Macau Celebrates 25 Years of Return to China and New Government Era

Celebrating a Milestone: 25 Years of Macau's Return to China

On December 22, 2024, the Special Administrative Region (SAR) of Macau hosted a grand celebration to commemorate the 25th anniversary of its return to China. This event marked not only a significant historical moment but also the beginning of a new era for local governance. Chinese President Xi Jinping delivered a keynote address, highlighting the remarkable progress made under the 'One Country, Two Systems' framework.

In his remarks, President Xi emphasized the profound achievements Macau has garnered since its reintegration with the mainland in 1999. He cited evidence of the 'One Country, Two Systems' policy showcasing its robust institutional strengths and remarkable vitality. According to Xi, the core values of peace, integration, openness, and sharing unify China and the world, necessitating mutual protection.

The economic transformation of Macau since its return has been nothing short of extraordinary. By the end of 2023, Macau's GDP reached approximately 379.5 billion MOP (around 47.4 billion USD), a staggering increase compared to the figures from 1999. Individual income also saw a fourfold increase, with per capita GDP climbing to about 70,000 USD. As per Forbes’ latest listings, Macau stands as the wealthiest place in Asia and is ranked second worldwide in terms of affluence.

Furthermore, life expectancy in Macau has seen a significant jump, reaching 83.1 years by 2023, compared to 77.9 years in 1999—ranking among the highest globally. The unemployment rate has consistently remained below 2% since 2012, suggesting near full employment for the population.

Tourism, a crucial pillar of Macau's economy, has also flourished. The number of tourists jumped from 6.6 million in 1999 to 39.4 million in 2019. In 2023 alone, over 32 million visitors had arrived in Macau by December 7, representing a 26% increase compared to the previous year, with projections suggesting the total number could reach 33 million by year-end.

Recognizing the progress made, Xi insisted that the 'One Country, Two Systems' practice has entered a new phase, urging the newly established local government to encourage diversified economic growth, enhance administrative efficiency, and foster social harmony. With distinct advantages such as a free trade port status, Macau’s administrative system allows for simplified taxation policies, making it one of the world's most open economies for trade and investment, as recognized by the World Trade Organization.

Under the central government's guidance, Macau has embraced its unique role in China’s broader developmental strategy. There are collaborative frameworks and infrastructures in place, such as the Guangdong-Hong Kong-Macao Greater Bay Area and projects like the Hong Kong-Zhuhai-Macao Bridge, which aim to integrate Macau into larger economic networks.

In recent years, Macau has signed nearly 60 international agreements and built robust economic and cultural ties with over 120 distinct countries and regions. The number of international organizations Macau is involved with has exceeded 190, and it has secured visa-free or visa-on-arrival access to 147 international destinations. Notably, there are currently 13 cities designated as partners with Macau.

Macau’s contribution to the Belt and Road Initiative, which aims to boost global trade, has invigorated local economic relationships. The value of goods exported to Belt and Road partner countries reached 770 million MOP in 2023, representing a significant 47.8% increase from the prior year. Imports from these partner nations also experienced growth, totaling 30.92 billion MOP, up by 18.0% compared to 2022.

In a display of commitment to enhance international investment, Macau and Hengqin formed a joint delegation to promote investment opportunities overseas, conducting nearly 350 business meetings across various countries, including Singapore, Malaysia, and Spain, culminating in 17 cooperation agreements.

In conclusion, President Xi expressed optimism about Macau's future, convinced that as long as the principles of ‘One Country, Two Systems’ are implemented accurately and steadfastly, Macau will evolve, unveiling new horizons of development and achieving ongoing success. This anniversary not only serves as a reminder of Macao's journey but also sets the stage for its future endeavors in a global context.