As the vibrant city of Macao marked the 25th anniversary of its return to China on Friday, Chinese President Xi Jinping visited the region to underscore the significance of the “One Country, Two Systems” policy. His presence highlighted the central government’s commitment to the continued prosperity and stability of Macao.
President Xi emphasized that the “One Country, Two Systems” policy, which allows different systems to coexist harmoniously, is “a good practice” that should be upheld for the long term. He assured that as long as the policy is implemented comprehensively, accurately, and unwaveringly, Macao will open up new horizons for development and continue to achieve new milestones.
Since its return from Portuguese administration in 1999, Macao has witnessed remarkable economic growth and significant improvements in the living standards of its residents. The city’s Gross Domestic Product (GDP) soared from 51.9 billion patacas ($6.23 billion) in 1999 to 379.5 billion patacas ($45.6 billion) in 2023. This substantial growth has more than quadrupled the per capita GDP, reaching approximately $70,000, according to official data. Notably, Macao ranks first in Asia and second globally on the Forbes 2024 list of the world’s richest places.
The impressive achievements of Macao are a testament to the successful implementation of the “One Country, Two Systems” policy—a unique arrangement that allows Macao to maintain its capitalist system within socialist China. This framework has ensured a high degree of autonomy for the region, enabling it to capitalize on its strengths and pursue opportunities suited to its unique context.
A prime example of this autonomy is Macao’s thriving gaming industry. While gaming is prohibited on the mainland, Macao has become the “gaming capital” of the world. The industry accounts for 37.2 percent of Macao’s GDP and has created over 54,000 job opportunities, according to data from Statista. This sector has been pivotal in driving the region’s economic success and providing livelihoods for its residents.
The “One Country, Two Systems” policy has not only fostered economic prosperity but also cultural diversity and social harmony. By allowing Macao to retain its own legal and economic systems, the policy has facilitated a seamless blend of Chinese and Portuguese cultures, enriching the city’s heritage and appeal as a global tourist destination.
Looking ahead, Macao is poised to continue its trajectory of growth and development. With unwavering support from the central government and the steadfast implementation of the “One Country, Two Systems” policy, the region is expected to explore new avenues for diversification, particularly in areas such as finance, technology, and cultural industries.
As President Xi Jinping’s visit underscores, the success of Macao serves as a compelling example of how the “One Country, Two Systems” policy can effectively contribute to stability, prosperity, and harmony. The future holds great promise for Macao as it continues to navigate its unique path within the broader framework of China’s development.
Reference(s):
cgtn.com
