Rethinking the Path of Sectoral Diversification of Macau Economy
The sectoral output concentration ratios show that Macao still relied much on gambling even after introducing greater competition. We examine the relationship between the development of leading industry and sectoral diversification. With proper industrial policy and the practice of “One Country, Two Systems”, this paper argues that Macao could promote new sector(s) and maintain its balance between growth and stability in the long run.
Keywords: Sectoral diversification, Gambling, Industrial policy, Leading industry
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