The 25th anniversary of Macau’s return to the motherland is a significant milestone in its history. Over the past quarter of a century, with the unwavering support of the central government and the visionary “One Country, Two Systems” policy, Macau has made remarkable progress in all economic and social fields, bearing compelling witness to the soundness and viability of the policy. Today, Macau has become a shining example of the “One Country, Two Systems” policy, demonstrating the excellence of its practice to the world.
Since its return to the motherland, Macau has achieved significant economic growth. Reflecting the robustness of Macau’s economy and its fiscal strength, the SAR’s fiscal reserves stood at around 617 billion Macau patacas (MOP) (around $77.22 billion) as of September 2024, an increase of 43.5 billion MOP compared with the same period in 2019.
Although Macau’s economy faced challenges during the COVID-19 pandemic, it has since steadily recovered with strong support from the central government. In the first three quarters of 2024, Macau’s GDP reached MOP301 billion, registering a real growth of 11.5 percent year-on-year. The overall economic scale has recovered to 86.3 percent of the level seen in the same period of 2019.
The Macau SAR has also actively promoted appropriate economic diversification. In 2023, the region launched its first comprehensive and systematic plan to this end, which outlined the “1+4” economic diversification strategy, focusing on tourism and leisure as the leading industry, while promoting key sectors such as Traditional Chinese Medicine and the “big health” industry, modern finance services, new and high technology, as well as conventions, exhibitions, and culture and sports.
Since then, Macau has accelerated the implementation of the plan, achieving significant progress in all these industries. For example, Macau has been named both “Best Convention City (Asia)” and “Best BT-MICE City” consecutively in 2023 and 2024 by the TTG Travel Awards, one of the most credible and authoritative awards in the Asia-Pacific tourism and convention industry. These achievements underscore the international recognition of Macau’s high-quality tourism services.
Macau has long positioned itself as “one center, one platform and one base,” namely a world center for tourism and leisure, a commercial and trade cooperation service platform between China and Portuguese-speaking countries, and a base for cultural exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.
Since its establishment in 2003, the Forum Macao for Economic and Trade Cooperation between China and Portuguese-speaking Countries has witnessed six ministerial conferences, culminating in the signing of the Strategic Plan for Economic and Trade Cooperation (2024-2027). As a bridge between China and Portuguese-speaking countries, Macau has served as a key facilitator in promoting deeper cooperation and exchanges. In addition, Macau also plays an important role in the Belt and Road Initiative (BRI), continuously promoting economic cooperation and cultural exchanges with BRI partner countries.
Macau has long been a place where Eastern and Western cultures intersect. Today, as an “base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist,” Macau has been honored as the “Cultural City of East Asia 2025,” underlining its pivotal role in China’s cultural exchange and cooperation with the world.
Macau values preserving traditional culture. The SAR now has 11 items inscribed on the lists of State-level intangible cultural heritage, including Cantonese opera, Herbal Tea Brewing and the Drunken Dragon Festival. They embody Macau’s unwavering commitment to preserving and passing on Chinese cultural traditions, while embracing and integrating diverse cultural influences.
The central government has consistently supported Macau’s integration into regional development, encouraging its exploration of new growth models. Among these initiatives, the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) stands out as a key strategy to promote regional economic integration. As one of the core cities of the GBA, Macau’s active participation will enable it to better align with national development priorities and benefit from the economic and social opportunities offered by this dynamic region.
In addition, the central government has also established Guangdong-Macau In-Depth Cooperation Zone in Hengqin as an important platform to diversify the development of Macau’s industries. Its strategic positioning has four main objectives: to provide a new platform for Macau’s appropriate economic diversification; to facilitate the employment and daily life of Macau residents; to pioneer and advance the practice of the “One Country, Two Systems” policy; and to set a new benchmark for the GBA development. The projects in the In-Depth Cooperation Zone in Hengqin are progressing steadily, creating favorable conditions for Macau to achieve sustainable and diversified growth.
Over the past 25 years since Macau’s return, the SAR has made remarkable progress in the economic, social and cultural fields under the guidance of the “One Country, Two Systems” policy. During his visit to Macau earlier this year, Xia Baolong, director of the Hong Kong and Macau Work Office of the Central Committee of the Communist Party of China and the Hong Kong and Macau Affairs Office of the State Council, underscored that standing at the starting point of new development, Macau people should leverage Macau’s unique positioning and advantages, promote quality social and economic development, join force to polish Macau’s golden business card as an international cosmopolitan, and leverage Macau’s functions in supporting the country’s high-quality development and national rejuvenation.
Macau’s development over the past 25 years is a testimony to the success of the “One Country, Two Systems” policy. Looking ahead, the SAR will stay committed to this policy, promoting shared development and prosperity with the Chinese mainland to create an even brighter future. Leong Kit Chi*, CGTN
*Leong Kit Chi is Chief of the Macau Special Administrative Region Government Office in Beijing.
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