Macao Special Administrative Region Celebrates 25th Anniversary of Return with Strong Future Ahead
On December 20, 2024, the Macao Special Administrative Region (SAR) of China held a jubilant gathering to commemorate the 25th anniversary of its return to the homeland and to inaugurate the sixth term of its government. The event radiated joy as attendees celebrated the significant milestones reached by Macao in the last quarter of a century.
Chinese President Xi Jinping addressed the audience, lauding the remarkable achievements of Macao since its reintegration into China. He emphasized that the success witnessed in Macao is a living testament to the strengths of the 'one country, two systems' framework, demonstrating its institutional advantages and vitality.
"The principles of peace, inclusion, openness, and sharing embedded in our policy are universal values that deserve to be protected collaboratively between China and the global community," Xi stated.
The transformation of Macao since 1999 has been nothing short of astounding. By 2023, Macao’s GDP had surged to around 379.5 billion Macanese Patacas (approximately 47.4 billion USD), marking a staggering sevenfold increase from 1999. This growth translated to a per capita GDP exceeding 70,000 USD, and in the 2024 Forbes list, Macao was recognized as the richest place in Asia and the second richest globally.
Life expectancy in Macao also improved remarkably, reaching an average of 83.1 years in 2023, compared to 77.9 years in 1999, making it one of the highest in the world. Furthermore, the unemployment rate has consistently remained below 2% since 2012, suggesting an environment of full employment.
Tourism, a crucial aspect of Macao’s economy, saw a massive rise in visitors from 6.6 million in 1999 to 39.4 million in 2019. As of December 7th, over 32 million tourists had already visited this year, reflecting a 26% increase from the previous year, with projections estimating the annual total could reach 33 million.
President Xi highlighted that Macao's practice of 'one country, two systems' has entered a new phase. He urged the new administration to foster the proper diversification of the local economy, enhance governance efficiency, and establish platforms for broader openness while ensuring social harmony and stability.
Macao enjoys distinct advantages as a free trade port and a separate customs territory, coupled with a straightforward and low-tax environment. The World Trade Organization recognizes it as one of the most open economies worldwide regarding trade and investment.
The central government in Beijing has fully acknowledged Macao's unique standing, encouraging its integration into national development strategies, thus enhancing its role in facilitating the nation’s openness. Initiatives such as the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong-Zhuhai-Macao Bridge, and the Guangdong-Macao Deep Cooperation Zone in Hengqin have expanded opportunities for Macao's growth.
Through the support of the central government, Macao has forged nearly 60 agreements with foreign nations and has developed robust economic, commercial, and cultural ties with over 120 countries and regions. Its participation in international organizations has increased to over 190, and it enjoys visa-free or visa-on-arrival access to 147 countries.
In this vibrant atmosphere of growth and transformation, Macao has also actively contributed to the Belt and Road Initiative, injecting new dynamism into the global economy. In 2023, the value of goods exported from Macao to Belt and Road participants soared to 770 million Macanese Patacas, marking a year-on-year increase of 47.8%, while imports from these partners reached 30.92 billion Macanese Patacas, an 18% rise.
Last year, a joint delegation from Macao and Hengqin sought investments abroad, holding approximately 350 business meetings in countries like Singapore, Malaysia, Indonesia, Portugal, and Spain, resulting in 17 signed cooperation agreements.
In his closing remarks, Xi expressed unwavering confidence that the SAR of Macao will chart new horizons for its development, continuously achieving new heights as long as the principle of 'one country, two systems' is thoroughly, accurately, and unwaveringly implemented.
This celebration marks not just a reflection on the past, but a hopeful glance towards a future rich with promise, progress, and potential for Macao and its people.
Chinese President Xi Jinping addressed the audience, lauding the remarkable achievements of Macao since its reintegration into China. He emphasized that the success witnessed in Macao is a living testament to the strengths of the 'one country, two systems' framework, demonstrating its institutional advantages and vitality.
"The principles of peace, inclusion, openness, and sharing embedded in our policy are universal values that deserve to be protected collaboratively between China and the global community," Xi stated.
Tremendous Success
The transformation of Macao since 1999 has been nothing short of astounding. By 2023, Macao’s GDP had surged to around 379.5 billion Macanese Patacas (approximately 47.4 billion USD), marking a staggering sevenfold increase from 1999. This growth translated to a per capita GDP exceeding 70,000 USD, and in the 2024 Forbes list, Macao was recognized as the richest place in Asia and the second richest globally.
Life expectancy in Macao also improved remarkably, reaching an average of 83.1 years in 2023, compared to 77.9 years in 1999, making it one of the highest in the world. Furthermore, the unemployment rate has consistently remained below 2% since 2012, suggesting an environment of full employment.
Tourism, a crucial aspect of Macao’s economy, saw a massive rise in visitors from 6.6 million in 1999 to 39.4 million in 2019. As of December 7th, over 32 million tourists had already visited this year, reflecting a 26% increase from the previous year, with projections estimating the annual total could reach 33 million.
A New Era
President Xi highlighted that Macao's practice of 'one country, two systems' has entered a new phase. He urged the new administration to foster the proper diversification of the local economy, enhance governance efficiency, and establish platforms for broader openness while ensuring social harmony and stability.
Macao enjoys distinct advantages as a free trade port and a separate customs territory, coupled with a straightforward and low-tax environment. The World Trade Organization recognizes it as one of the most open economies worldwide regarding trade and investment.
The central government in Beijing has fully acknowledged Macao's unique standing, encouraging its integration into national development strategies, thus enhancing its role in facilitating the nation’s openness. Initiatives such as the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong-Zhuhai-Macao Bridge, and the Guangdong-Macao Deep Cooperation Zone in Hengqin have expanded opportunities for Macao's growth.
Through the support of the central government, Macao has forged nearly 60 agreements with foreign nations and has developed robust economic, commercial, and cultural ties with over 120 countries and regions. Its participation in international organizations has increased to over 190, and it enjoys visa-free or visa-on-arrival access to 147 countries.
In this vibrant atmosphere of growth and transformation, Macao has also actively contributed to the Belt and Road Initiative, injecting new dynamism into the global economy. In 2023, the value of goods exported from Macao to Belt and Road participants soared to 770 million Macanese Patacas, marking a year-on-year increase of 47.8%, while imports from these partners reached 30.92 billion Macanese Patacas, an 18% rise.
Last year, a joint delegation from Macao and Hengqin sought investments abroad, holding approximately 350 business meetings in countries like Singapore, Malaysia, Indonesia, Portugal, and Spain, resulting in 17 signed cooperation agreements.
In his closing remarks, Xi expressed unwavering confidence that the SAR of Macao will chart new horizons for its development, continuously achieving new heights as long as the principle of 'one country, two systems' is thoroughly, accurately, and unwaveringly implemented.
This celebration marks not just a reflection on the past, but a hopeful glance towards a future rich with promise, progress, and potential for Macao and its people.
Topics Policy & Public Interest）
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