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All sectors of society in Macao look forward to new leadership, development

China

China

China

All sectors of society in Macao look forward to new leadership, development

2024-10-14 02:22 Last Updated At:04:17

People from all sectors of society in China's Macao Special Administrative Region (SAR) expressed confidence that the newly elected chief executive designate will guide the new SAR government and people in Macao in advancing the One Country, Two Systems principle, paving the way for the SAR to reach new heights in its development.

Sam Hou Fai was elected as the sixth-term chief executive designate of the Macao SAR on Sunday, receiving 394 out of 398 valid votes, pending appointment by the Central People's Government.

Pang Chuan, member of the Legislative Assembly of the Macao SAR and vice president of the Macao University of Science and Technology, noted that the overwhelming support for Sam reflects the high level of trust and support from all sectors of society.

"The result reflects the high level of trust and support from all sectors of society for Mr. Sam. As a higher education worker, I strongly endorse his vision of strengthening Macao's higher education sector, building advanced research platforms and making the SAR a hub for top international talents. We believe under the leadership of the new SAR government, Macao will embrace a brighter future," Pang said.

Wong Kit Cheng, another member of the Legislative Assembly of the Macao SAR and also the vice chairman of General Women's Association of Macao, also extended her heartfelt congratulations to Sam on his election.

"I extend my heartfelt congratulations to Mr. Sam Hou Fai on his election by such a large margin. We hope that he can lead the new SAR government to promote the diversified development of Macao's economy and usher in a new chapter in the practice of One Country, Two Systems principle," she said.

"During our earlier discussions, Mr. Sam fully acknowledged the voices and concerns of young people. We hope he will provide more development opportunities for the youth of Macao, especially in integrating its development into the overall development of the country," said Anita Tai, secretary general of the Macao Youth Federation.

"We are optimistic that he will lead Macao forward, especially by leveraging the advantages of the One Country, Two Systems framework to integrate the SAR into the country's overall development," said Ng Siu Lai, a deputy to the 14th National People's Congress and president of the General Union of Neighborhood Associations of Macao.

All sectors of society in Macao look forward to new leadership, development

All sectors of society in Macao look forward to new leadership, development

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US Fed's 25 basis point cut aligns with market expectations: expert

2024-11-09 07:21 Last Updated At:08:17

The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.

The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.

Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.

"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.

"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.

US Fed's 25 basis point cut aligns with market expectations: expert

US Fed's 25 basis point cut aligns with market expectations: expert

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