Macao, a highly open and export-oriented micro-economy with limited natural resources, has achieved remarkable progress since its return to China 25 years ago. Under the "One Country, Two Systems" framework and with strong support from the central government, Macao has transformed into a modern international city, creating what is known as the "Macao Miracle."
Economic indicators have surged, with Macao's GDP growing from MOP 51.9 billion in 1999 to nearly MOP 379.5 billion in 2023. Residents' deposits have exceeded MOP 700 billion, an eightfold increase. Meanwhile, Macao has reduced its reliance on the gaming industry, moving toward a diversified and sustainable economy.
Infrastructure development has played a key role in this transformation. The recently completed Macao Bridge, the city's first eight-lane cross-sea bridge, has improved connectivity and strengthened Macao's economic lifelines. Landmarks like the Macao Tower and the light rail system reflect the city's growth and modernization.
Tourism remains a cornerstone of Macao's economy. Visitor numbers have skyrocketed from 7 million in 1999 to over 32 million in 2023. As a UNESCO World Heritage hub, Macao is now a leading global tourism and leisure center, recently named the most satisfying destination for mainland Chinese outbound travelers.
In addition, Macao has deepened its integration with the Greater Bay Area and positioned itself as a key node in China's Belt and Road Initiative. The city's cross-border financial services, cultural tourism, and unique role as a bridge between China and the world continue to drive its development.
Non-gaming industries account for over 60% of Macao's GDP, further underscoring its economic diversification. In the first three quarters of 2023, Macao's GDP grew by 11.5%, demonstrating resilience and adaptability in the face of challenges.
Macao's success story is a testament to its dynamic growth and deep integration with China's national development strategy.
Related News:
Watch This | Flourishing Macao alleviates concerns about 'one country, two systems'
Las Vegas Sands Corp. holds confidence in China's economy, continuing to invest in Macao
Comment