Banks operating in the Macao SpecialAdministrative Region (SAR) will have better performances in the year of 2004, Chairman of the Macao Association of Banks Zhang Hongyi said Tuesday.

As a result of the SAR's good economic environment and the measures on reform, sales and management taken by the banks in Macao, work in many departments of the bank industry in the SAR has been improved in 2003, according to Zhang, who is also general manager of the Bank of China Macao Branch.

Meanwhile, the bank industry in Macao has made great progress in controlling and decreasing the amount of bad debts in the year of 2003, constituting good base for the banks' future development and the expansion of their business, said Zhang, without revealingany figures.

Zhang believes that the development of banks in Macao in 2004 will be better than 2003, due to the improvement of the world economy, the fast development of Chinese mainland, the resurgent economic situation in Hong Kong and the potential of Macao's economy.

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