Macao recently celebrated the 25th anniversary of its return to the motherland, highlighting the enduring success of the \"One Country, Two Systems\" policy. Chinese premier Xi Jinping emphasized the policy's role in fostering harmonious coexistence and long-term prosperity for Macao.
Since its return from Portuguese rule in 1999, Macao has experienced remarkable economic growth. The city's GDP surged from 51.9 billion patacas ($6.23 billion) in 1999 to 379.5 billion patacas ($45.6 billion) in 2023. Additionally, the per-capita GDP has more than quadrupled to approximately $70,000, positioning Macao as the richest place in Asia and the second richest globally according to Forbes 2024.
The success is largely attributed to the full implementation of the \"One Country, Two Systems\" policy, which allows Macao to maintain its capitalist system within socialist China. This unique arrangement has granted Macao a high degree of autonomy, enabling it to thrive economically. For example, while the gaming industry is restricted on the mainland, Macao has become the world's gaming capital. The gaming sector alone contributes 37.2 percent to Macao's GDP and has created over 54,000 jobs, according to Statista.
Looking ahead, Premier Xi assured that as long as the policy is upheld comprehensively and accurately, Macao will continue to open new avenues for development and achieve further successes.
Reference(s):
cgtn.com
