#China #Xi Jinping #Macao #one country two systems

Macao's Journey: A Quarter-Century of Prosperity and Growth

On December 20, 2024, Macao celebrated a significant milestone—the 25th anniversary of its return to Chinese sovereignty, marked by a gathering that showcased the region's remarkable transformation and its commitment to the 'One Country, Two Systems' framework. Chinese President Xi Jinping addressed attendees, emphasizing the substantial achievements Macao has made since rejoining China in 1999.

During his address, President Xi highlighted the model's effectiveness, stating it has demonstrated clear institutional advantages and profound vitality. He noted that the values of peace, inclusivity, openness, and sharing, which this policy embodies, are essential for both China and the global community, deserving of mutual protection.

Economic Growth and Social Development

Macao's economic development since its reintegration into China has been nothing short of extraordinary. In 2023, the region's Gross Domestic Product (GDP) reached approximately 379.5 billion Macanese Patacas (around 47.4 billion USD), marking a seven-fold increase since 1999. Moreover, GDP per capita has surged to around 70,000 USD, more than quadrupling from previous levels.

Ranked as the wealthiest location in Asia and second globally by Forbes in its 2024 list, Macao's economic prosperity is complemented by a high standard of living. The city's average lifespan stood at 83.1 years in 2023, up from 77.9 years in 1999, placing it among the highest in the world. Furthermore, the unemployment rate has consistently remained below two percent, signaling near-total employment in the region.

Travel and tourism also saw significant growth, with visitor numbers rising dramatically from 6.6 million in 1999 to 39.4 million in 2019, and surpassing 32 million in the first ten months of 2024—representing a 26% increase over the previous year.

A New Era

Xi Jinping proclaimed that the 'One Country, Two Systems' practice in Macao has now entered a new phase. He urged the newly inaugurated government of the region to cultivate appropriate economic diversification, enhance local governance efficiency, create a more open platform, and ensure social harmony and stability.

The special administrative region benefits from significant advantages, including its free trade port status, independent customs territory, and a simple tax environment. The World Trade Organization recognizes Macao as one of the most open economies in terms of trade and investment. Additionally, the central government has firmly considered Macao's unique status, integrating it into national development strategies, enhancing its role in China's broader outreach.

The infrastructure investments, such as the Greater Bay Area initiative and new cooperative mechanisms with neighboring regions, have provided ample opportunities for Macao to thrive. By the end of 2023, Macao had signed nearly 60 agreements with foreign countries, establishing robust economic and cultural ties with over 120 nations and regions.

Contributions to the Belt and Road Initiative

Macao has also made significant contributions to the Belt and Road Initiative, infusing new energy into the global economy. In 2023, the value of goods shipped from Macao to partner countries in the initiative reached 770 million Macanese Patacas, reflecting a year-on-year increase of 47.8%. The value of imports from these partners was recorded at 30.92 billion Macanese Patacas, an 18% rise compared to the previous year.

Forward-Looking Statements

In his speech, Xi expressed confidence that under the continued, comprehensive, and unwavering implementation of the 'One Country, Two Systems' principle, Macao would unlock new growth horizons and achieve further advancements.

The celebrations of this anniversary underline how far Macao has come and the foundation it is building for future excellence, reinforcing its status as a beacon of prosperity within the global landscape.

For more information on this milestone, visit CGTN News.