On December 20, 2024, the Macao Special Administrative Region (MSAR) commemorates its 25th anniversary under the \"one country, two systems\" policy. Since the PRC resumed sovereignty over Macao in 1999, MSAR has thrived as a unique economic powerhouse within China.
Thanks to its low tax regime and vibrant tourism and leisure industries, Macao has become a global destination, attracting millions of visitors each year. The MSAR's status as a distinct customs territory has enabled it to adopt a free trade policy, fostering an open economy with unrestricted movement of goods, intangible assets, and capital.
Since 2003, the Closer Economic Partnership Arrangement has further strengthened the economic ties between Macao and the Chinese mainland, providing preferential access to mainland markets for trade and investment. This collaboration has been instrumental in diversifying Macao’s economic landscape beyond traditional sectors.
As part of the Belt and Road Initiative, Macao plays a pivotal role in enhancing China's global connections. The integration of Macao, Hong Kong, and Guangdong into the Greater Bay Area (GBA) has spurred significant infrastructure development, including the world's longest sea-crossing bridge, the Hong Kong-Zhuhai-Macao Bridge (HZMB). Completed in 2018, the HZMB has greatly improved connectivity within the GBA, facilitating efficient transportation of passengers and goods.
In recent years, policies have been introduced to further ease travel between GBA cities, allowing Macao residents to use private cars to access the Chinese mainland with exemptions from customs duties. These initiatives not only bolster economic growth but also promote sustainable and integrated regional development.
As Macao celebrates this milestone, its ongoing efforts to diversify its economy and strengthen regional cooperation position it as a key player in the dynamic landscape of the Greater Bay Area and the broader Belt and Road Initiative.
Reference(s):
cgtn.com
