Macau, the vibrant city known for its blend of cultures and dynamic energy, is celebrating 25 years since its return to China. Over the past quarter-century, Macau has undergone a remarkable transformation, evolving economically, socially, and culturally under the ‘One Country, Two Systems’ policy.
Economic Boom
Since 1999, Macau’s economy has soared. Back then, its GDP was around 51.9 billion Macanese patacas. Over the years, that number has significantly increased, reflecting remarkable economic growth. With a high per capita GDP, Macau ranks among the top globally, leading in Asia.
While tourism and leisure remain vital, Macau has diversified its economy. The city has embraced sectors like financial services, conventions and exhibitions, traditional Chinese medicine (TCM), cultural industries, and the digital economy. It hosts numerous licensed financial institutions with substantial assets.
Social Development
Macau’s commitment to people-centered governance has led to significant social advancements. Education has flourished, with the gross enrollment ratio in higher education surpassing 95%. From having a single university before 1999, the city now boasts several institutions, cultivating talent crucial for future growth.
Healthcare and social welfare have also improved. Residents benefit from a comprehensive medical welfare system offering free healthcare and additional support for seniors. Unemployment remains low, and initiatives in vocational training enhance job security.
Cultural Flourish
With its rich history, Macau has become a cultural hub in East Asia. Events like the Macau Arts Festival and the Macau International Music Festival attract international visitors. The Historic Center of Macau, a UNESCO World Heritage site, showcases the city’s architectural legacy.
Macau serves as a bridge between China and Portuguese-speaking countries, promoting cultural exchange. President Xi Jinping praised Macau as “a city where cultures and arts from across the world mingle.”
Looking Ahead
As Macau celebrates this milestone, it continues to embrace the ‘One Country, Two Systems’ policy, integrating further into national development strategies like the Belt and Road Initiative and the Greater Bay Area plan. The focus is on appropriate economic diversification, enhancing governance efficiency, expanding international openness, and safeguarding social harmony.
For the youth, opportunities abound in education, technology, and innovation. Macau aims to attract global talent, nurturing the next generation to drive the city’s future success.
A City Transformed
From its economic boom to cultural prosperity, Macau’s 25-year journey showcases a city transformed. As it looks ahead, Macau stands as a shining example of growth, harmony, and a blend of Eastern and Western cultures, inspiring young people around the world.
Reference(s):
cgtn.com
