Macao Enters New Era Under 'One Country, Two Systems' Concept Celebrating 25th Anniversary

New Chapter for Macao

On December 20, 2024, the Special Administrative Region (SAR) of Macao gathered in a celebratory atmosphere to mark the 25th anniversary of its return to China, alongside the inauguration of its sixth-term government. President Xi Jinping addressed attendees, emphasizing the region's remarkable achievements since its transition, showcasing the effectiveness of the 'One Country, Two Systems' principle.

Economic Growth and Achievements

During his speech, President Xi highlighted the significant transformation Macao has undergone since 1999. The region's GDP reached approximately 379.5 billion MOP (about 47.4 billion USD) in 2023, a sevenfold increase from 1999. The per capita GDP surged over four times to around 70,000 USD. Macao topped the Forbes list of the richest places in Asia for 2024, securing second place globally.

Furthermore, life expectancy in Macao rose to an impressive 83.1 years in 2023, up from 77.9 years in 1999, making it one of the highest in the world. The unemployment rate has stayed under 2% since 2012, indicating nearly full employment in the region.

Tourism has also seen explosive growth, with visitors increasing from 6.6 million in 1999 to 39.4 million in 2019. As of December 7, 2024, more than 32 million tourists visited Macao, a 26% rise compared to the previous year, with expectations to reach 33 million by year-end.

Call for Continued Development

In his address, President Xi urged the new SAR government to focus on diversifying the local economy, enhancing management efficacy, promoting a higher degree of openness, and safeguarding social harmony and stability. He reiterated that the 'One Country, Two Systems' concept has entered a new phase, underlining the region's unique advantages, including its free trade status and efficient tax environment.

Academics and analysts have recognized Macao's integration into China's national development strategy as paramount for its future growth. Infrastructure projects such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong-Zhuhai-Macao Bridge have provided Macao with a robust foundation for further progress.

International Relations and Trade

With strong support from the central government, Macao has established nearly 60 agreements with international entities and forged solid economic relations with over 120 countries. The region's global presence has expanded, encompassing participation in more than 190 international organizations. It has also secured visa-free or visa-on-arrival access to 147 countries and established 13 sister cities.

Macao's contribution to the Belt and Road Initiative further energized the global economy, with 2023 exports reaching 770 million MOP to partner nations, reflecting a 47.8% year-on-year increase. Imports during this period amounted to 30.92 billion MOP, up by 18% year-over-year.

Last year, Macao and Hengqin collectively embarked on international investment attraction missions, covering approximately 350 business meetings in various countries, including Singapore, Indonesia, and Spain, leading to 17 cooperation agreements.

Closing Thoughts

In conclusion, President Xi expressed confidence that Macao will continue to unfold new horizons in its development journey, achieving outstanding accomplishments through the comprehensive and steadfast implementation of the 'One Country, Two Systems' concept.

For further insights, the full content can be found on the CGTN news website.