Opinion | Story of pearls: HK and Macao join hands to promote GBA's development

By Judith Yu

On Dec. 18, Xi Jinping arrived in Macao to attend the celebrations for the 25th anniversary of Macao's return to the motherland and the inauguration ceremony of the sixth administration of the Macao Special Administrative Region, as well as to inspect Macao. President Xi's inspection brings not only sincere greetings and good wishes but also full affirmation of Macao's achievements and hope for its future development.

One of the key factors behind the successful practice since Macao's return is the unwavering focus on development, avoiding turmoil and internal strife, and actively integrating into the national development framework. Xi pointed out that over the past 25 years, the practice of "one country, two systems" with Macao characteristics has achieved globally recognized success, showcasing vibrant vitality and unique charm. The nation's development is advancing rapidly and unstoppable, while Macao's development has accumulated strength and shows promising prospects. This is a source of pride for the residents of Macao and for the entire nation.

Before the return, Macao was plagued by disorder and chaos, with four consecutive years of economic decline, high unemployment, and deteriorating living conditions. After the return, with strong support from the central government, Macao adhered to "one country, two systems," and the Macao SAR government has fully committed to developing the economy, improving people's livelihoods, and stabilizing the social environment, allowing Macao to shake off its past shadows completely.

Over the past 25 years, Macao has achieved rapid economic development, with its per capita GDP increasing from MOP$15,000 in 1999 to MOP$69,000 in 2023. At the beginning of the handover, Macao's GDP was MOP$51.9 billion, which has now grown to nearly MOP$379.5 billion in 2023. By the end of 2023, the total deposits of Macao residents surpassed MOP$700 billion, more than eight times the amount in 1999. Over these 25 years, Macao has transformed from a quiet coastal town into one of the wealthiest cities in Asia. The economic structure of Macao has become more diversified and sustainable, with emerging industries such as healthcare, environmental protection, modern finance, and high-tech industries developing, gradually reducing reliance on the gaming sector. This has led to a more balanced and coordinated economic structure, with progress moving toward diversification, coordination, and sustainability, strengthening the foundation of development. This diversification not only enhances the resilience of Macao's economy but also provides residents with more opportunities and choices for development.

The Macao SAR government's investments and reforms in the field of public welfare have brought tangible benefits to residents. A comprehensive social security system, including pensions, free medical care, and 15 years of free education, has greatly improved residents' quality of life and happiness.

In the past 25 years, Macao has actively integrated into the national development framework, aligning itself with national strategies and creating development miracles. National strategies such as the Guangdong-Hong Kong-Macao Greater Bay Area construction and the Belt and Road Initiative have brought new development opportunities to Macao. By establishing a committee for integrating into national development, Macao has strengthened deep cooperation with the mainland in various aspects, including economy, culture, and society.

The establishment of the Guangdong-Macao in-depth cooperation zone in Hengqin has allowed Macao to fully utilize central support policies and accelerate the integration process with Hengqin. Furthermore, the premium tourism routes jointly developed with Guangdong and Hong Kong have not only promoted trade cooperation between the Greater Bay Area and Portuguese-speaking countries but also facilitated cultural exchanges between the Greater Bay Area and countries around the world.

The successful practice of Macao's return has demonstrated that as long as the path is correct, the policies are good, the approach is flexible, and the people are united, even a small stage can present a magnificent show. Since Macao's return, the city has made substantial progress in social and political, economic, and cultural aspects. With the advantage of being backed by the motherland and rooted in the Greater Bay Area, Macao's economy has developed rapidly, and the people's livelihoods have been stable and prosperous. These achievements are visible to all and stem from the steadfast implementation of "one country, two systems."

The successful return of Macao and Hong Kong, and the successful implementation of "one country, two systems," is an unprecedented great achievement that has ushered in a period of prosperity and stability for the special administrative regions. In the future, both Macao and Hong Kong must continue to leverage the unique advantages of being backed by the motherland, fully utilize the institutional advantages of "one country, two systems," and further consolidate and enhance their positions as world-class leisure and gaming capitals and international financial, shipping, and trade centers.

President Xi described Macao as a "pearl on the palm," reflecting his and the central government's deep care and love for Macao. Both Hong Kong and Macao are special administrative regions of the country, carrying the profound affection of President Xi and the central government. Like Hong Kong, Macao is also a "pearl" of the motherland, a place that President Xi has always cared about and kept in mind. The two "pearls" complement each other, and together they possess unparalleled advantages. As they enter a new era of Chinese-style modernization, Hong Kong and Macao, daring to strive and innovate, will surely create an even better tomorrow by working hand in hand.

(Source: Ta Kung Pao)

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