China's Xi swears in Macao's new leader, urges economic diversification

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China's Xi swears in Macao's new leader, urges economic diversification - Business Standard

Quick Summary:

Chinese President Xi Jinping urged the casino hub of Macao to diversify its economy as he swore in the former Portuguese colony's new government on Friday at an event marking the 25th anniversary of its handover to China.

Since its 1999 handover, the city of 687,000 has transformed from a monopoly-driven gambling enclave into the world's largest gaming hub, drawing hordes of tourists from mainland China.

New Chief Executive Sam Hou Fai Macao's first leader born in mainland China vowed to address the territory's unbalanced and uncoordinated economic development.