Macao Celebrates 25 Years of 'One Country, Two Systems' Initiative

Macao Celebrates Its 25th Anniversary of Returning to China

On December 20, 2024, a vibrant gathering marked the 25th anniversary of Macao's return to China and the inauguration of the sixth term of the Macao Special Administrative Region (SAR) government. The event was a festive acknowledgment of Macao's journey since it transitioned back into Chinese sovereignty under the principle of 'One Country, Two Systems'.

Chinese President Xi Jinping addressed the attendees, stating that the remarkable achievements of Macao within these 25 years underscore the significant advantages of this policy. He emphasized that the values of peace, inclusion, openness, and shared prosperity promoted by this framework deserve joint protection by both China and the global community.

A Resounding Success

Xi recognized the tremendous growth and transformation in Macao over the past two decades. He highlighted the fact that Macao's GDP skyrocketed from approximately 54.5 billion MOP (roughly 6.8 billion USD) in 1999 to around 379.5 billion MOP (about 47.4 billion USD) by 2023. This means that Macao's economic output has increased nearly sevenfold since its return. Additionally, the region's per capita GDP has more than quadrupled to approximately 70,000 USD, positioning Macao at the top of Asia and second globally on Forbes' richest economies list in 2024.

Notably, life expectancy in Macao also improved significantly, climbing from 77.9 years in 1999 to an impressive 83.1 years in 2023, ranking it among the highest in the world. Furthermore, Macao has maintained an unemployment rate of less than 2% on average since 2012, reflecting near full employment conditions.

Tourism has played a central role in Macao’s development, with visitor numbers soaring from 6.6 million in 1999 to 39.4 million in 2019. As of December 7, 2024, more than 32 million tourists had visited Macao, a 26% increase compared to the same timeframe last year. The number is expected to reach 33 million by year-end.

Entering a New Phase

As 'One Country, Two Systems' enters a new chapter, President Xi urged the newly elected Macao government to focus on adequately diversifying the local economy, enhancing governance efficiency, creating a platform for higher-level openness, and ensuring social harmony and stability.

Macao enjoys several advantages under this policy, including its status as a free trade port, its distinct customs territory, and a simple tax environment. The World Trade Organization regards Macao as one of the most open economies in terms of trade and investment globally.

The central Chinese government has recognized Macao's unique position, encouraging its integration within the nation’s broader development strategy and aiming for Macao to play a crucial role in promoting the country's openness. Key infrastructure projects like the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong-Zhuhai-Macao Bridge, and the Hengqin Cooperation Zone have expanded Macao's development opportunities.

Additionally, with the support of the central government, Macao has established near 60 agreements with foreign nations, forging robust economic, commercial, and cultural ties with over 120 countries and regions. Its participation in international organizations has surged to over 190, granting Macao access without visas or with visas on arrival to 147 jurisdictions and forming partnerships with 13 cities.

Macao's contribution to the Belt and Road Initiative invigorates global economic dynamics. In 2023, Macao's exports to Belt and Road partners reached 770 million MOP (an increase of 47.8% year-on-year), with imports from these partners totaling 30.92 billion MOP (up 18.0% year-on-year).

Last year, Macao and Hengqin jointly promoted investment opportunities abroad, conducting nearly 350 business meetings in countries such as Singapore, Malaysia, Indonesia, Portugal, and Spain, resulting in 17 cooperation agreements.

In closing his speech, President Xi expressed confidence that Macao would continue to unlock new developmental avenues and pride under the steadfast implementation of the 'One Country, Two Systems' principle. For more details, visit the CGTN news article.