With festivities in the air, Macao Special Administrative Region (SAR) marked a significant milestone on Friday, celebrating 25 years since its return to China. The city hosted a grand gathering, which also served as the inaugural ceremony for the sixth-term government of the Macao SAR.
Chinese President Xi Jinping addressed the attendees, highlighting the remarkable achievements Macao has accomplished under the “One Country, Two Systems” framework. He emphasized that the policy has demonstrated “prominent institutional strengths and tremendous vitality,” propelling the region into a new era of development.
A Quarter Century of Transformation
Since reuniting with the motherland in 1999, Macao has undergone an extraordinary transformation. Its Gross Domestic Product (GDP) soared to approximately 379.5 billion Macao patacas (around $47.4 billion) in 2023, a sevenfold increase from 1999. The per capita GDP quadrupled, reaching around $70,000, placing Macao among the wealthiest regions globally.
The city’s unemployment rate has remained impressively low, averaging below 2% since 2012, signaling near full employment. Life expectancy has risen to 83.1 years, up from 77.9 years in 1999, reflecting improvements in healthcare and living standards.
Tourism has become a cornerstone of Macao’s economy, with visitor numbers skyrocketing from 6.6 million in 1999 to 39.4 million in 2019. This year alone, over 32 million tourists have visited Macao, a 26% increase compared to the previous year.
Embracing a New Stage
President Xi called on the new SAR government to promote diversified economic development, improve governance, and enhance social harmony. He urged Macao to leverage its unique advantages under the “One Country, Two Systems” policy, including its status as a free trade port with a simple and low-tax environment.
Macao’s integration into China’s national development strategy has opened doors to new opportunities. Initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area and the Hong Kong-Zhuhai-Macao Bridge have strengthened regional connectivity, providing Macao with expanded development prospects.
The SAR has also deepened its global engagement, participating in over 190 international organizations and securing visa-free access to 147 countries and regions. Its contributions to the Belt and Road Initiative have invigorated the global economy, with significant increases in trade value with partner countries.
Looking Ahead with Confidence
In his speech, President Xi expressed confidence in Macao’s future, stating that as long as “One Country, Two Systems” is upheld, the region will continue to achieve new successes. He highlighted the universal values of peace, inclusiveness, openness, and sharing embodied in the policy, asserting that these principles deserve to be jointly safeguarded by China and the world.
As Macao embarks on this new chapter, its journey serves as a testament to the enduring strength of the “One Country, Two Systems” framework and its potential to foster prosperity and harmony.
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Macao SAR embarks on new chapter of 'One Country, Two Systems'
cgtn.com
