Nobel laureate gives talk at UM on sources and development of AI

The Faculty of Business Administration (FBA) of the University of Macau (UM) held the Nobel Laureate Lecture today (5 November), featuring Thomas Sargent, Nobel laureate in economic sciences. Prof Sargent gave a talk titled ‘Sources of Artificial Intelligence’ and talked about the sources and development of artificial intelligence (AI). The talk was sponsored by the University of Macau Development Foundation (UMDF). It was well attended by UM students and faculty, industry practitioners, prominent members of the community, as well as members of the public.

Speaking at the event, UM Rector Yonghua Song said that Prof Sargent was awarded the Nobel Prize in Economics in 2011 for his ‘empirical research on cause and effect in the macroeconomy’. He is a renowned expert in fiscal, monetary, and political policy, and is one of the founders of the rational expectations model and the freshwater economics movement. The core concept of rational expectations is that individuals make decisions based on rational economic psychological models and their understanding of government economic policies. This means that whenever the government changes its policies, consumers and investors adjust their behaviours accordingly, often making it difficult for the policies to achieve their intended effects. This insight fundamentally revolutionised economics in the post-Keynesian era and continues to dominate economic thought today.

Yu Jun, dean of the Faculty of Business Administration (FBA), said that Prof Sargent’s lecture not only deepened the understanding of AI but also provided valuable insights for future research. He added that in an era where technology and data-driven approaches are reshaping the world, understanding the principles and applications of AI is crucial. Macao, a vibrant and innovative city, will greatly benefit from these advancements.

During the talk, Prof Sargent discussed the sources and development of AI. He introduced the basic elements of human intelligence, including pattern recognition and decision-making processes, and highlighted the cognitive abilities of intelligent individuals regarding time and space, as well as their empathy and compassion for others. Prof Sargent also discussed the transformative impact and challenges brought by AI in today’s society, particularly its impact on various industries, and shared his views on future trends. In particular, he mentioned the critical role of statistics, biology, economics, and physics in the development of AI, and provided specific examples to illustrate how these disciplines help people better understand and apply AI technologies. Prof Sargent also engaged with the audience in the Q&A and discussion sessions moderated by Prof Yu.

Guests attending the talk also included: Lam Kam Seng Peter, chair of the University Council of UM and chair of the Trustees Committee of UMDF; Cheong Chok Man, director of the Policy Research and Regional Development Bureau of the Macao SAR Government; Che Weng Keong, president of the Administrative Committee of the Science and Technology Development Fund of Macao; Chui Sai Peng, member of the University Council of UM; Daniel Tse, vice chair of the Trustees Committee of UMDF; Garrick Wong, member of the Trustees Committee of UMDF; Stanley Au, chairman of Delta Asia Financial Group; and Rui Martins, Ge Wei, and Mok Kai Meng, vice rectors of UM. Members of the FBA Advisory Board, including Linda Chen, president, vice chairman, and executive director of Wynn Macau, Limited; Akiko Takahashi, executive vice president and chief of staff to chairman and chief executive officer of Melco Resorts & Entertainment Limited; Zhan Yuyin, chairman of E Fund Management Co Ltd and chairman of E Fund International Holdings Co Ltd, also attended the talk.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59473/

UM Teaching Excellence Award recipient to give talk on learning and teaching with AI this Thursday

The University of Macau (UM) will hold the University of Macau Teaching Excellence Award Seminar on 7 November (Thursday). Wong Fai, recipient of the UM Teaching Excellence Award for the 2023/2024 academic year and associate professor in the Department of Computer and Information Science of the Faculty of Science and Technology, will deliver a talk titled ‘Educating with AI: Dual Pathways in Learning and Teaching’. Drawing on his teaching experience, Prof Wong will share methods for integrating artificial intelligence into learning and teaching, as well as strategies for enhancing student engagement and motivation. All are welcome to join.

