The Chief Executive, Edmund Ho estimated economic growth would continue in 2003 as he reiterated on the interest of the whole society and continue development in his Policy Address 2003.

A 4% economic growth was estimated in 2003, following an expected growth of 5% or more this year, depending on the performance of export in the fourth quarter, Edmund Ho told the press after his delivery of the Policy Address 2003 at the Legislative Assembly today (20 Nov).

Since Macao returned to the motherland at the end of 1999, the SAR economy has witnessed a sustained and healthy development, said Edmund Ho in his Policy Address, emphasizing that the safeguard of the Basic Law and the resident's love of the country and the SAR is essential to this achievement.

Edmund ho also called for the residents' consideration in the interest of the whole society, and their cooperation and solidarity for the continue development of Macao.

Edmund Ho said that development and advancement of the SAR could only be achieved with the joint effort of the Government and the residents, thus as the residents should strive to enhance their compatibility, the Government would provide necessary aid to individuals and enterprises that truly in need.

As tax exemptions for individuals and businesses and economic aid for the disadvantages would be continued in 2003, more support would be provided to small to medium sized enterprises, including a government backed fund to serve as guarantee for bank loans, interest-free loans for start up cost and simplification in application procedure for catering licenses, said Edmund Ho in his Policy Address, adding that a total of 1.8 billion patacas would be invested in public projects, expected to create 8,000 jobs.

As Economy goes, Edmund Ho reaffirmed that Tourism and Gaming would be the focus of development at this point, and the government would take advantage of the existing opportunities to upgrade the gaming industry and improve services by introducing necessary rules and regulations, strengthening supervision and professional training.

As economic growth will continue to be one of the focuses for the SAR Government in 2003, the Policy Address also outlined other emphasis of the SAR government such as consolidation in regional cooperation, administration reforms and better education for the residents.