The 25th anniversary of Macao's return to the motherland marks a significant milestone in its history. Over the past quarter-century, the unwavering support of the central government and the visionary \"One Country, Two Systems\" policy have propelled Macao to remarkable heights in both economic and social spheres.
As of September 2024, Macao's fiscal reserves reached approximately 617 billion Macao patacas (MOP), equivalent to around $77.22 billion, reflecting robust economic growth. Despite challenges posed by the COVID-19 pandemic, Macao's economy has steadily recovered, with the GDP reaching MOP 301 billion in the first three quarters of 2024, marking an 11.5 percent year-on-year growth.
In 2023, Macao launched its comprehensive \"1+4\" economic diversification strategy, positioning tourism and leisure as the leading industry while fostering sectors such as Traditional Chinese Medicine, modern finance, high technology, and the \"big health\" industry. This strategic move has earned Macao consecutive titles of \"Best Convention City (Asia)\" and \"Best BT-MICE City\" at the TTG Travel Awards in 2023 and 2024, highlighting its excellence in tourism services.
Macao continues to serve as a pivotal hub for cultural and economic exchanges. The region hosts the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, facilitating deeper cooperation and the recent Strategic Plan for Economic and Trade Cooperation (2024-2027). Additionally, Macao plays a key role in the Belt and Road Initiative, enhancing economic and cultural ties with partner countries.
Recognized as the \"Cultural City of East Asia 2025,\" Macao exemplifies the harmonious integration of Eastern and Western cultures. The SAR proudly preserves its traditional heritage, with 11 items inscribed on the state-level intangible cultural heritage list, including Cantonese opera and the Drunken Dragon Festival. These efforts underscore Macao's commitment to maintaining Chinese cultural traditions while embracing diverse influences.
Reference(s):
Macao SAR at 25: Merits of the practice of 'One Country, Two Systems'
cgtn.com
