Macau's fiscal reserves recorded investment income of MOP 42.92 billion in 2025, with an annual return rate of 6.9%, reaching a historical high.

On February 25th, the Monetary Authority of Macao announced that in order to manage fiscal surplus effectively and ensure the public finance payment capability, the SAR government has enacted the Financial Reserve Law System through Law No. 8/2011, and the Financial Services Bureau is responsible for the investment and management of financial reserves. In 2025, the fiscal reserve of Macao SAR recorded an investment income of 42.92 billion Macao Patacas, with an annual return rate of 6.9%, reaching a historical high. By the end of last year, the capital amount of the fiscal reserve was 666.74 billion, with basic reserves and excess reserves of 167.29 billion and 499.45 billion respectively. The Monetary Authority of Macao stated that in the first half of 2025, global trade patterns were influenced by tariff measures, geopolitical situations became more complex, and significant changes occurred in the global financial markets, with major stock and bond markets experiencing adjustments. Subsequently, trade negotiations made progress and tariffs were gradually reduced, major economies adopted expansionary monetary policies and supported the economy with expansionary fiscal policies, along with the continuous prosperity in the field of artificial intelligence, all combined to drive up the prices of risk assets and gradually increase them. Throughout the year, stock and bond markets generally demonstrated resilience. In the complex and ever-changing financial market environment, the fiscal reserve dynamically adjusted the allocation of various asset categories, optimised the structure of bond and stock portfolios moderately, and introduced high-quality assets. While focusing on maintaining the liquidity and safety of the overall investment portfolio, it aimed to achieve ideal investment returns through a more diversified and balanced asset allocation. Looking ahead to 2026, major economies around the world will continue to use various policy measures to promote economic growth, with investment environment opportunities and challenges coexisting. The trends in monetary policies of major central banks, changes in international trade relations and geopolitical situations will be important considerations affecting the asset allocation decisions of fiscal reserves. The fiscal reserves will continue to adhere to the principle of "safety, effectiveness, and stability" in investment, balancing returns and risks through prudent, flexible, diversified, and balanced asset allocation to achieve the medium to long-term goal of capital preservation and appreciation.