On January 14 2014, the Macau Monetary Authority reported that,
according to the 2014 Report on the Index of Economic Freedom
(the Index) drawn by the Heritage Foundation, the Macau Special
Administrative Region (SAR) takes 29th place amongst the 178
ranked global economic systems, as well as seventh place out of
42 countries in the Asia-Pacific region, right after Hong Kong,
Singapore, Australia, New Zealand, Chinese Taiwan and Japan.
The score awarded to Macau's economic freedom is 71.3. Its
overall score is quite higher than both world and regional
Since 2009, when it was firstly graded in the Index, Macau
has been registering high scores in economic freedom. In
comparison with last year, the overall score of Macau has
declined 0.4 points, owing to decreases in fiscal freedom,
monetary freedom and freedom from corruption. Otherwise,
investment freedom has been improving, further enhancing market
openness. The higher scores awarded to Macau, in addition to
investment freedom, are the government spending, trade freedom,
monetary freedom and financial freedom parameters.
The Foundation's report states that Macau has long benefited
from global trade and investment and defines its
entrepreneurial environment as generally efficient and
streamlined, and property rights as relatively well respected.
Further, the Heritage Foundation refers to Macau as one of the
world's leading tourism destinations, its service sector
representing almost 90% of GDP and over 70% of total
The report is expected to contribute to the continuous
growth of the economy in Macau, further attracting foreign
investment and putting Macau in a more competitive place within
the world economies.
In our view, Macau's ranking in the report is only possible
due to the principles affirmed by the Joint Declaration signed
between People's Republic of China and Portugal. Such
principles are formalised in the Macau Basic Law; article 107
stipulates the autonomy of the Macau Government to formulate
monetary and financial policies, safeguard the free operation
of financial markets and all kinds of financial institutions,
and regulate and supervise them in accordance with law.
Pedro Cortés and Marta Mourão