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Chinese President Xi Xinping urges Macau to embrace economic diversity


China

Chinese President Xi Xinping urges Macau to embrace economic diversity

Chinese President Xi Jinping was in Macau to celebrate its 15 years as a Special Administrative Region of China.

He urged the territory to diversify its economy, saying certain deep-seated problems had recently been exposed.

Macau, the world’s biggest gambling hub, earns most of its money from its casinos. But the industry has lost nearly 50 billion euros in market value since June 2014.

During his visit, Xi swore in leader Fernando Chui for a second, five-year term.

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