25 years on, Macao prospers amid deeper integration into national development
2024-12-16 18:29 Xinhua
Macao will soon mark the 25th anniversary of its return to the motherland. Since its return, the central government's strong support, coupled with active integration into the Chinese mainland, has transformed Macao into a modern, international metropolis, achieving remarkable progress in both economic development and people's livelihoods.
In tandem with this transformation, Macao has deepened its exchanges and cooperation with the mainland, becoming an integral part of China's broader development agenda and contributing to the cause of Chinese modernization.
Just over two months ago, the Macao Bridge, a new eight-lane bridge connecting the Macao Peninsula to Taipa, officially opened to traffic. This is the fourth cross-sea bridge to connect the two districts and it has greatly improved the flow of people and goods, enhancing the region's economic vitality.
Before its return to China, Macao's infrastructure was relatively underdeveloped. However, iconic city landmarks such as light rail systems and cross-sea bridges have since become symbols of its modernization. In 1999, Macao's GDP stood at MOP 51.9 billion (about 6.23 billion U.S. dollars). By 2023, it had skyrocketed to nearly MOP 379.5 billion. Meanwhile, by the end of last year, the total savings of Macao residents had surpassed MOP 700 billion -- an eightfold increase compared to 1999. Over the past 25 years, Macao has become one of Asia's wealthiest cities.
While its economy has grown steadily, Macao has also gradually diversified its industries, moving beyond its reliance on the casino sector. With the central government's support, Macao has embraced a more diversified, balanced and sustainable economic structure.