The Macao SAR Government announced unexpectedly on Thursday 16 April that Tai Kin Ip, the Secretary for Economy and Finance, has resigned from his post for personal reasons. He becomes the first Secretary for Economy and Finance to resign during his term since Macau’s handover.
In a press release, Macau’s Chief Executive Sam Hou Fai noted that Tai had submitted his resignation request directly.
The State Council of China subsequently announced that, in accordance with the provisions of the “Basic Law” and based on the recommendation of the Chief Executive, it has agreed to remove Tai from the position of Secretary for Economy and Finance.
Regarding his departure, the Chief Executive pointed out that since the inauguration of the current government, Tai has served as the Secretary for Economy and Finance and consistently implemented the government’s governance philosophy and work plans.
“He led the team at the Secretariat for Economy and Finance to govern according to the law, took proactive responsibility and pushed for new progress within the economic and financial sectors,” he said.
“Sam added that he offers his “sincere gratitude and full recognition of Secretary Tai Kin Ip’s efforts and contributions to the development of the Macau SAR.”
Regarding a successor, the Chief Executive stated that the government is currently following up on the nomination process and will request the Central People’s Government make an appointment in due course.
Before a new Secretary for Economy and Finance is sworn in, the Chief Executive will exercise all powers and functions of the office in accordance with the relevant provisions of the “Basic Law”, he said.
The Secretary for Economy and Finance is a critical government position in Macau, with responsibilities covering a wide range of economic and financial affairs, including the coordination and handling of all gaming-related matters.
Tai assumed office on 20 December 2024, having previously served as the Director of the Economic and Technological Development Bureau (DSEDT).
His appointment coincided with the expiration of the three-year transition period for Macau’s satellite casinos. With the exception of L’Arc Casino, which has been wholly acquired by SJM Resorts, S.A., all other satellite casinos have now ceased operations.
In response, Tai launched several initiatives in the ZAPE area, attempting to bring new momentum to a district facing economic decline and reduced foot traffic following the closure of the satellite casinos.
