Chinese President Xi Jinping on Friday presided over the inauguration of new Macau leader Sam Hou-fai, capping off a three-day visit as the former Portuguese colony marks 25 years since being returned to China.Sam, who served as president of Macau’s apex court since the 1999 handover, was the sole candidate in October’s leadership race and received 99 percent of votes from a 400-person committee of Beijing loyalists.The 62-year-old Zhongshan, China native is Macau’s first post-handover leader to be born in mainland China and not have a background in business.When Macau reverted to Chinese rule on December 20, 1999, Beijing promised that the city’s “capitalist system and way of life” would remain unchanged for 50 years.The city is now regarded by China as a shining example of its “One Country, Two Systems” model — in contrast with neighbouring Hong Kong, which was rocked by sometimes violent pro-democracy protests until a Beijing-imposed national security law in 2020.After the handover, Macau grew into the world’s casino capital by gaming revenue and a popular destination for Chinese tourists.Celebrations kicked off Friday morning with a flag-raising ceremony at the city’s Lotus Square, with incoming leader Sam, Macau government ministers and some visiting Chinese officials in attendance.Sam replaces Ho Iat-seng, who took office in 2019 and spent much of his tenure managing Macau’s response to the coronavirus pandemic and its economic fallout.Speaking at a Thursday banquet, Xi acknowledged Ho’s efforts and said Macau “gained new achievements in appropriate economic diversification” under his leadership.The Chinese leader has lauded Macau’s “world-recognised success” in implementing the “One Country, Two Systems” framework and said the city had a bright future.”Macau is a pearl in the nation’s palm, and I have always kept in my thoughts its development and the welfare of all its people,” Xi said at the start of his visit on Wednesday.Security was tight around the city, with roadblocks set up around an event venue and authorities increasing checks on inbound visitors.- Casino hub -Following the end of 442 years of Portuguese rule, Macau’s fortunes have risen in lockstep with China’s economic growth.It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world’s top casino hub, fuelled by two decades of Chinese visitor spending.Macau, with a resident population of 687,000, saw just over 29 million visitor arrivals in the first 10 months of the year.Its GDP has soared from $6.4 billion in 1999 to more than $47 billion last year, and its population is the richest in China on a per capita basis.Under orders from Beijing to diversify the economy, Macau leaders have suggested industries such as financial services, technology and Chinese medicine as new economic drivers.But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealth.Xi on Thursday visited the Macau University of Science and Technology and was “briefed on the development of two state-level key laboratories” that involved Chinese medicine and planetary science, according to state news agency Xinhua.He also visited the Guangdong-Macao In-Depth Cooperation Zone on Hengqin Island, speaking to residents and people there in charge of planning, construction, management and services, Xinhua reported.Hengqin Island, a landmass adjacent to Macau and three times its size, was partly leased by Beijing to Macau to boost its land supply for non-gaming development.

Japanese inflation accelerated in November, with prices rising 2.7 percent on-year partly because of higher energy costs, government data showed Friday.The core Consumer Price Index (CPI), which excludes volatile fresh food prices, topped market expectations and was up from 2.3 percent in October.The reading remained above the Bank of Japan’s two percent inflation target, set more than a decade ago as part of efforts to boost the stagnant economy.The two percent target has been surpassed every month since April 2022, although central bank policymakers have sometimes questioned the role of temporary factors such as the war in Ukraine.Analysts had forecast a core CPI reading of 2.6 percent for November. “Core core CPI”, which excludes both fresh food and energy prices, stood at 2.4 percent.Rice prices continued to soar, with the data showing an on-year increase of around 64 percent after this year’s harvests were hit by hot weather and water shortages.”Rising prices for food, including rice, and the scaling back of measures against extreme summer heat, such as subsidies for electricity and fuel bills” contributed to the jump in inflation, deputy chief cabinet secretary Fumitoshi Sato told reporters.Japan’s summer this year was the joint hottest on record — equalling 2023 — as extreme heatwaves fuelled by climate change engulfed many parts of the globe.The Bank of Japan on Thursday left its borrowing costs unchanged and warned of uncertainty over the US economy under president-elect Donald Trump.That caused the yen to fall against the dollar, extending a retreat that began Wednesday when the Federal Reserve forecast it would make fewer interest rate cuts.On Friday morning, one dollar bought 157.61 yen, compared with about 153.60 on Wednesday.”Despite the pause, the BoJ appears determined to tighten policy further,” said Stefan Angrick of Moody’s Analytics.”The central bank’s monetary policy statement maintains a fairly hawkish tone, arguing that the economy is recovering and will keep growing above its potential rate — a view that feels at odds with the data,” he said.Weak demand has been a drag on growth for Japan, and it’s likely that data will show the economy shrinking in 2024, Angrick said, adding that the bank faced a tricky situation.”The domestic economy isn’t strong enough for significant rate hikes, but maintaining the status quo risks further yen depreciation and higher inflation,” he said.”We anticipate two more rate hikes in 2025.”

Chinese President Xi Jinping will preside over a day of celebrations in Macau and inaugurate the city’s new leader on Friday as the former colony marks 25 years since being returned to China.Macau is regarded by China as a shining example of its “One Country, Two Systems” model, and Xi praised the city as a “pearl in the nation’s palm” at the start of his three-day visit.The Chinese casino hub has grown from a Portuguese trading outpost to the world’s casino capital by gaming revenue and a popular destination for Chinese tourists.When Macau reverted to Chinese rule on December 20, 1999, Beijing promised that the city’s “capitalist system and way of life shall remain unchanged for 50 years”.Celebrations kicked off Friday morning with a flag-raising ceremony at the city’s Lotus Square, with incoming city leader Sam Hou-fai, Macau government ministers and some visiting Chinese officials in attendance.Xi has lauded Macau’s “world-recognised success” in implementing the “One Country, Two Systems” framework and said the city had a bright future.”Macau is a pearl in the nation’s palm, and I have always kept in my thoughts its development and the welfare of all its people,” Xi said Wednesday.He has vowed to use his trip for “extensive and in-depth exchanges with our friends from all places, and discuss plans for Macau’s development”.Friday’s festivities will be centred around the inauguration of Sam, the former president of Macau’s apex court, as the city’s fourth post-handover leader, replacing Ho Iat-seng.Security was tight around the city, with roadblocks set up around an event venue and authorities increasing checks on inbound visitors.- Casino hub -Following the end of 442 years of Portuguese rule, Macau’s fortunes have risen in lockstep with China’s economic growth.It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world’s top casino hub, fuelled by two decades of Chinese visitor spending.Macau, which has a resident population of 687,000, saw just over 29 million visitor arrivals in the first 10 months of the year.Its GDP has soared from $6.4 billion in 1999 to more than $47 billion last year, and its population is the richest in China on a per capita basis.Under orders from Beijing to diversify the economy, Macau leaders have suggested financial services, technology and Chinese medicine as new economic drivers.But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealth.Xi on Thursday visited the Macau University of Science and Technology and was “briefed on the development of two state-level key laboratories” that involved Chinese medicine and planetary science, according to state news agency Xinhua.He also visited the Guangdong-Macao In-Depth Cooperation Zone on Hengqin Island, speaking to residents and people there in charge of planning, construction, management and services, Xinhua reported.Hengqin Island, a landmass adjacent to Macau and three times its size, was partly leased by Beijing to Macau to boost its land supply for non-gaming development.