With vibrant celebrations, the Macao Special Administrative Region (SAR) marked the 25th anniversary of its return to the motherland and the inauguration of its sixth-term government on Friday.
In his address, President Xi Jinping highlighted Macao's impressive achievements since 1999, showcasing the strengths and vitality of the \"One Country, Two Systems\" framework.
Tremendous Success
Macao's transformation has been remarkable. In 2023, its GDP reached approximately 379.5 billion MOP (around $47.4 billion), a sevenfold increase since 1999. The per capita GDP surged to about $70,000, and Macao ranked first in Asia and second globally on Forbes magazine's 2024 list of the world's richest places.
The region boasts an average life expectancy of 83.1 years, up from 77.9 in 1999, ranking among the highest globally. With an unemployment rate below 2% since 2012, Macao enjoys near full employment.
Tourism has flourished, growing from 6.6 million visitors in 1999 to 39.4 million in 2019. This year, Macao welcomed over 32 million tourists by December 7, a 26% increase from last year, with projections reaching 33 million by year-end.
A New Stage
President Xi emphasized that \"One Country, Two Systems\" has entered a new phase. He urged the new SAR government to diversify the local economy, enhance governance efficiency, and build platforms for higher-level opening up to maintain social harmony and stability.
Under this framework, Macao enjoys benefits like its status as a free trade port, separate customs territory, and a low-tax environment. Recognized by the World Trade Organization as one of the most open economies, Macao is well-positioned for trade and investment.
The Chinese central government supports Macao's integration into national development strategies, leveraging initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong-Zhuhai-Macao Bridge to provide development opportunities.
Macao has signed nearly 60 agreements with foreign countries and established robust ties with over 120 countries and regions. Participation in more than 190 international organizations has expanded, along with visa-free access to 147 countries.
Contributing to the Belt and Road Initiative, Macao delivered goods worth MOP 770 million to partner countries in 2023, up 47.8% year-on-year, and imported goods worth MOP 30.92 billion, up 18%.
In partnership with Hengqin, Macao organized nearly 350 business matchmaking meetings in countries like Singapore, Malaysia, and Spain, securing 17 cooperation agreements to attract investment.
President Xi expressed confidence that with the steadfast implementation of \"One Country, Two Systems,\" Macao SAR will continue to open new horizons and achieve greater success.
Reference(s):
Macao SAR embarks on new chapter of 'One Country, Two Systems'
cgtn.com