Macao SAR at 25: The merits of the practice of 'One Country, Two Systems'

Editor's note: Decision Makers is a global platform for decision makers to share their insights on events shaping today's world. Leong Kit Chi is Chief of the Macao Special Administrative Region (SAR) Government Office in Beijing. The article reflects the author's opinions and not necessarily the views of CGTN.

The 25th anniversary of Macao'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, Macao has made remarkable progress in all economic and social fields, bearing compelling witness to the soundness and viability of the policy. Today, Macao 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, Macao has achieved significant economic growth. Reflecting the robustness of Macao's economy and its fiscal strength, the SAR's fiscal reserves stood at around 617 billion Macao 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 Macao'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, Macao's GDP reached MOP 301 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 Macao 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, Macao has accelerated the implementation of the plan, achieving significant progress in all these industries. For example, Macao 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 Macao's high-quality tourism services.

Macao 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 for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macao) 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, Macao has served as a key facilitator in promoting deeper cooperation and exchanges. In addition, Macao also plays an important role in the Belt and Road Initiative (BRI), continuously promoting economic cooperation and cultural exchanges with BRI partner countries.

Macao has long been a place where Eastern and Western cultures intersect. Today, as a "base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist," Macao 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.

Macao 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 Macao's unwavering commitment to preserving and passing on Chinese cultural traditions, while embracing and integrating diverse cultural influences.

The central government has consistently supported Macao's integration into regional development, encouraging its exploration of new growth models. Among these initiatives, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) stands out as a key strategy to promote regional economic integration. As one of the core cities of the GBA, Macao'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-Macao In-Depth Cooperation Zone in Hengqin as an important platform to diversify the development of Macao's industries. Its strategic positioning has four main objectives: to provide a new platform for Macao's appropriate economic diversification; to facilitate the employment and daily life of Macao 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 Macao to achieve sustainable and diversified growth.

Over the past 25 years since Macao'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 Macao earlier this year, Xia Baolong, director of the Hong Kong and Macao Work Office of the Central Committee of the Communist Party of China and the Hong Kong and Macao Affairs Office of the State Council, underscored that standing at the starting point of new development, Macao people should leverage Macao's unique positioning and advantages, promote quality social and economic development, join forces to polish Macao's golden business card as an international metropolis, and leverage Macao's functions in supporting the country's high-quality development and national rejuvenation.

Macao'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.

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries in the CGTN Opinion Section.)