower the fares. Another is to increase ticket categories, such as monthly ticket, montl1ly multi-return ticket, st:L1dent ticket, favored business class ticket, etc. A 和rther option is to improve the t1·anspo1t linkage between the ferry terminal and the airport and to "Pmta do Cereo", by running a special bus service from the terminal to the airport and to the "Porta do Cerco", or building an airport feny terminal, so that in-bound passengers by air may board a ferry to go on to Hong Kong straight away. Checking-in-and-out procedures should also be simpl面eel at the airpmt and the feny te1minal. Special gates could be designated for monthly ticket users and visitors from Hong Kong to afford more convenience to frequent travelers to Macao. From a long-term perspective, the key lies in coordinating and resolving the contJ·oversy of building the Linding Cross-estuary Bridge. Two particular options are available: 1) assign an access

point only to Zhuhai or to both Zhuhai and Macao, or build a separate Hong Kong-Macao bridge; 2) allocate the Hong Kong -side starting point at Tun Mun in Lan Kok Tsui or at Lama Island As this huge project would affect the interests of Hong Kong, Macao and Mainland China, this would be better coordinated by the central government, so that it would be beneficial to the economic relationship of the three places 2.8 Build up a multi-level coordination mechanism among Hong Kong, Macao and Mainland China After the return to the motherland of Hong Kong and Macao, there will undoubtedly be even closer economic and trading relations amongst Hong Kong, Macao and Mainland China, especially the Pearl River Delta area in Guangdong. There will also be more economic union in the region. However, affording to the policy of "one country, two system", Hong Kong and Macao will be two SARs under the Central People's Government of the PRC, both of different social and economic systems from the Mainland. Between them will be a complex web of relations in trade, investment, finance, transportation, labor and personnel exchanges. This will also be true of the economic and trading relations between Hong Kong, Macao, various provinces, municipalities, and sectors of the Mainland. At present, it is the function of the State Council's Office for Hong Kong and Macao Affairs to coordinate the relations be國een these two centers. However, clue to limited authorization, the Office is not yet fully authoritative and autonomous. Therefore, in order for Hong Kong and Macao to associate effectively with the Mainland fully exploit each other's advantages, while c呵pensatingfor each other's shortfalls, the central government should further strengthen the functions of the Office for Hong Kong and Macao affairs and set up a powerful and authoritative special institution 121

122 for overall coordination headed by a high ranking official There should likewise be a communication and coordination mechanism with channels between the Hong Kong and Macao SAR governments. It would be worth considering setting up a governmental coordination, consisting of entrepreneurs and scholars, such as the Hong Kong-Macao Economic Coordination Commission, to be headed by high officials from the respective SARs. Regular meetings of the Commission could be held on the long-term planning and major issues of economic cooperation between the two places, as well as exchanges of views and consultation. The Commission could set 叩 some specialized agencies such as the existing Guangdong-Hong Kong-Macao Coordination Group fo1 Major Infrastructure Development Projects. Effective measures should be taken to handle the social and economic problems between the two communities as well as issues that concern both parties such as travel documents for residents who wish to travel between the places, mutual investment issues, coordination of cargo transport by air, demarcation and control of air space, ma 」orinfrastructure development projects, coordination of gaming indust1y policies, cooperation in tourism indust1y, industrial upgrading and re-orientation, anti-smuggling, and protection of intellectual prope1ty rights, etc., so as to effectively solve the problems encountered in economic cooperation between the two places, and to promote the integration process of the two econom民s.Of course the coordination mechanism for economic and trading relations between Hong Kong and Macao should be multi-level. Apart from the governmental coordination institutions, there should also be coordination channels between sectors such as finance and trade, for example between the Moneta1y and Foreign Exchange Authority of Macao and the Hong Kong Monetary Authority, Macao's Trade and Investment Promotion Council and

Hong Kong Trade Development Council, Macao Productivity and Technology Transfer Center and the Hong Kong Productivity Council, etc. Regular mechanism should also be established 丶0Hong Kong and Macao can keep in close contact to form a multi-level coordination mechanism for economic and trade relationships on offic、ial, semi-official and non-official level、V. Concluding remarks 1999, the year of Macao's return to the motherland, it is the 50th anniversary of the founding of the PRC, and the last year of the 20th century as well. On 20th December 1999, Macao will put a full stop to the long history of Portuguese administration and become the second SAR in China. This is another succes 丶 mimplementing the great theory of "one country, two systems" principle as advocated by Deng 沁aoping after Hong Kong's return After its return to the motherland, the most important ta、kMacao will face is how to create a sound environment for business and investment and how to promote the recove1y and sustainable development of the economy. Therefore, in the new historical era, the most concerns for the local community are: how Macao can seize historical opportunities; how to make full use of existing advantages and further explore potential ones; how to define a long-term strate黔'for economic development and how to strengthen economic cooperation with peripheral areas, especially Hong Kong This research has taken into account the re-positioning of Macao's economy in the new era, and placed 臼nphasis on exploring the change and development of economic relationship between Hong Kong and Macao, by putting forward some suggestions, in the hope of inspiring better ideas derived from the perspecti\·e of Macao for promoting economic cooperation between Hong Kong and Macao, and for further progress of Macao'丶 economy in the 123

124 new era in such a way as to maintain sustainable cleve_lopment and continuous prosperity

翫時期満禛經清關係專題研究Economic Relationship between Hong Kong and Macao in a New Era 出 版： 溴門發嚴策咯硏究中心溴門七海街 175 號中華總商會大反十九樓CD 座虛譎: (853) 7//01 24 經真: (853) 780565 翻 "哼~' : 馮建華封面設計 吳衞堅排版設計 堅藝策制製作有限公司羨門水坑尾街JJ 7 瑊奚美大反十一樓印 昷ij: 演門新藝印務有限公司誔門漁翁街 76 一 84 媧南掣工菜大反語二期－櫻E F. H庄莘'，又 行： 滇門文化廣場有限公司認門荷蘭園男踏32 盔G地庫版 次： 一九九九年六月（第一版） 2000 本定 價： 演門幣 50 元ISBN: 972-97519-5- I Printed in Macao 版權所有翻印必究