The talk will begin at 3:30pm in the Auditorium of the UM Wu Yee Sun Library (E2-G012), and will be conducted in English. To register for the talk, please visit https://isw.um.edu.mo/evmapp/register/UMTEAwongfai. For enquiries, please call +853 8822 8878 or email uls@um.edu.mo.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59472/

UMDF named professor gives talk on econometrics

The University of Macau (UM) held the University of Macau Development Foundation (UMDF) Named Professorship Lecture titled ‘Econometrics and Economic Surveillance’ today (1 November). Yu Jun, UMDF chair professor of finance and economics and dean of the Faculty of Business Administration, was the speaker. During the talk, Prof Yu explained the characteristics of various economic bubbles and their relevance to financial crises. The talk was well attended by UM students and faculty, as well as members of the public.

Speaking at the event, UM Vice Rector Rui Martins said that Prof Yu is a renowned scholar of international finance and economics, an inaugural fellow of the Society for Financial Econometrics (SoFiE), and a fellow of Journal of Econometrics. He also serves as an associate editor for several leading international journals and has extensive experience in teaching, research, and industry practice. Notably, Prof Yu has collaborated with scholars from the US and Australia to develop tools for measuring exuberance in financial markets, which have become valuable resources for identifying and addressing financial crises in the US, Europe, Asia, and other countries and regions.

During the talk, Prof Yu explained asset price bubbles and the practical applications of econometric tools in identifying and managing financial bubbles. He also introduced econometric techniques such as the recursive method and the unit root test. In addition, Prof Yu shared the latest methodological advances in dealing with more complex bubble scenarios, which help identify and prevent financial crises. He also engaged with the audience during the Q&A and discussion sessions.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59454/

UM releases revised macroeconomic forecast for Macao 2024

The Centre for Macau Studies and the Department of Economics of the University of Macau (UM) have released the revised macroeconomic forecast for Macao 2024. Given the apparent slowdown in China’s economic growth, the research team has revised the assumption of the number of visitor arrivals from mainland China in the second half of 2024 to 85% of the same period in 2019. Accordingly, the baseline forecast for Macao’s GDP growth is 12.1% (year-on-year real growth rate), reaching 89.7% of the 2019 level, equivalent to MOP399.3 billion (in chained (2021) dollar). The baseline forecasts for other major economic variables have been revised as follows: the growth of services exports is projected at 15.3%; the growth of private consumption expenditure at 5.8%; the inflation rate at 0.9%; the overall unemployment rate at 1.9%; the unemployment rate among Macao residents at 2.5%; and the Macao SAR Government’s current revenue at MOP112.2 billion.

In 2023, the number of visitor arrivals to Macao began to rebound. In the first quarter of 2024, the recovery remained strong, with a total of 8.88 million visitors, representing 85.7% of the first quarter of 2019. Among them, the number of visitor arrivals from Hong Kong reached 1.82 million, surpassing the level of the first quarter of 2019. The number of visitor arrivals from mainland China reached 6.29 million, which was 84.5% of the first quarter of 2019; while the number of visitor arrivals from other regions totalled 0.77 million, which was 68.5% of the first quarter of 2019. However, in the second quarter of 2024, the recovery began to slow down, with the total number of visitor arrivals at 7.84 million, only 79.0% of the second quarter of 2019. Among them, the number of visitor arrivals from mainland China was 5.25 million, 76.4% of the second quarter of 2019; the number of visitor arrivals from Hong Kong was 1.79 million, 94.2% of the second quarter of 2019; and the number of visitor arrivals from other regions was 0.81 million, 69.8% of the second quarter of 2019. Due to the slowdown in the recovery of visitor arrivals, real exports of services in the second quarter of 2024 only reached MOP73 billion, a year-on-year increase of only 6.1%. Real gaming expenditure by non-residents reached MOP45 billion, a year-on-year increase of 22.6%; while real non-gaming expenditure by non-residents was MOP20.7 billion, a year-on-year decrease of 9.5%. For domestic demand, both private consumption and investment showed stable recovery. In the second quarter of 2024, real private consumption expenditure was MOP28.8 billion, a year-on-year increase of 4.8%, surpassing the level in the second quarter of 2019. Notably, real consumption expenditure on food, beverages, tobacco, and services was strong, while real consumption expenditure on consumer goods and abroad was relatively weak, still below the level of the second quarter of 2019. The gross fixed capital formation was MOP13.1 billion, a year-on-year increase of 6.7%. Prices have remained stable, with the consumer price inflation rate from January to July 2024 at just 1.0%. The inflation rate of food and non-alcoholic beverages, which accounted for the largest share, was 1.4% (with the inflation rate of eating out at 2.7%), and the inflation rate of housing and fuels, which accounted for the second largest share, was 0.4%. The labour market was tight. In the second quarter of 2024, the overall unemployment rate was 1.7% and the unemployment rate among Macao residents was 2.3%, both reaching the low levels of the second quarter of 2019. The overall median monthly employment earnings was MOP17,900, higher than the MOP16,300 of the same period in 2019, while the median monthly employment earnings of Macao residents was MOP20,000, reaching the level of the same period in 2019.

