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Asia and Pacific > Macao Special Administrative Region, People's Republic of China

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Cover Policy Papers
Review of the Method of Valuation of the SDR
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper provides the basis for the quinquennial review by the Executive Board of the method of valuation of the Special Drawing Right (SDR). The review covers the composition and weighting of the SDR currency basket, and the financial instruments used to determine the SDR interest rate. In the five-year period for this review (2017‒21), developments in key variables relevant for the SDR valuation suggest that there have been no major changes in the roles of currencies in the world economy. The countries and the currency union (euro area) whose currencies are currently included in the SDR basket remain the five largest exporters and their currencies continue to account for the majority of international financial transactions. Moreover, staff analysis finds that the COVID-19 pandemic and recent fintech developments have no systematic or material impact on the SDR valuation. The paper proposes to maintain the current composition of the SDR currency and interest rate baskets, as well as the method for determining the currency weights and currency amounts in the basket. In line with the Board-approved methodology, the paper proposes updated weights for the currencies in the SDR basket. These maintain the same ranking of the initial weights set in the 2015 review, with slightly higher weights for the U.S. dollar and the Chinese renminbi and, accordingly, somewhat lower weights for the British pound, the euro, and the Japanese yen. The paper also proposes to make explicit the treatment of data gaps in the SDR valuation framework. Findings from a survey of SDR department participants and prescribed holders are used to follow up on operational issues raised in earlier valuation reviews. The new SDR valuation and interest rate baskets are proposed to come into effect on August 1, 2022 for a period of five years.
Keywords:
Special drawing rights; reserve currencies; international reserves; currency unit; basket currency; SDR valuation review; basket composition; U.S. dollar; valuation review; Currencies; SDR interest rate; Exchange rates; Currency reform; Global
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2022 Article IV Consultation Discussions
International Monetary Fund. Asia and Pacific Dept
Macao SAR’s recovery is expected to continue in 2022, but it will take several years before the economy returns to its pre-crisis level. Although strong fiscal support and the financial strength of Macao SAR’s casino groups cushioned employment and consumption, the sharp contraction in activity exposed Macao SAR’s vulnerability to external forces affecting the inflow of tourists. Short-term risks to the outlook include a re-intensification of the COVID-19 pandemic and an increase in Macao SAR’s financial sector stress. The heavy impact of the pandemic on Macao SAR’s growth highlights the need to diversify the economy beyond the gaming industry. The high exposure to climate-related shocks poses long-term concerns.
Keywords:
gaming law; transaction rate; environment protection plan; saving investment gap; headline inflation; fund Statistical Initiatives; Climate change; COVID-19; Global
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
labor market structure; mobility costs Across Occupations; Hong Kong SAR authorities; skill distance; C. skill requirement; Financial sector development; Labor markets; Labor mobility; Labor force; Global
Cover Policy Papers
A Strategy for IMF Engagement on Social Spending: Background Papers
International Monetary Fund. Fiscal Affairs Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of “A Strategy for IMF Engagement on Social Spending.”
Keywords:
PP; spending; staff report; staff; IMF staff calculation; spending issue; social spending; IMF program; Health care spending; Education spending; Personal income; Total expenditures; Global; Sub-Saharan Africa; Asia and Pacific; Europe
Cover IMF Staff Country Reports
People’s Republic of China—Macao Special Administrative Region: 2019 Article IV Consultation Discussions-Press Release; Staff Report; and Statement by the Executive Director for Macao SAR
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.
Keywords:
ISCR; CR; Macau; Macao SAR authority; asset; authority; Macao investment fund; Macao SAR economy; Guangdong-Hong Kong-Macao; Macao SAR endeavor; transaction rate; Housing; Income; External sector statistics; Personal income; Housing prices; Asia and Pacific; Global; Australia and New Zealand; Southeast Asia
Cover IMF Staff Country Reports
People's Republic of China-Macao Special Administrative Region: 2016 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that the real output for Macao Special Administrative Region (SAR) is expected to contract for a third consecutive year in 2016. However, external demand has begun to recover with gaming revenues posting six consecutive months of positive annual growth. In 2017, a low base will help increase growth above 2 percent despite continued weak domestic demand. Further out, Macao SAR is well-positioned to record sustainable growth in the mid-single digits. In addition to its still highly valuable gaming monopoly within China, Macao SAR is an established tourist destination with significant geographic proximity to Mainland China. Macao SAR is now also investing aggressively in non-gaming tourism and financial services.
Keywords:
ISCR; CR; SAR; Macau; exchange rate; Macao SAR; IMF staff estimate; household sector; government finance statistics yearbook; transaction rate; external shock; Output gap; Income; Pension spending; Global
Cover IMF Staff Country Reports
People’s Republic of China: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that China is transitioning to a new normal, with slower-yet-safer, more sustainable growth. Growth in 2014 fell to 7.4 percent and, in 2015, is forecast to slow further to 6.8 percent on the back of slower investment, especially in real estate. The labor market has remained resilient despite slower growth, as the economy pivots toward the more labor-intensive service sector. Considerable progress has been made in external rebalancing. The current account surplus fell to 2.1 percent in 2014 from the peak of about 10 percent in 2007, and the renminbi has appreciated by about 10 percent since 2014 in real effective terms. Further progress has also been made on domestic rebalancing.
Keywords:
ISCR; CR; authority; market; financing; China; monetary policy
Cover IMF Staff Country Reports
The People's Republic of China: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for The People's Republic of China
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights China’s continued transition to sustainable growth, with progress on many fronts. Growth slowed to 6.9 percent in 2015 and is projected to moderate to 6.6 percent in 2016 owing to slower private investment and weak external demand. The economy is advancing on many dimensions of rebalancing, particularly switching from industry to services and from investment to consumption. But other aspects are lagging, such as strengthening state-owned enterprises and financial governance and containing rapid credit growth. The current account surplus is projected to decline to 2.5 percent of GDP in 2016 as imports increase and the services deficit widens with continued outbound tourism.
Keywords:
ISCR; CR; RMB; CFETS basket RMB index; growth; debt