Celebrating a quarter-century since its return to the motherland, Macao Special Administrative Region (SAR) marks 25 years of remarkable transformation. Under the \"One Country, Two Systems\" policy, Macao has flourished across various sectors, establishing itself as a vibrant and resilient region.
Economic Growth
Macao's economy has soared since 1999, with GDP reaching approximately 204 billion Macanese pataca (MOP) in the first half of 2024, up from 51.9 billion MOP. The region boasts a real per capita GDP of around $134,000, ranking second globally and first in Asia. Diversification beyond tourism has seen the rise of convention and exhibition sectors, financial services, traditional Chinese medicine, cultural and innovation industries, and the digital economy. With 101 licensed financial institutions and assets totaling 2.6 trillion MOP, Macao is strategically positioned for a balanced and sustainable economic future.
Social Advancements
Macao's commitment to people-centered governance is evident in its low unemployment rate of 1.7% in 2024 and comprehensive social programs. Higher education has flourished, with a gross enrollment ratio exceeding 95% and the number of universities increasing from one to ten. The establishment of a robust medical welfare system ensures complementary healthcare for residents aged 65 and above, enhancing overall quality of life through housing subsidies and utility cost reductions.
Cultural Flourishing
Recognized as one of the 2025 culture cities of East Asia, Macao celebrates its rich heritage through events like the Macao Arts Festival and the Macao International Music Festival. Engaging in national strategies such as the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area, Macao serves as a global center for tourism, trade, and cultural exchange. The Historic Center of Macao, a UNESCO World Heritage site, stands as a testament to its harmonious cultural integration.
Urban Development
Macao's urban landscape has been transformed with significant infrastructure projects, including the Hong Kong-Zhuhai-Macao Bridge, enhancing regional connectivity. Urban greening and beautification initiatives have made Macao a more attractive and livable city for both residents and visitors. These developments underscore Macao's ongoing commitment to sustainable and immersive growth.
Reference(s):
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