From January to July 2024, the number of visitor arrivals from mainland China was 13.72 million, accounting for 81.3% of the same period in 2019. Based on the above data, the research team has revised the previous assumption of the number of visitor arrivals from mainland China in the second half of 2024 to 85% of the same period in 2019.

Based on the above assumption, the revised baseline forecasts for major economic variables are as follows:

• Macao’s GDP is expected to grow by 12.1%, equivalent to MOP399.3 billion (89.7% of the 2019 level).
• Services exports are projected to increase by 15.3%.
• Private consumption expenditure is anticipated to rise by 5.8%.
• Gross fixed capital formation is forecast to grow by 7.7%.
• The inflation rate (as measured by the GDP deflator) is projected to be 1.3%, with the consumer price index expected to rise by 0.9%.
• Median monthly employment earnings are predicted to increase by 2.8%.
• The unemployment rate is expected to be 1.9%, while the unemployment rate among Macao residents is projected to be 2.5%.
• The Macao SAR Government’s current revenue is anticipated to be MOP112.2 billion.

About the Macroeconometric Structural Model of Macao

The Macroeconometric Structural Model of Macao is a quarterly simultaneous-equations econometric model which covers seven blocks of Macao’s economy: consumption, investment, external trade, prices, government, labour market, and monetary sector. It includes 87 equations and 209 variables. Time series data start from the first quarter of 1998 and is updated once new data are available. Its results provide the community with a timely understanding of the state of Macao’s economy and support prudent decision-making. The model was founded by the late Prof Sir James Mirrlees, Nobel laureate in economic sciences and honorary doctor of social sciences of the University of Macau (UM), as well as faculty members in the Department of Economics of UM. Members of the research team include Chan Chi Shing, researcher in the Centre for Macau Studies; Ho Wai Hong and Gary Wong Ka Kei, associate professors in the Department of Economics; and Kwan Fung, assistant professor in the Department of Economics. The project is now managed by the Centre for Macau Studies of UM.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59455/

UM, Macao Basic Law Promotion Association organise training programme to promote Constitution and Basic Law

To nurture talent who exhibit love for the country and Macao and to enhance the promotion of the Constitution and the Basic Law, the University of Macau (UM) and the Macao Basic Law Promotion Association jointly organised the fourth edition of the ‘UM Constitution and Basic Law Student Ambassadors Training Programme’ and held an opening ceremony.

Mok Kai Meng, vice rector of UM, said in his speech that, young people are a crucial force in promoting the ‘one country, two systems’ policy. Therefore, UM is committed to fostering patriotism among its students, and attaches great importance to the development and innovation of Constitution and Basic Law education. The training programme integrates theoretical learning, residential college life, and community experiences for better effectiveness. He also encouraged the participants to do their best to contribute to the advancement of the ‘one country, two systems’ policy.

The students participating in the training programme are top performers selected from UM’s courses on the Constitution and the Basic Law. They will conduct promotional activities on the two laws within their respective residential colleges. Each of the ten residential colleges will then select ten outstanding representatives to join the ‘Macao Basic Law Youth Ambassadors Training Programme’ organised by the Macao Basic Law Promotion Association, where they will promote the two laws in primary and secondary schools in Macao.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59443/

UM student wins first prize at national English speaking competition

Students from the University of Macau (UM), Li Xiang and Yang Ai, won a first prize and a third prize respectively in the 29th ‘21st Century Cup’ National English Speaking Competition.

The ‘21st Century Cup’ is the largest and most prestigious English speaking competition in China. It is also the only qualifying event in China for the International Public Speaking Competition (IPSC) organised by the English-Speaking Union. Over 600,000 participants registered for this year’s competition. After ten months of preliminaries and province-wide competitions, 247 contestants in the college category and 18 contestants in the youth category advanced to the grand final.

