Amid a festive atmosphere, China’s Macao Special Administrative Region (SAR) celebrated the 25th anniversary of its return to China on Friday, marking a significant milestone under the “One Country, Two Systems” framework.
At the gathering, Chinese President Xi Jinping addressed attendees, highlighting the remarkable achievements of Macao since 1999. He emphasized that the success of Macao has proven to the world that “One Country, Two Systems” possesses prominent institutional strengths and tremendous vitality.
‘Tremendous Success’
President Xi hailed the enormous transformations that have taken place in Macao over the past 25 years. The SAR’s Gross Domestic Product (GDP) reached approximately 379.5 billion Macanese patacas (around \$47.4 billion) in 2023, marking a sevenfold increase since 1999. Per capita GDP has more than quadrupled to around \$70,000, positioning Macao as one of the world’s wealthiest regions. Forbes magazine’s 2024 list ranked Macao first in Asia and second globally among the world’s richest places.
The average life expectancy in Macao rose from 77.9 years in 1999 to 83.1 years in 2023, reflecting significant advancements in healthcare and quality of life. Unemployment rates have averaged below 2 percent since 2012, signaling near full employment. Tourism has also flourished, with visitor numbers soaring from 6.6 million in 1999 to an expected 33 million by the end of this year.
‘New Stage’
President Xi noted that the practice of “One Country, Two Systems” has entered a new stage in Macao. He called on the new SAR government to promote the appropriate diversification of the local economy, enhance governance efficiency, build platforms for higher-level opening up, and safeguard social harmony and stability.
Under the “One Country, Two Systems” framework, Macao enjoys distinct advantages, including its status as a free trade port, a separate customs territory, and a favorable tax environment. The SAR has integrated into the national development strategy, participating in cooperative mechanisms and infrastructure projects such as the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong-Zhuhai-Macao Bridge, and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin. These initiatives have provided Macao with expanded development opportunities.
With support from the central government, Macao has signed nearly 60 agreements with foreign countries and established robust economic, trade, and cultural ties with over 120 countries and regions. The number of international organizations and institutions Macao participates in has increased to more than 190. It has secured visa-free or visa-on-arrival access to 147 countries and regions and has 13 sister cities.
Macao’s contribution to the Belt and Road Initiative has injected new vitality into the global economy. In 2023, the value of goods delivered by Macao to Belt and Road partner countries reached MOP 770 million, up 47.8 percent year-on-year. Imports from these partners amounted to MOP 30.92 billion, an 18.0 percent increase from the previous year.
Last year, Macao and Hengqin formed a joint delegation to attract investment abroad. Nearly 350 business matchmaking meetings were held in countries including Singapore, Malaysia, Indonesia, Portugal, and Spain, resulting in 17 cooperation agreements.
In his speech, President Xi expressed confidence that as long as “One Country, Two Systems” is comprehensively, accurately, and unwaveringly implemented, Macao SAR will open up new horizons for development and continue to create new achievements.
Reference(s):
Macao SAR embarks on new chapter of 'One Country, Two Systems'
cgtn.com
