Macao’s 25-Year Journey: Thriving Under ‘One Country, Two Systems’
As Macao marks the 25th anniversary of its return to China, the Special Administrative Region (SAR) stands as a testament to the success of the “One Country, Two Systems” policy. Over the past quarter-century, Macao has transformed into a vibrant hub of economic growth and cultural exchange, showcasing remarkable progress in various sectors.
Economic Growth and Diversification
Since 1999, Macao’s economy has experienced significant growth. Despite challenges posed by the COVID-19 pandemic, the region has bounced back with impressive resilience. In the first three quarters of 2024, Macao’s GDP reached 301 billion Macao patacas, reflecting a real growth of 11.5% year-on-year. Fiscal reserves have also strengthened, standing at around 617 billion MOP as of September 2024.
To promote sustainable development, Macao launched its “1+4” economic diversification strategy in 2023. This plan positions tourism and leisure as the leading industry while bolstering sectors like Traditional Chinese Medicine, modern financial services, high technology, and conventions and exhibitions. These efforts have already garnered international recognition, with Macao receiving awards such as “Best Convention City (Asia)” in 2023 and 2024.
A Cultural Bridge Between East and West
Macao’s unique blend of Chinese and Portuguese heritage has made it a cultural melting pot. Designated as the “Cultural City of East Asia 2025,” Macao continues to celebrate and preserve its rich traditions. The SAR boasts 11 items on China’s national lists of intangible cultural heritage, including Cantonese opera and the Drunken Dragon Festival, reflecting its commitment to cultural preservation.
Integrating with Regional Development
Macao plays a crucial role in regional initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Belt and Road Initiative (BRI). As a core city in the GBA, Macao is enhancing collaboration and economic integration with neighboring regions. The establishment of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin is a strategic move to diversify industries and create new opportunities for growth.
Looking Ahead
The past 25 years have showcased Macao’s dedication to progress under the “One Country, Two Systems” framework. As the SAR moves forward, it aims to leverage its unique advantages, foster quality development, and contribute to China’s national rejuvenation. The future looks promising for Macao as it continues to build on its successes and embrace new opportunities.
Reference(s):
Macao SAR at 25: Merits of the practice of 'One Country, Two Systems'
cgtn.com