The two UM contestants, who are both second-year students in the Faculty of Business Administration, impressed the judges and the audience with their outstanding presentation skills, public speaking skills, unique perspectives, and insightful viewpoints. Notably, Li’s exceptional performance also earned her the distinction of being the only contestant from the Guangdong-Hong Kong-Macao Greater Bay Area to reach the grand final. Li and Yang’s outstanding performance was also attributed to Chan Ka Lon, an instructor in the English Language Centre, and Lei Ut Meng, a doctoral student in the Department of English, who provided them with professional training and guidance throughout the competition.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59444/

Forum for Presidents of Higher Education Institutions of China and Portuguese-speaking Countries opens at UM to discuss development of Portuguese language

The 3rd Forum for Presidents of Higher Education Institutions of China and Portuguese-speaking Countries commenced with an opening ceremony today (30 October) at the University of Macau (UM). Yonghua Song, rector of UM, said that as the largest hub for Portuguese language education outside Portugal and Brazil, UM has trained a significant number of Chinese-Portuguese bilingual talent, as well as legal professionals in Portuguese law. In addition, the university has enhanced students’ professional skills through international exchange programmes.

The forum is co-organised by the Education and Youth Development Bureau of the Macao SAR Government, UM, and other members of the Alliance for Cultivating Chinese-Portuguese Bilingual Talents. Themed ‘The Portuguese Language in China—From Macao and the Greater Bay Area’, the forum has brought together university leaders, experts, and scholars from China and Portuguese-speaking countries to discuss the importance of the Portuguese language in education, culture, and technology in the context of globalisation.

Yonghua Song, rector of UM, said in his speech that with the rapid economic growth of Portuguese-speaking countries, the importance of the Portuguese language in global trade, diplomacy, and cultural exchange has become increasingly important. As Macao serves as a bridge for exchanges and cooperation between China and Portuguese-speaking countries, the training of Chinese-Portuguese bilingual talent with a global mindset is of great significance for the development of Macao and the Guangdong-Hong Kong-Macao Greater Bay Area. He added that UM provides students with exchange and internship opportunities in Portuguese-speaking countries to enhance their professional skills and international outlook.

Rui Martins, vice rector of UM and vice president of the Association of Portuguese Speaking Universities (AULP), noted in his keynote speech that Portuguese education is gaining increasing attention in mainland China. Over the years, UM’s Department of Portuguese and Faculty of Law have produced many outstanding graduates who have made significant contributions and achieved remarkable success in academia, government, and the private sector. He also mentioned UM’s pioneering role in the development of a Chinese-Portuguese machine translation system and its contributions to bilingual communication and research.

During the forum, Rector Song and Maria das Dores Guerreiro, vice rector of the ISCTE – University Institute of Lisbon, signed a student exchange agreement on behalf of their respective institutions. In addition, the Henrique de Senna Fernandes Academic Prize for the Best Portuguese Thesis was presented to outstanding UM postgraduate students in recognition of their contributions to Portuguese academic research.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59433/

UMDF named professor to give talk on asset price bubbles this Friday

The University of Macau (UM) will hold a University of Macau Development Foundation (UMDF) Named Professorship Lecture titled ‘Econometrics and Economic Surveillance’ on 1 November (Friday). Yu Jun, UMDF chair professor of finance and economics and dean of the Faculty of Business Administration, will be the speaker. During the talk, he will discuss asset price bubbles, and use a recursive method to analyse various bubble characteristics and highlight the relevance of financial bubbles.

The talk will begin at 4:00pm in the Lecture Hall of the Research Building N21 (N21-G013), and will be conducted in English. To register, please visit https://isw.um.edu.mo/evmapp/register/UMDFyujun. For enquiries, please call +853 8822 8878 or email uls@um.edu.mo.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59432/

UM rector leads delegation to visit Vietnamese universities and sign cooperation agreements

To further expand the University of Macau’s (UM) international cooperation network, UM Rector Yonghua Song led a delegation to visit several top universities in Vietnam and sign cooperation agreements to foster international exchange and cooperation between UM and Vietnamese universities.

