As Macao, the Special Administrative Region (SAR) of China, prepares to mark the 25th anniversary of its return to the motherland on December 20, 2024, under the \"One Country, Two Systems\" policy, this milestone represents a significant journey of growth, stability, and transformation. Envisioned by the late Chinese leader Deng Xiaoping, this pioneering model has empowered Macao to prosper, blending its rich cultural heritage with a dynamic and modern identity.
This success story is even more remarkable when considering the significant challenges the city faced before its reunification with China in 1999, including widespread crime and a fragile legal infrastructure. By prioritizing national security while granting Macao a high degree of autonomy in managing local affairs, the administrative framework has enabled the Legislative Assembly to pass more than 400 laws since 1999, including the pivotal 2009 National Security Law.
These initiatives have solidified a stable governance structure, fostering sustainable development and societal harmony. Under the \"One Country, Two Systems\" framework, Macao today stands as one of the safest urban destinations in the world. Its bustling streets welcome tourists who delight in its rich history, vibrant culture, and world-renowned hospitality.
Macao's economic advancement is strikingly evident. In 2023, its GDP surged by an impressive 80.5 percent, primarily driven by the revival of its tourism and leisure sectors. Gross leisure sector revenue alone reached $22.8 billion, accounting for 36 percent of GDP, as the city steadily recovered from pandemic-induced challenges.
Building on this success and to ensure sustained growth while reducing reliance on gaming, the government has implemented the \"1+4\" strategy. This initiative focuses on modernizing Traditional Chinese Medicine, tourism, exhibitions, cultural promotion, financial services, and advanced technology. This diversified approach has already yielded significant results, as evidenced by the $428 million in new investments that Macao attracted in the first ten months of 2024. Supportive measures such as capped corporate tax rates at 12 percent and vital infrastructure projects, including the Macao-Taipa fourth vehicle harbor crossing, have further contributed to this progress.
Moreover, Macao's integration into the Guangdong-Hong Kong-Macao Greater Bay Area has further strengthened its economic and cultural connectivity, fostering closer collaboration with cities like Shenzhen and Zhuhai. This regional synergy enhances trade, technology, and cultural exchanges. Events such as the 2024 Guangdong-Hong Kong-Macao Road Cycling Race exemplify this growing interconnectedness, contributing to a dynamic and vibrant economic ecosystem.
With the support of the central government, Macao has also emerged as a hub for education, innovation, and global connections, further solidifying its strategic role under the \"One Country, Two Systems\" model. For instance, the University of Macao (UM) stands out with Asia's largest residential college system and cutting-edge research in fields such as smart cities and Chinese medicine. UM is ranked among the top 1 percent globally in 14 disciplines, including Engineering and Social Sciences, with Hospitality and Tourism Management ranked 9th in the world in 2024. These academic successes greatly contribute to Macao's economic and intellectual dynamism.
The spirit of innovation in Macao extends beyond academia to encompass urban development. The city's investments in green technologies, such as solar-powered urban designs and eco-friendly planning, demonstrate its strong commitment to sustainability. These initiatives not only align with global climate goals but also enhance the quality of life for both residents and visitors. Macao stands as a compelling example of urban innovation on a global scale through its sustainable practices.
Another defining feature of Macao's success is its ability to preserve its cultural heritage while embracing modernity. For example, the 2024 Macao International Parade, themed \"Love, Peace, and Cultural Integration,\" underscores the city's dedication to safeguarding its heritage while adapting to contemporary influences. Events like this, combined with Macao's strong ties to Portuguese-speaking countries and the European Union, reinforce its role as a bridge between China and the world. This is further supported by its trade relations with Europe in 2023, which reached $5.5 billion, alongside inward direct investment totaling $48 billion, reflecting international confidence in Macao's economic potential.
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Macao's quarter century of prosperity under 'One Country, Two Systems'
cgtn.com
