316 New Firms Set up in Macao in Third Quarter

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Last updated at: (Beijing Time) Wednesday, November 06, 2002

316 New Firms Set up in Macao in Third Quarter

More firms have been set up in the Macao Special Administrative Region (SAR) on the back of liberalization of the gambling industry and sustained economic recovery.

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More firms have been set up in the Macao Special Administrative Region (SAR) on the back of liberalization of the gambling industry and sustained economic recovery.

The Statistics and Census Services said Wednesday that a total of 316 companies were established in the third quarter of this year, representing a sharp rise of 41.7 percent year on year. Their combined capital volume reached 81.1 million patacas (10.14 million US dollars), an increase of as much as 95.1 percent.

According to the agency, more than one third of the new companies dealt with wholesale and retail sales, while the others were engaged in the industries of machine and equipment rental, scientific research, industrial and commercial service, real estate and construction.

And investment came mostly from Macao itself, China's inland and the Hong Kong SAR.

On the other hand, 36 companies were closed from July to September, the agency said.

In a move to promote market competition, the Macao SAR government has given green light to three companies to manage the gambling business in Macao, creating many business opportunities and spurring the SAR's economic growth.

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