Macao, a city where East meets West, just celebrated 25 years since returning to China. President Xi Jinping visited to highlight how the “One Country, Two Systems” policy has been key to Macao’s incredible success story.
Since 1999, when Macao transitioned from Portuguese to Chinese rule, the city has seen its economy skyrocket. Imagine, the city’s GDP jumped from $6.23 billion to a whopping $45.6 billion! That’s like turning a small business into a global company. Plus, people in Macao are now earning four times more than they did back then.
But what’s behind this success? It’s the “One Country, Two Systems” policy. This unique arrangement lets Macao keep its capitalist way of life within socialist China. So while mainland China bans gambling, Macao thrives as the world’s “gaming capital.” This industry alone makes up over a third of Macao’s economy and offers jobs to more than 54,000 people.
But Macao isn’t stopping there. With support from the mainland, the city is branching out into new areas like technology and finance. Projects like the Hong Kong-Zhuhai-Macao Bridge have transformed travel, cutting trips that used to take over four hours down to just 40 minutes!
The Hengqin Cooperation Zone, set up in 2021, is another game-changer. Over 6,400 Macao companies have set up shop there, fueling growth in high-tech industries. President Xi wants to make sure this growth benefits everyone in Macao.
Macao also plays a big role in connecting China with the rest of the world. It has its own customs and is a free port, making it a hotspot for international trade. In fact, it’s recognized as one of the most open economies on the planet.
Looking ahead, President Xi has big plans for Macao, focusing on diversifying the economy, improving how things are run, and keeping society harmonious. Sticking to the “One Country, Two Systems” policy is key. By balancing unity with its own system, Macao is set to keep shining on the global stage.
Reference(s):
cgtn.com
