The Government’s refusal to move forward with a new round of consumption cards is more than a budgetary decision. It marks a political shift: an attempt to move away from broad-based stimulus measures and return to a more targeted approach to social support.
During the pandemic, the consumption vouchers fulfilled their role — an emergency mechanism designed to sustain domestic spending, support SMEs and project confidence during a period of economic paralysis.
The proposal submitted in a written interpellation by lawmaker Chan Hao Weng, linked to the ATFPM, is based on an understandable argument: the cost of living remains high and fuel prices continue to put pressure on household budgets. But responding to structural problems with universal cash transfers raises questions about effectiveness, sustainability and distributive fairness.
With the city having gone nearly a month without a Secretary for Economy and Finance, Macau is going through a period in which SMEs, local consumption, credit and confidence all require political coordination
The Government appears to recognise this by choosing to assess existing measures instead of launching another round of stimulus. The message is clear: public resources should be more targeted, prioritising vulnerable families — the elderly, single-parent households and people with disabilities.
Macau still holds robust reserves, but it faces clear challenges: an economic model dependent on gaming, an uneven recovery in local consumption, and diversification that continues to move slowly. In this context, insisting on the periodic distribution of cheques creates only a temporary sense of relief without addressing underlying problems.
The Government’s challenge will be to prove that rejecting new consumption cards is part of a broader strategy. Because if the stimulus disappears without policies capable of strengthening the real economy and supporting SMEs, the change in rhetoric risks looking like nothing more than financial restraint.
Macau may be able to do without another round of consumption cards. What it cannot do without is leadership. Nearly a month without a Secretary for Economy and Finance, the city is going through a period in which SMEs, local consumption, credit and confidence demand political coordination.
The administrative machine continues to function, but it lacks political direction. And at this stage, refusing to distribute more money only makes sense if someone is preparing something better.
