Macau Celebrates 25 Years Since Its Return: A New Era of 'One Country, Two Systems'

A Celebratory Milestone for Macau

On December 22, 2024, the Special Administrative Region (SAR) of Macau held a significant ceremonial event to commemorate the 25th anniversary of its return to China. This celebration included the inauguration of the new government for Macau's sixth term. In attendance was President Xi Jinping, who emphasized the successful contributions of the region since its return in 1999 and reiterated the strength and viability of the 'One Country, Two Systems' policy.

During his keynote address, President Xi pointed out that the notable transformations in Macau show the world how effective the policy has been. He highlighted the shared values of peaceful coexistence, inclusivity, openness, and mutual exchange inherent in this governance model, stating that these values are not just crucial for Macau but also resonate globally and deserve collaborative protection.

Remarkable Achievements

The past 25 years have seen Macau undergo tremendous growth: the region's GDP surged to approximately 379.5 billion patacas (around 47.4 billion USD) in 2023, marking a sevenfold increase since 1999. The GDP per capita also multiplied more than four times, reaching about 70,000 USD. In 2024, Forbes ranked Macau as the wealthiest city in Asia and second globally.

Life expectancy in Macau surged to 83.1 years, up from 77.9 years at the time of its return, ranking among the highest in the world. The unemployment rate has consistently remained under 2% since 2012, indicating near-total employment. Furthermore, tourism has thrived, increasing from 6.6 million visitors in 1999 to 39.4 million in 2019. By December 7 of this year, Macau welcomed over 32 million tourists, a 26% rise from the previous year.

Entering a New Phase

Acknowledging that the 'One Country, Two Systems' practice has entered a new stage, President Xi urged the new government of Macau to focus on diversifying the local economy, enhancing governance efficiency, creating platforms for greater openness, and protecting social harmony and stability.

The SAR benefits from distinct advantages like being a free-trade port, a separate customs territory, and a low-tax environment. The World Trade Organization recognizes Macau as one of the most open economies for trade and investment. The central Chinese government has encouraged Macau to integrate into national development strategies and play a more significant role in enhancing the country’s openness.

New infrastructure projects, including the Guangdong-Hong Kong-Macau Greater Bay Area initiatives and the Hong Kong-Zhuhai-Macau Bridge, have created ample opportunities for growth. With support from the central government, Macau has entered into nearly 60 agreements with foreign countries and established solid economic, trade, and cultural partnerships with over 120 nations and regions. The number of international organizations and institutions affiliated with Macau has risen to over 190, allowing for visa-free access or visas on arrival for citizens of 147 countries and regions.

Additionally, Macau's contributions to the Belt and Road Initiative have rejuvenated the global economy. In 2023, exports from Macau to Belt and Road participating countries reached 770 million patacas, a 47.8% increase from the previous year, along with 30.92 billion patacas of imports—a jump of 18.0%.

Conclusion

In closing, President Xi expressed confidence that Macau will unlock new horizons for development while diligently implementing the 'One Country, Two Systems' policy, leading to further success. The future looks promising for this vibrant city—one that has embraced transformation while remaining deeply connected to its roots and heritage.

For more information, visit CGTN.