On 25th September 2025, the Faculty of Finance of City University of Macau held a finance seminar, Luso Bank Financial Forum at Ho Yin Conference Center in Taipa Campus. The seminar featured Dr. Ren Tao, Director of the Economic Research Center of Luso International Banking, was invited as the keynote speaker. The seminar focused on the theme: “A Discussion on Recent Macroeconomic Situation and Related Market Hot Topics.” Distinguished guests included Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance.

Dr. Ren, Director of the Economic Research Center of Luso International Banking, a distinguished researcher appointed by the National Institution for Finance and Development and a Senior Special Researcher at the Shanghai Finance & Development Laboratory. He has been invited multiple times to lecture for regulatory entities. He has published over 30 articles in various journals such as "Statistical Research" and "Financial Expo" and operates public accounts "Dr. Ren's Macro Talk" and " Phoenix-Tree-Capital", with more than 300,000 fans following.

During the seminar, Dr. Ren Tao systematically outlined the current macroeconomic situation in China and the economic performance of Macau. He pointed out that from a macro perspective, China's domestic demand weakened further in August, with key indicators such as consumption and investment continuing to face pressure, while external demand remained resilient, maintaining a high trade surplus. Meanwhile, driven by factors like the recovery of the gaming industry and the return of tourists, Macau's economy shows a significant warming trend.

Based on Macau's economic data, Dr. Ren Tao analyzed the dual-engine recovery of the gaming and tourism industries. Macau's Q2 GDP saw real growth of 5.1%, a marked improvement from the negative growth in Q1, with the economic scale recovering to 88.8% of the same period in 2019. Gross gaming revenue has been rising continuously since March, reaching MOP 22.172 billion in July, with a cumulative total of MOP 141.249 billion from January to July. The annual figure is expected to exceed MOP 240 billion. Simultaneously, the return of tourists has become another highlight. The number of visitor arrivals in June, July, and August recovered to 93%, 98%, and 100% of the historical peak levels for the same periods, respectively, with mainland Chinese tourists contributing over 70%, indicating a sustained recovery in Macau's tourism appeal. Driven by external assets, Macau's banking sector is experiencing asset expansion and structural optimization, re-entering an expansion phase after the end of 2024, with total assets continuing to rise. The proportion of external assets increased to 65.16%, and the deposit-to-total-assets ratio rose to 54.64%, indicating capital return flow and structural optimization. Although net interest income slightly declined, non-interest income increased significantly by 55.8%, driving overall operating revenue higher.

From the perspective of market hot topics, Dr. Ren Tao provided detailed explanations on the current situations of real estate, policy cycles, and crypto assets. He indicated that the scale of commercial housing sales has fallen back to the levels seen between 2011 and 2016, with no fundamental improvement in market conditions yet. Furthermore, he reviewed the market impact one year after the "24^th September 2024" press conference (where China's central bank, top securities regulator and financial regulator announced a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country's high-quality economic development), discussed hot topics such as the global interest rate cycle and stable coins, and suggested that the offshore bond market and crypto assets could be key areas for Macau's future development. Dr. Ren Tao emphasized that although the mainland economy faces pressure from insufficient domestic demand, the resilience of external demand and the rapid recovery of Macau's economy inject confidence into the regional economy. Future attention should be paid to the effects of policy transmission, changes in the external environment, and the progress of structural reforms to adapt to the complex and volatile macroeconomic environment.

Students actively asked questions during the seminar, which Dr. Ren Tao patiently answered one by one. Dr. Ren Tao proposed two financial research topics for Macau, focusing on Macau bonds and cryptocurrency, respectively. He will co-supervise two groups of doctoral students together with Dean Adrian Cheung and Associate Dean Eva Khong for collaborative research. This provides faculty and students of the CityU Macau Faculty of Finance with an opportunity to gain an in-depth understanding of recent macroeconomic trends and relevant market hot topics, while also offering new ideas and directions for promoting regional financial cooperation and development.

The Faculty of Finance of City University of Macau sincerely thanks Dr. Ren Tao, Director of the Economic Research Center of Luso International Banking, for his excellent sharing. Students who attended the seminar expressed that they gained important guidance and inspiration for future economic development through this seminar. They also valued the rare opportunity for collaborative research with financial institutions, enhancing their industry-academia-research learning outcomes. They expressed great anticipation and gratitude for the industry-academia-research collaboration opportunity, stating that they benefited significantly. The Faculty of Finance will continue to host such seminars to further strengthen the integration of financial theory and practice, committed to cultivating modern financial talents.