Macao SAR to speed up appropriate economic diversification: chief executive

China's Macao Special Administrative Region (SAR) will strive to nurture and develop industries to speed up appropriate economic diversification in 2022 in light of the heavy blows dealt by COVID-19 on the SAR's economy, Chief Executive Ho Iat Seng said on Tuesday.

The SAR government will actively nurture and develop industries suitable for Macao while consolidating and improving traditional advantageous industries so as to build an industrial structure that is appropriately diversified and sustainable, Ho said when delivering the policy address for the fiscal year 2022.

Efforts will be made to develop a comprehensive tourism and leisure industry combining the elements of food, sightseeing, shopping, entertainment, medical treatment and sports, nurture and develop the health industry starting with the research and manufacturing of traditional Chinese medicine, Ho said.

The government will also advance the development of modern finance, science and technologies, conventions and exhibitions, and culture and sports, while assisting with the transformation and upgrading of small- and medium-sized enterprises, he noted.