Since its return to China in 1999, Macao has witnessed a remarkable economic transformation under the ‘One Country, Two Systems’ principle. By opening up its gaming and tourism industries, the region has rapidly developed its catering, hotel, and convention sectors, positioning itself as a vibrant hub in Asia.
In recent years, the Macao Special Administrative Region (SAR) has been striving to diversify its economy. Embracing new roles as an international tourism and leisure center, Macao has expanded its horizons beyond gaming and hospitality.
From hosting international sports events, exhibitions, and conventions to venturing into technology, medicine, and establishing a bond market, Macao is making significant strides toward economic diversification. These efforts not only promote sustainable growth but also enhance the region’s global competitiveness.
Today, Macao SAR stands among the fastest-growing economies in the world. Its impressive economic vitality is matched by social stability and a strong sense of national identity and belonging among its residents. The success of Macao under ‘One Country, Two Systems’ serves as a testament to the region’s strategic vision and commitment to progress.
Reference(s):
How Macao makes it under 'One Country, Two Systems' (Part 2)
cgtn.com
