China’s President Xi Jinping officiated the swearing-in ceremony of the principal officials of Macao’s fourth term government today. The president said that Macao faces challenges that must be properly managed. CCTV America’s Tang Bo reported this story from Macao, China.

Chui Sai On began his second and final five-year term as Chief Executive of Macao on Saturday as he was sworn, along with a new team of officials in the fourth-term regional government.

“Since Macao’s return, with the support of the motherland and based on local conditions, we have achieved historic economic growth. The living standard of Macao residents has greatly improved, which shows the superiority and vitality of the ‘One Country, Two Systems’ policy,” Chui said.

He said he would continue to improve living standards in Macao and work to diversify it’s economy.

Faced with shrinking casino revenues, and growing grass-roots calls for changes, he has replaced all five policy secretaries and appointed a new anti-corruption chief. The reshuffle in the leadership is said to show Chui’s determination to change government practices and policies.

President Xi said the new team should demonstrate innovative spirit and inject new energy into the region.

“It is necessary to plan for the long-term, seize the opportunity of the national efforts to comprehensively deepen reform, and promote appropriately diversified and sustainable economic development of Macao,” the Chinese president said. “This has to be based on its positioning as a global tourism and leisure hub and a service platform of economic and trade cooperation between China and Portuguese-speaking countries.”

Macao’s rapid economic growth in the past 15 years has been pegged to the dominating gaming industry, but this over-dependence has left Macao susceptible to turbulence in surrounding economies.

Over the next five years, the new government is tasked with finding a sustainable alternative for Macao development.

“Macao needs to have greater courage and wisdom to solve difficult problems in its development, strengthen and improve regulation and supervisions over the gaming industry, nurture new growth areas for its economy, and work for substantive results in its appropriately diversified and sustainable economic development,” Xi said.