With cheerful vibes in the air, China's Macao Special Administrative Region (SAR) on Friday held a gathering to celebrate the 25th anniversary of Macao's return to the motherland and the inaugural ceremony of the sixth-term government of the Macao SAR.

Addressing attendees, Chinese President Xi Jinping said the great achievements of Macao since its return have proven to the world that "One Country, Two Systems" has prominent institutional strengths and tremendous vitality.

The values of peace, inclusiveness, openness and sharing embodied in the policy are common to China and the rest of the world, and deserve to be jointly safeguarded, Xi added.

'Tremendous success'

Xi hailed the enormous transformation that has taken place in Macao since its return to the motherland in 1999, saying the practice of "One Country, Two Systems" with Macao characteristics has been a tremendous success.

In 2023, Macao's GDP amounted to approximately 379.5 billion MOP (around $47.4 billion), an increase of seven times compared to 1999, while per capita GDP had more than quadrupled to around $70,000. On Forbes magazine's 2024 list of the world's richest places, Macao ranked first in Asia and second globally.

The city boasted an average life expectancy of 83.1 years in 2023, up from 77.9 years old in 1999, among the highest globally. Its unemployment rate has averaged below 2 percent since 2012, signalling nearly full employment.

Tourism has also expanded dramatically, from 6.6 million visitors in 1999 to 39.4 million in 2019. By December 7, the city had welcomed over 32 million tourists this year – a 26 percent increase compared to the same period last year. The number is expected to hit 33 million by year's end.

'New stage'

Stressing that the practice of "One Country, Two Systems" has entered a new stage, Xi on Friday called on the new SAR government to promote the appropriate diversification of the local economy, improve governance efficiency, build a platform for higher-level opening up, and safeguard social harmony and stability.

Under the "One Country, Two Systems" framework, Macao SAR enjoys distinct advantages, including its status as a free trade port, a separate customs territory, and a simple and low-tax environment. The World Trade Organization recognises Macao as one of the most open economies in the world for trade and investment.

China's central government has taken into full consideration the SAR's unique position, encouraging it to integrate into the national development strategy and ensure it plays a better role in the nation's opening up. Cooperative mechanisms and infrastructure – such as the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong-Zhuhai-Macao Bridge and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin - have provided Macao with development headroom and rich opportunities.

With support from the central government, Macao has signed nearly 60 agreements with foreign countries and established robust economic, trade and cultural ties with over 120 countries and regions. The number of international organisations and institutions Macao participates in has increased to more than 190, and it has secured visa-free or visa-on-arrival access to 147 countries and regions. It also has 13 sister cities.

Meanwhile, Macao's contribution to the Belt and Road Initiative has injected new vitality into the global economy. In 2023, the value of goods delivered by Macao to Belt and Road partner countries reached MOP 770 million, up 47.8 percent year on year, and the value of imports from the Belt and Road partners was MOP 30.92 billion, up 18.0 percent year on year.

Last year, Macao and Hengqin formed a joint delegation to go abroad to attract investment. Nearly 350 business matchmaking meetings were held in Singapore, Malaysia, Indonesia, Portugal, Spain and other countries, and 17 cooperation agreements were signed.

In his speech, Xi voiced confidence that Macao SAR will open up new horizons for development and keep creating new glories, as long as "One Country, Two Systems" is comprehensively, accurately and unwaveringly implemented.

CGTN

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