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

Macao SAR Celebrates 25 Years of Progress

In an atmosphere filled with joy and celebration, the Macao Special Administrative Region (SAR) recently commemorated 25 years since its return to China. This significant milestone also marked the inaugural ceremony of the sixth-term government of the Macao SAR. At this gathering, Chinese President Xi Jinping highlighted the impressive accomplishments that Macao has achieved since its reintegration into the motherland.

Achievements Under 'One Country, Two Systems'

President Xi emphasized that the success of Macao is a testament to the strengths of the 'One Country, Two Systems' framework. This principle has shown remarkable adaptability, showcasing vitality and institutional advantages that contribute positively both to Macao and to the broader context of Chinese governance.

A Vision of Peace and Openness

The policy prioritizes values such as peace, inclusiveness, and openness. These values are critical not only for Macao but resonate strongly on a global scale. It's essential for these ideals to be safeguarded cooperatively as Macao's journey continues.

A Thriving Economy

Since its return in 1999, Macao has undergone a stunning transformation. The region's GDP skyrocketed to approximately 379.5 billion MOP (around $47.4 billion) in 2023, marking a staggering increase of seven times compared to figures from 1999. Meanwhile, the per capita GDP has increased more than fourfold to roughly $70,000, propelling Macao to the forefront of Asia's wealth rankings, according to Forbes magazine.

A Bright Future Ahead

Additionally, life expectancy rates have improved dramatically, with residents now living an average of 83.1 years, a significant rise from 77.9 years in 1999. This is among the highest globally. Furthermore, the unemployment rate has consistently remained below 2% since 2012, indicating a robust job market and nearly full employment for its citizens.

Tourism Growth

The tourism sector has also seen significant growth, with visitor numbers increasing from 6.6 million in 1999 to an incredible 39.4 million in 2019. Recent statistics indicate that over 32 million tourists have visited this year alone, marking a 26% increase from the previous year and projected to reach 33 million by year-end.

Fostering Economic Diversification

President Xi noted that the practice of 'One Country, Two Systems' has entered a new phase. He addressed the newly established government in Macao, urging the implementation of strategies aimed at diversifying the local economy, enhancing governance, and fostering an environment conducive to higher levels of openness while ensuring social cohesion.

Investment and Development Opportunities

Macao enjoys distinct advantages, including its status as a free trade port along with a favorable tax environment. Recognized as one of the most open economies for trade and investment, it has sought to integrate more closely with national development strategies, aiming to leverage its unique position for growth.

International Relations

With strong backing from China's central government, Macao has entered into nearly 60 agreements with foreign nations, building solid economic and cultural links with over 120 countries worldwide. Furthermore, its presence in international organizations has expanded to over 190, securing visa-free or visa-on-arrival access to 147 nations.

Contribution to Global Initiatives

Macao's role within the Belt and Road Initiative has also grown, providing renewed vitality to the global economy. In 2023, trade relations with Belt and Road partners saw significant increases in both imports and exports, showcasing Macao's essential contribution to international commerce.

Looking Forward to New Horizons

Looking to the future, there is optimistic anticipation for what lies ahead for Macao as it continues to embrace the ideals of 'One Country, Two Systems.' With a foundation built on cooperation and development, the Macao SAR is well-equipped to seize new opportunities and overcome challenges while striving for continued growth and prosperity.

Frequently Asked Questions

What is the significance of the 25th anniversary celebration for Macao?

The celebration marks 25 years since Macao's return to China and showcases the progress made under the 'One Country, Two Systems' policy.

How has Macao's economy changed since 1999?

Since 1999, Macao's GDP has increased sevenfold, with per capita GDP more than quadrupling to around $70,000, indicating substantial economic growth.

What are the key values of the 'One Country, Two Systems' policy?

The policy emphasizes peace, inclusiveness, openness, and cooperation, which are seen as essential for both Macao and global stability.

How does Macao's tourism sector compare to previous years?

Macao's tourism has expanded dramatically, with 39.4 million visitors recorded in 2019 and projections to reach 33 million visitors in the current year.

What future opportunities are there for Macao?

Macao is focused on diversifying its economy and enhancing its global connections, capitalizing on its unique advantages and contributions to international initiatives.

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