Macao Celebrates 25 Years with Promising Future Under 'One Country, Two Systems'

Macao Marks 25 Years of Progress Under 'One Country, Two Systems'

On December 20, 2024, the Macao Special Administrative Region (SAR) of China celebrated a significant milestone—the 25th anniversary of its return to Chinese sovereignty, along with the inauguration of its sixth-term government. This festive gathering was marked by cheerful atmospheres and hopeful speeches, most notably from Chinese President Xi Jinping.

President Xi acknowledged the remarkable advancements Macao has achieved since its 1999 return, emphasizing that the practice of the 'One Country, Two Systems' principle has exhibited impressive institutional strengths and vitality. He stated that these values resonate deeply not just within China, but across the globe, advocating for mutual respect and cooperative safeguards.

Economic Transformation

Since 1999, Macao has undergone a tremendous economic transformation. The region's GDP soared to approximately 379.5 billion MOP (around $47.4 billion) in 2023—an impressive sevenfold increase since its return. The per capita GDP also saw remarkable growth, surpassing $70,000, and according to Forbes' 2024 rankings, Macao stands as the wealthiest place in Asia and the second globally.

Life expectancy in Macao has risen to 83.1 years, one of the highest figures worldwide, a notable increase from 77.9 years in 1999. Additionally, the unemployment rate has remained astonishingly low, averaging below 2% since 2012, showcasing a nearly full employment scenario.

The tourism industry, a crucial part of Macao’s economy, expanded drastically. From welcoming 6.6 million visitors in 1999, the number peaked at 39.4 million in 2019. This year alone, by early December, Macao had already welcomed over 32 million tourists, reflecting a 26% increase year-on-year, a number expected to reach 33 million by the year’s end.

A New Chapter

Highlighting the new developments in the Shoals of 'One Country, Two Systems', President Xi urged the newly established SAR government to focus on economic diversification and improve governance effectiveness. In his call for action, he stressed the importance of establishing a platform for enhanced opportunities and maintaining social harmony and stability.

Macao enjoys distinct benefits from its 'One Country, Two Systems' standing, which includes its classification as a free trade port and a separate customs area. The territory is acknowledged by the World Trade Organization as one of the most open economies globally for trade and investment.

The central government has been instrumental in integrating Macao into China’s broader development strategies. It has supported the establishment of cooperative mechanisms and infrastructure projects, including the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong-Zhuhai-Macao Bridge. These initiatives have created expansive opportunities for the region.

International Relations and Future Prospects

In recent years, Macao has strengthened its presence on the global stage. It has established nearly 60 agreements with various countries, fostering economic, trade, and cultural connections with over 120 nations. Participation in over 190 international organizations indicates its growing global engagement.

Macao has also become an active player in China's Belt and Road Initiative, exporting goods worth MOP 770 million to partner countries in 2023—a remarkable 47.8% increase. The value of imports from Belt and Road partners reached MOP 30.92 billion, reflecting an 18% year-on-year rise.

In a collective effort to enhance international investment, Macao and Hengqin jointly hosted numerous business matchmaking sessions across countries including Singapore and Portugal, leading to the establishment of 17 new cooperation agreements.

Conclusion

As President Xi articulated in his address, the ongoing application of 'One Country, Two Systems' will unlock new pathways for Macao’s development, ensuring that the region continues to flourish. With its rich history, economic advances, and promising future, Macao stands poised to achieve even greater accomplishments in the coming years.