Macao: A Thriving Pearl of China Celebrating 25 Years of Prosperity
Macao has impressively transformed into one of the richest cities in Asia and worldwide, marking its 25th anniversary of returning to Chinese sovereignty. In 2023, the Gross Domestic Product (GDP) of this Special Administrative Region (SAR) reached 379.5 billion Macanese Patacas (approximately 47.5 billion USD), reflecting an astounding growth of seven times since 1999, when it was returned to China.
During his recent visit, Chinese President Xi Jinping celebrated this milestone, emphasizing Macao's status as a 'pearl of the homeland'. He noted that the model of 'one country, two systems' implemented in Macao has achieved significant success, showcasing lively vigor and unique charm recognized globally.
According to customs data released on December 17, nearly 2.8 billion entries and exits occurred between Macao and its neighboring city, Zhuhai, since Macao's return. The number of checkpoints connecting these two regions grew from just two in 1999 to seven currently, highlighting the increasing connectivity and collaboration.
One of the busiest passages is the Hengqin port. Located on Hengqin Island is the Guangdong-Macao In-Depth Cooperation Zone, established by the Chinese central government in 2021. This initiative aims to foster closer integration between Guangdong and Macao, positioning the area as a hub for innovation and business, housing nearly 6,500 businesses with investments from Macao and providing a platform for emerging industries.
Since Macao's return, the central authorities have been staunch supporters of its development. They have rolled out various policies aiming to integrate Macao into the national development framework actively. This endeavor has turned Macao into a modern international metropolis, demonstrating remarkable advancements in both economic growth and the standard of living.
President Xi Jinping referred to Macao's accomplishments as not only a source of pride for its residents but also for the entire Chinese population. He expressed his confidence in the region's promising future, indicating that they would take full advantage of the institutional advantages provided by the 'one country, two systems' model, working diligently, and promoting innovation.
Reports indicate that President Xi, who also serves as the General Secretary of the CPC and Chairman of the Central Military Commission, will participate in a gathering to celebrate this anniversary and will inaugurate the sixth term of the Macao SAR government.
As part of his visit, President Xi is expected to conduct a thorough exploration of the 33 sq.km SAR and engage in discussions with local stakeholders on the region's future development. He expressed optimism that with hard work and effective use of their unique position, Macao is poised to shape an even brighter future ahead.
The narrative of Macao serves as a testament to the potential of successful governance and integration in maintaining cultural identity while thriving economically. With its trajectory of growth, Macao continues to illustrate the fulfillment of its designation as the 'Pearl of China', standing as an example of what can be achieved through collaboration and innovation.
During his recent visit, Chinese President Xi Jinping celebrated this milestone, emphasizing Macao's status as a 'pearl of the homeland'. He noted that the model of 'one country, two systems' implemented in Macao has achieved significant success, showcasing lively vigor and unique charm recognized globally.
According to customs data released on December 17, nearly 2.8 billion entries and exits occurred between Macao and its neighboring city, Zhuhai, since Macao's return. The number of checkpoints connecting these two regions grew from just two in 1999 to seven currently, highlighting the increasing connectivity and collaboration.
One of the busiest passages is the Hengqin port. Located on Hengqin Island is the Guangdong-Macao In-Depth Cooperation Zone, established by the Chinese central government in 2021. This initiative aims to foster closer integration between Guangdong and Macao, positioning the area as a hub for innovation and business, housing nearly 6,500 businesses with investments from Macao and providing a platform for emerging industries.
Since Macao's return, the central authorities have been staunch supporters of its development. They have rolled out various policies aiming to integrate Macao into the national development framework actively. This endeavor has turned Macao into a modern international metropolis, demonstrating remarkable advancements in both economic growth and the standard of living.
President Xi Jinping referred to Macao's accomplishments as not only a source of pride for its residents but also for the entire Chinese population. He expressed his confidence in the region's promising future, indicating that they would take full advantage of the institutional advantages provided by the 'one country, two systems' model, working diligently, and promoting innovation.
Reports indicate that President Xi, who also serves as the General Secretary of the CPC and Chairman of the Central Military Commission, will participate in a gathering to celebrate this anniversary and will inaugurate the sixth term of the Macao SAR government.
As part of his visit, President Xi is expected to conduct a thorough exploration of the 33 sq.km SAR and engage in discussions with local stakeholders on the region's future development. He expressed optimism that with hard work and effective use of their unique position, Macao is poised to shape an even brighter future ahead.
The narrative of Macao serves as a testament to the potential of successful governance and integration in maintaining cultural identity while thriving economically. With its trajectory of growth, Macao continues to illustrate the fulfillment of its designation as the 'Pearl of China', standing as an example of what can be achieved through collaboration and innovation.
Topics General Business）
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