#China #Macao #One Country #Two Systems

Macao Marks a New Chapter in Its Journey: Celebrating 25 Years under 'One Country, Two Systems'

On December 22, 2024, the Special Administrative Region (SAR) of Macao came alive with celebrations marking the 25th anniversary of its return to China. The atmosphere was jubilant as officials gathered for the inauguration ceremony of the sixth-term government following the successful 25 years under the guiding principle of 'One Country, Two Systems'. Chinese President Xi Jinping addressed attendees, emphasizing the significant progress Macao has made since its reunification, showcasing the strength and viability of this principle.

Achievements of Macao Since 1999

President Xi articulated that the remarkable success of Macao had proven to the world the institutional strengths and immense viability inherent in the 'One Country, Two Systems' framework. One of the most noteworthy transformations has been the economic growth that the region has experienced. In 2023, Macao’s GDP reached approximately 379.5 billion Macanese Patacas (around 47.4 billion USD), marking a sevenfold increase since 1999. The GDP per capita also soared to around 70,000 USD, indicative of a flourishing local economy.

Forbes ranked Macao as the richest city in Asia and second in the world in its 2024 list of wealthiest regions, a testament to its impressive economic performance. Adding to this, the life expectancy in Macao improved significantly from 77.9 years in 1999 to 83.1 years in 2023, placing it among the highest globally.

Furthermore, the unemployment rate has remained below 2% since 2012, signaling nearly full employment. The tourism sector has also expanded dramatically, with visitor numbers increasing from 6.6 million in 1999 to 39.4 million in 2019. In 2024, Macao recorded over 32 million tourists by early December, reflecting a 26% increase from the previous year.

Moving Forward: New Goals and Vision

As Macao celebrates its journey and accomplishments, President Xi mentioned that the region is entering a new stage. He encouraged the government to promote reasonable economic diversification and improve management efficiency while ensuring social stability and cohesion. The SAR holds considerable advantages including a free trade port status and a separate customs territory, fostering an environment of low taxes and simple regulatory processes. This enables Macao to be recognized by the World Trade Organization as one of the most open economies concerning trade and investment.

The central government recognizes the unique status of Macao and encourages its alignment with national development strategies. Initiatives such as the Guangdong-Hong Kong-Macao Greater Bay Area and various infrastructure projects are expected to provide endless opportunities for the region.

Macao has also forged strong economic and cultural ties with over 120 countries and regions through nearly 60 signed agreements and increased participation in international organizations. It boasts comparatively simplified visa access to 147 territories highlighting its global connectivity.

As part of the Belt and Road Initiative, Macao contributed positively to the international economy in 2023, with an export value of goods to Belt and Road partner nations reaching 770 million Macanese Patacas, a year-on-year increase of 47.8%. Moreover, a joint delegation, alongside Hengqin, traveled internationally promoting investments, resulting in nearly 350 business meetings and 17 cooperation contracts in regions like Singapore and Spain.

President Xi expressed firm belief that Macao will continue to explore new horizons in development, achieving even greater accomplishments by comprehensively, accurately, and unwaveringly implementing the 'One Country, Two Systems' principle. This milestone and the vision of future growth signifies an evolving journey towards prosperity and stability in the region.

For further information, visit CGTN's official website.