MACAO -- Chief Executive of China's Macao Special Administrative Region (SAR) Sam Hou-fai delivered the 2025 fiscal year policy address on Monday, stressing innovation for development and forging ahead into a new era.

The address, which is Sam's first policy speech since he took office, emphasized that in the face of longstanding issues and emerging challenges, it is essential to accurately understand changes, respond to them scientifically, and proactively seek transformation.

Solutions must be grounded in Macao's realities, stabilizing the economic fundamentals, invigorating economic vitality, strengthening expectation management, and expanding new development space, Sam said.