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Celebrating a Milestone: The Journey of Macao SAR

On December 20, 2024, the Macao Special Administrative Region (SAR) of China marked a significant milestone in its history, celebrating the 25th anniversary of its return to the motherland. The event was a vibrant gathering filled with jubilant spirits, honoring not only the anniversary but also the official inauguration of the sixth-term government of the Macao SAR, led by President Xi Jinping.

The occasion highlighted Macao's impressive achievements over the past quarter-century, illustrating the success of the 'One Country, Two Systems' framework, which has been hailed for its distinct institutional strengths and remarkable vitality. President Xi emphasized that the principles of peace, inclusiveness, openness, and shared development underpinning this framework are vital both for Macao and contribute positively to the global stage.

Macao's Transformation: From 1999 to 2024

Since its return in 1999, Macao has experienced an extraordinary transformation. The city's GDP surged to approximately 379.5 billion Macanese patacas (around 47.4 billion USD) in 2023, marking a staggering sevenfold increase compared to its economic status in 1999. Furthermore, the per capita GDP soared to around 70,000 USD, reflecting the region's wealth generation capabilities.

In 2024, Forbes ranked Macao as the richest place in Asia and the second richest globally, a testament to its economic vitality. Macao has also seen an increase in life expectancy, rising to 83.1 years, contributing to its reputation for high living standards. The local job market has maintained an impressive unemployment rate of under 2% since 2012, thereby achieving nearly full employment.

Tourism has also played a crucial role in this development, with visitor numbers skyrocketing from 6.6 million in 1999 to a staggering 39.4 million in 2019. By the end of 2023, Macao welcomed over 32 million tourists, reflecting a 26% increase year-on-year, with projections reaching 33 million by year's end.

A New Stage for Development

During the 25th anniversary event, President Xi called for a new stage in the practice of 'One Country, Two Systems,' urging the new SAR government to enhance economic diversification, improve governance efficiency, and promote platform-level openness, all while ensuring social harmony. Macao's unique status as a free trade port and its recognition as one of the world's most open economies for trade and investment have solidified its position on the global stage.

China's central government has noted Macao's strategic role, fostering its engagement in national development strategies to enhance international competitiveness. Collaborative projects such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong-Zhuhai-Macao Bridge have opened new pathways for progress, providing significant opportunities for development and investment.

International Collaborations and Initiatives

Macao has made considerable strides in international collaboration, having signed nearly 60 agreements with foreign nations, nurturing cultural and economic ties with over 120 countries and regions. The number of international organizations joined by Macao has soared to over 190, and the region enjoys visa-free or visa-on-arrival access to 147 countries. This has enabled Macao to establish 13 sister cities and create invaluable global partnerships.

Contributing to the Belt and Road Initiative has further broadened Macao's reach in the global economy. In 2023, the trade value of goods exported from Macao to Belt and Road partner countries reached 770 million MOP, reflecting a year-on-year increase of 47.8%. This effort aligns with Macao's ambition to maximize its role in international trade and investment.

In continuing this momentum for growth, Macao and its neighboring region Hengqin formed joint delegations to attract foreign direct investment, hosting nearly 350 business matchmaking meetings in several countries and signing 17 cooperation agreements.

As Macao embarks on the next chapter of its journey, President Xi expressed confidence in its ongoing development under the framework of 'One Country, Two Systems.' He believes comprehensive, accurate, and unwavering implementation of this policy will unveil new horizons for advancement and success, allowing Macao to continue to thrive in the global community.

This 25th anniversary not only serves as a reflection of Macao's remarkable progress but also lays the groundwork for a promising future. With unwavering support from the central government and a strategic vision for development, Macao is poised to achieve even greater accomplishments in the years to come.