US Firms to Trump: Don't Raise Tariffs on More Chinese Goods
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LIFEGUARDS STRIKE, NEW EQUIPMENT TO POOLS CLOSED ENSURE WATER SUPPLY TOURISTS Lifeguards' complaints of poor Macao Water and the Marine GO OFF working conditions lead to the and Water Bureau unveiled new BEATEN closure of two swimming pools equipment that aims to ensure PATH since the weekend water supply during disasters P3 P4 P13 NORTH KOREA TUE.21 Aug 2018 T. 25º/ 31º C H. 75/ 95% facebook.com/mdtimes + 11,000 MOP 8.00 3114 N.º HKD 10.00 FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo “ THE TIMES THEY ARE A-CHANGIN’ ” AD Future youth center design revealed P3 WORLD BRIEFS AP PHOTO MALAYSIA’s leader said yesterday that he hoped China would sympathize with his country’s fiscal problems as he met with the country’s leaders after suspending multibillion-dollar construction projects financed by Chinese loans. More on p11 INDONESIA Multiple strong earthquakes killed at least a dozen people on the Indonesian islands of Lombok and Sumbawa as the region was trying to recover from a temblor earlier this month that killed hundreds of people. More on p13 AP PHOTO INDIA Thousands of TRADE WAR people in flood-ravaged south India waded yesterday through muck and mud to begin the immense task of US firms to Trump: Don’t raise cleaning their homes and businesses. More on p12 P10 More on backpage tariffs on more Chinese goods 21.08.2018 tue 2 MACAU 澳聞 WWW.MACAUDAILYTIMES.COM.MO BLOOMBERG Economists say IMF figures regarding Macau can be misleading Renato Marques correct way to address the topic and another earns nothing, [in purchasing power of Macau peo- to do, namely in terms of quality as this [analysis] is only accurate statistical terms] they both earn 1 ple, “which is not the case here,” of living and associated services.” recent International Mone- in places with an even wealth dis- million.” He notes that the mea- he noted, recalling that what the In his opinion, there are many Atary Fund (IMF) report fore- tribution.” sure of per capita GDP is a nor- IMF is taking into account only aspects of daily living that “I can’t casts that Macau will become the According to Martins, the resul- mal “statistic indicator” but “it is relates to the “international ima- say are bad, but I think - and peo- richest place worldwide by 2020 ts forecasted by IMF have to do only acceptable to use this [as a ge in terms of economic perfor- ple perceive - could be much bet- in terms of per capita gross do- solely with the fact that “the Ma- reference] in places with a more mance.” ter.” Such aspects include health- mestic product (GDP). cau’s population is small and the or less balanced [wealth] distri- related services and traffic and According to the IMF, Ma- generated GDP [in the region] is bution. But when talking about environmental aspects. cau will surpass oil-rich Qatar relatively high […] Macau is one regions like Macau and Hong “There are many things that we by 2020, the country that cur- of the regions that experiences Kong, where the distribution of Macau is one of could have taken note of, pre- rently leads the rankings with a higher inequality in the distri- wealth is highly unbalanced, this cisely because Macau is one of USD128,702 (MOP1,040,598) in bution of wealth, so this is in fact indicator does not really indicate the regions that the most wealthy economies of terms of per capita GDP. Macau ‘fake richness’.” anything. On the contrary, the the world,” he said. According to ranks second in the world, with Elaborating on the topic and use of per capita GDP will crea- experiences him, this is basically a matter of a per capita GDP of USD122,489 namely on the perceived conse- te confusion and dispute among “expectation from the population (MOP 990,357), just behind the quences of the forecast, Martins the people who will feel that such a higher that comes from the comparison middle-eastern country. explained, “In Macau, in gene- distribution does not apply to inequality in the [between Macau and other re- Luxembourg and Singapore ral terms, I expect that people them.” gions].” rank third and fourth respecti- who are politically more active Another economist heard by distribution of “Japan is good example and vely, while Hong Kong came in will make use of this [report] to the Times, José Luis Sales Mar- even Hong Kong, although their at 10th with a per capita GDP of arrogate, which I think is accep- ques, explained that the nature wealth, so this GDPs per capita are not as high USD64,533 (MOP 521,765). table. It’s a tool for people to call of an IMF forecast means that as Macau, but, in many aspects, It is forecasted that by 2020, for what they in fact do not pos- it may not actually come to pass is in fact a fake we can see that the quality of life Macau’s per capita GDP is expec- sess and it’s apparent to the large that Macau overtakes Qatar on richness. is far higher.” ted to grow to MOP1.15 million, majority of the population as the the list. According to the economist, one surpassing Qatar’s on the back large share of this wealth is dis- Still, Sales Marques noted that ALBANO MARTINS of the issues that might be contri- of faster and more sustainable tributed only in a very restricted the fact that Macau appears refe- buting to this reduced quality of economic growth created by the area of the distribution scale whi- renced in this assessment is not In the analyst’s opinion, repor- life is the “lack of concurrency” in gambling industry. ch is of course the higher class.” new and “in first, second or third ts like this from the IMF do not the market. He said that the lack But what does that mean for In Martin’s opinion, the report [position], it basically means the make a significant difference to of “competition in most of the the common citizen in Macau? can be deceiving as, “In average same.” He recalled that the GDP society, as “people are quite awa- services, goods and amenities of Local economists interviewed terms I would have to say that per capita is a referential value re of the high living costs of the Macau, lead the few companies in by the Times say that the figu- Macau is probably one of the poo- that is used at international level region and the difficulties of en- the business to practice non-com- re presented by the IMF can be rest regions of the world, with the to quantify the economic perfor- tering certain areas such as the petitive pricing,” dramatically misleading. exception for Africa, of course. mance of a country or region. real estate market, but also the increasing the living costs. This Economist Albano Martins But calculated in the way that it In Sales Marques’ opinion, a high living costs in general.” affects “not just what we earn in said, “GDP per capita is theore- is presented [by the IMF] means more important reference would In that sense, Sales Marques gross terms but what we earn in tical wealth. This is really not a that if one person earns 2 million be one that takes in account the thinks that there is “a lot of work relation to what we can buy.” www.macaudailytimes.com.mo EDITOR-IN-CHIEF (DIRECTOR)_Paulo Coutinho [email protected] A MACAU TIMES PUBLICATIONS LTD PUBLICATION MANAGING EDITOR_Paulo Barbosa [email protected] CONTRIBUTING EDITORS_Eric Sautedé, Leanda Lee, Severo Portela ADMINISTRATOR AND CHIEF EXECUTIVE OFFICER + 4 Million page views Kowie Geldenhuys [email protected] NEWSROOM AND CONTRIBUTORS_Albano Martins, Annabel Jackson, Daniel Beitler, Emilie Tran, SECRETARY Juliana Cheang [email protected] PER MONTH Grace Yu, Ivo Carneiro de Sousa, Jacky I.F. Cheong, Jenny Lao-Phillips, João Palla Martins, Joseph ADDRESS Av. da Praia Grande, 599, Edif. 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Ruan Du Toit Bester | NEWS AGENCIES_ Associated Press, Bloomberg, Financial Times, MacauHub, MacauNews, For subscription and general issues: [email protected] | Printed at Welfare Printing Ltd +12,000 like us on facebook.com/mdtimes Xinhua | SECRETARY_Yang Dongxiao [email protected] SEND NEWSWORTHY INFORMATION AND PRESS RELEASES TO: [email protected] WEBSITE: WWW.MACAUDAILYTIMES.COM.MO tue 21.08.2018 th Anniversary MACAU’S LEADING NEWSPAPER 澳聞 MACAU 3 Anima calls for Architects present Tap Seac volunteers Beginning yesterday, the Macau (Yat Yuen) Canidrome opened its doors youth center design to volunteers, who will work at the site every day across two shifts. The first shift is Julie Zhu pany, the façade of Hotel Esto- between 9 a.m. to 12 p.m., ril is not in a good condition, while the latter is from 2 HE Education and and the design company pro- p.m. to 5 p.m., Anima Macau Youth Affairs Bureau posed to demolish the building informed in a statement. The (DSEJ) yesterday re- and rebuild it. animal rights organization vealed the identity of “The structure of the façade is issued a reminder that Tthe successful tenderer for the not that good, and many places volunteers will be asked to design of the Tap Seac Youth do not meet the requiremen- sign a declaration accepting Center for Cultural, Recreatio- ts [for just maintenance].