In Hanoi, the UM delegation visited Vietnam National University, Hanoi (VNU), where they were warmly received by VNU President Le Quan and other representatives. The two parties signed a student exchange agreement and a memorandum of understanding. They also discussed ways to promote student and faculty exchanges, research collaboration, and joint talent development. Additionally, the delegation visited the VNU University of Engineering and Technology to learn about its key research laboratories and projects in electronics, information technology, and telecommunications engineering.

The delegation also visited the Hanoi University of Science and Technology (HUST), where Rector Song had a meeting with HUST President Huynh Quyet Thang and other representatives. The two parties agreed to sign a memorandum of understanding and to conduct student and faculty exchanges, and explored ways to enhance cooperation and exchanges in disciplines such as electronics and materials engineering. The delegation also visited the National Key Laboratory for Polymer and Composite Materials, Laboratory for Tunnel Automation System, and Laboratory of Electronic Materials at HUST.

In Ho Chi Minh City, the UM delegation visited Ton Duc Thang University (TDTU) and met with TDTU President Tran Trong Dao and several faculty representatives. They held in-depth discussions and reached a consensus on cooperation in areas such as computer science, electrical and electronic engineering, pharmacology, bioinformatics, and social sciences. After the meeting, the delegation visited TDTU’s Faculty of Industrial Fine Arts and discussed student and faculty exchanges and joint talent development.

In addition, the delegation accompanied the Education and Youth Development Bureau of the Macao SAR Government to meet with Xu Zhou, acting consul general of the People’s Republic of China in Ho Chi Minh City. During the meeting, Rector Song reported on UM’s recent developments, international cooperation, and exchanges with Vietnamese universities, which received high praise from Xu. Xu also gave an overview of the relations and educational exchanges between China and Vietnam, and said that the consulate will act as a bridge to promote deeper cooperation between UM and Vietnamese universities.

The UM delegation also participated in THE Talk Global Study in Ho Chi Minh City, the largest annual international education fair in the city. The event attracted over 50 universities and educational institutions from more than ten countries and regions. UM set up a booth at the fair to introduce the university’s current status and programme information, engage in face-to-face interactions with students and parents, and provide consultation services, thereby enabling foreign students and parents to learn more about UM and increasing UM’s visibility in the global landscape.

The UM delegation also included Shen Hanming, associate dean of the Faculty of Health Sciences, and Dai Ningyi, assistant dean of the Faculty of Science and Technology.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59425/

CAS academician gives talk at UM on how mathematics drives modern technology

The University of Macau (UM) held a talk titled ‘Mathematics Drives Modern Technology’ as part of the University Lecture Series. Tang Tao, academician of the Chinese Academy of Sciences (CAS), president of Nanfang College, Guangzhou, and chair professor at Beijing Normal University-Hong Kong Baptist University United International College, was the speaker. During the talk, Prof Tang discussed the important role of mathematics in technological development across various fields.

Speaking at the event, Michael Hui, vice rector of UM, said that Prof Tang is a world-renowned computational mathematician whose research focuses on adaptive mesh methods, high order methods for partial differential equations, and numerical methods for phase-field equations. He has made significant academic achievements in high-precision and adaptive computational methods. Prof Tang has received many awards, including the Feng Kang Prize of Scientific Computing, a first prize in the Natural Science Award from the Ministry of Education, and a second prize in the State Natural Science Award. He is also a fellow of the American Mathematical Society, a fellow of the Society for Industrial and Applied Mathematics, a member of the Chinese Society for Industrial and Applied Mathematics, a member of the Academia Europaea, and a fellow of the World Academy of Sciences for the Advancement of Science in Developing Countries.

During the talk, Prof Tang talked about the history of mathematics and its applications in areas such as the internet, digital communication, medical imaging, and large-scale computing. He also discussed the contributions of eminent scientists and emphasised the urgent need for mathematical talent in future technological development. His forward-looking insights provided the audience with a wealth of knowledge and inspiration.

In addition, Prof Tang engaged with the audience during the Q&A and discussion sessions moderated by Gui Changfeng, head of the Department of Mathematics.

To read the news on UM’s official website, please visit the following link:
https://www.um.edu.mo/news-and-press-releases/presss-release/detail/59422/