As Macao prepares to commemorate the 25th anniversary of its return to the motherland on December 20, 2024, the Special Administrative Region reflects on a journey marked by remarkable growth, stability, and transformation under the “One Country, Two Systems” policy. This innovative model, envisioned by the late Chinese leader Deng Xiaoping, has allowed Macao to flourish, blending its rich cultural heritage with a dynamic modern identity.
Before its reunification with China in 1999, Macao faced significant challenges, including widespread crime and a fragile legal system. Over the past quarter century, the region has prioritized national security while exercising a high degree of autonomy in local governance. The Legislative Assembly has passed over 400 laws since 1999, including the pivotal 2009 National Security Law, solidifying a stable governance structure and fostering sustainable development and societal harmony.
Under the “One Country, Two Systems” framework, Macao has transformed into one of the safest urban destinations globally. Tourists from around the world are drawn to its bustling streets, rich history, vibrant culture, and renowned hospitality.
Macao’s economic advancement is striking. In 2023, the region’s GDP surged by an impressive 80.5%, primarily driven by the revival of its tourism and leisure sectors. Gross revenue from the leisure sector reached $22.8 billion, accounting for 36% of GDP, as the city steadily recovered from pandemic-induced challenges.
To ensure sustained growth and reduce reliance on gaming, the government has implemented the “1+4” strategy. This initiative focuses on modernizing traditional Chinese medicine, enhancing tourism, promoting exhibitions and cultural activities, expanding financial services, and advancing technology. This diversified approach has already yielded significant results, with $428 million in new investments attracted in the first ten months of 2024. Supportive measures such as capped corporate tax rates at 12% and vital infrastructure projects like the Macao-Taipa fourth vehicle harbor crossing have further contributed to this progress.
Macao’s integration into the Guangdong-Hong Kong-Macao Greater Bay Area has strengthened its economic and cultural connectivity, fostering closer collaboration with cities like Shenzhen and Zhuhai. This regional synergy enhances trade, technology, and cultural exchanges. Events such as the 2024 Guangdong-Hong Kong-Macao Road Cycling Race exemplify this growing interconnectedness, contributing to a dynamic and vibrant economic ecosystem.
With the support of the central government, Macao has emerged as a hub for education, innovation, and global connections, solidifying its strategic role under the “One Country, Two Systems” model. The University of Macao stands out with Asia’s largest residential college system and cutting-edge research in fields such as smart cities and traditional Chinese medicine. The university is ranked among the top 1% globally in 14 disciplines, including Engineering and Social Sciences, with its Hospitality and Tourism Management program ranked 9th in the world in 2024. These academic successes contribute significantly to Macao’s economic and intellectual dynamism.
Macao’s spirit of innovation extends to urban development, with investments in green technologies and eco-friendly planning demonstrating a strong commitment to sustainability. These initiatives align with global climate goals and enhance the quality of life for residents and visitors, positioning Macao as an example of urban innovation on a global scale.
A defining feature of Macao’s success is its ability to preserve its cultural heritage while embracing modernity. The 2024 Macao International Parade, themed “Love, Peace, and Cultural Integration,” underscores the region’s dedication to safeguarding its heritage while adapting to contemporary influences. Combined with strong ties to Portuguese-speaking countries and the European Union, Macao continues to reinforce its role as a bridge between China and the world. In 2023, trade relations with Europe reached $5.5 billion, alongside inward direct investment totaling $48 billion, reflecting international confidence in Macao’s economic potential.
As Macao celebrates 25 years under the “One Country, Two Systems” framework, its journey stands as a testament to the success of this innovative model. The region’s remarkable transformation highlights the possibilities when cultural heritage, modern development, and strategic governance converge, offering valuable insights for regions around the world.
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Macao's quarter century of prosperity under 'One Country, Two Systems'
cgtn.com
