Core Viewpoint - The 2026 Policy Address of the Macao Special Administrative Region emphasizes proactive governance and a clear development path aimed at economic recovery and diversification, with a focus on improving the business environment and enhancing economic vitality [1][3]. Group 1: Governance and Policy Approach - The core governance philosophy is summarized as "proactive government, effective market," indicating a shift from merely setting rules and regulations to actively guiding and serving the market [3][4]. - The government aims to enhance efficiency through reforms such as "delegation, regulation, and service," creating a more favorable environment for market development and diversified industries [3][4]. Group 2: Key Initiatives for Economic Diversification - The establishment of an "Industrial Guidance Fund" is a significant initiative aimed at addressing the financing challenges faced by high-tech industries, which are often viewed as high-risk by private investors [4][5]. - The report elevates the "deep integration with Hengqin" as a top priority to overcome the limitations of Macao's small market and limited resources, providing a physical space and broader market for diversified industries [4][5]. Group 3: Measurement of Economic Diversification Success - The effectiveness of economic diversification should be measured by structural indicators such as the GDP contribution of new industries, particularly the "1+4" plan, which focuses on four emerging sectors [5][6]. - Changes in the labor market structure, including the employment of local talent in new industries and their compensation, are crucial indicators of whether diversification leads to quality job creation [6]. - Economic resilience metrics, such as the diversification of tourist sources and government revenue, are essential to assess the overall strength and risk resistance of the economy [6]. Group 4: Regional Cooperation and Integration - The report emphasizes a shift from project-based cooperation to building common platforms and deep functional integration, such as creating an "International University City" to attract global talent [7]. - Infrastructure initiatives like the "pre-positioned cargo station" at Macao International Airport aim to embed Macao's free port functions into national logistics systems, enhancing its role as a key logistics node [7]. Group 5: Beneficiaries of the Policy Address - Local small and medium-sized enterprises (SMEs), entrepreneurs, and related employees are expected to benefit significantly from the report's emphasis on improving administrative efficiency and the business environment [8]. - The "Industrial Guidance Fund" and support for the "1+4" industries will open new development avenues for SMEs beyond traditional sectors [8]. Group 6: Positive Signals to Society and Investors - The report conveys a strong commitment to reform and action, addressing deep-seated issues within the government and enhancing governance effectiveness [9]. - It outlines a clear path for development with specific initiatives like the "Industrial Guidance Fund" and "deep integration with Hengqin," reducing policy uncertainty for local and international investors [9]. - The report emphasizes inclusive development, ensuring that economic growth benefits all segments of society, which is crucial for attracting and retaining talent and ensuring long-term investment [9].