December 20, 2024, marks a remarkable milestone for Macao as it celebrates 25 years since reuniting with China. Over the past quarter-century, this vibrant city has transformed from a tourism gem into a dynamic hub of economic growth and diversification.
Under the “one country, two systems” policy, Macao maintained its unique identity while benefiting from the support of the Chinese mainland. The policy allowed Macao to preserve its low-tax status and open-door trade policies, propelling its tourism and leisure industries to new heights.
Since 2003, Macao has enjoyed preferential access to mainland markets through the Closer Economic Partnership Arrangement, boosting trade and investment opportunities. The city’s economic development didn’t stop there.
Macao plays a significant role in the Belt and Road Initiative, enhancing China’s connections with the world. In 2017, Macao joined forces with Hong Kong and Guangdong province in the Greater Bay Area (GBA) project, aiming to create a powerhouse region of innovation and economic synergy.
Impressive infrastructure projects like the Hong Kong-Zhuhai-Macao Bridge—the world’s longest sea-crossing bridge—have strengthened links between the GBA cities, making travel and trade smoother than ever. Recent policies even allow residents to use private cars across regions, fostering greater mobility.
The financial sector is also flourishing. The Wealth Management Connect scheme launched in 2021 enables residents to invest in wealth management products across the GBA, opening new doors for young investors. In 2023, Macao introduced trading of Daily Revenue Obligations on the Micro Connect Macau Financial Assets Exchange, supporting small and medium-sized enterprises (SMEs) with innovative funding options.
Macao’s efforts have paid off. With a GDP per capita surpassing $134,000 in 2024, it stands as one of the wealthiest territories globally. While tourism remains vital, diversifying the economy is paving the way for a sustainable future.
As Macao celebrates its silver jubilee, the city looks ahead with optimism. Embracing new opportunities within the Greater Bay Area and beyond, Macao is on a path toward continued growth and prosperity.
Reference(s):
cgtn.com
