BEIJING, Dec. 11, 2024 /PRNewswire/ — On December 20, Macao will celebrate the 25th anniversary of its return to the motherland. Over the past 25 years, Macao’s economy has grown rapidly, people’s livelihoods have continuously improved, social harmony and stability have been maintained, and the scope for development has become increasingly broad. Macao Special Administrative Region (SAR) Chief Executive Ho Iat Seng recently shared in an interview how Macao maintains stability and development under the framework of “one country, two systems,” as well as how it interprets the strong vitality of this principle.
Ho told the Global Times and other media that integrating into the national development strategy is essential for Macao. Macao actively supports the national development agenda and promotes deep cooperation with the mainland in various aspects, including economy, culture and society. The moderate diversification of the economy is accelerating, and Macao’s international metropolitan “golden business card” shines brightly.
Ho introduced the significant progress having been made in Macao in promoting cultural tourism, technological innovation, and the convention and exhibition industry during his tenure to the Global Times and other media.
Ho stated that although many people believe that Macao’s GDP primarily comes from the gaming industry, in reality, by 2023, gaming revenue has recovered to about 75 percent of the 2019 levels, but its share in GDP is only 37.2 percent, which is slightly above one-third.
The proportion of key industries in moderately diversified economic development is gradually increasing, and Macao’s economic structure is becoming more diversified and robust. For Macao, it is no longer a city dominated by the gaming industry. Macao’s goal is to increase the share of non-gaming value-added to about 60 percent by 2028, said Ho.
Macao is a small city, and due to historical reasons, its economy has remained primarily focused on the gaming industry since its return to the motherland, said Ho. However, with the changes of the times, we realize the need to promote a moderately diversified economy to meet future challenges, said the chief executive. He added that since taking office his government has prudently handled the revision of Macao’s gaming laws and the new round of gaming concession bidding, implementing stricter regulations on the gaming industry and clearly defining the direction for the development of non-gaming sectors.
Especially in the face of uncertainties such as the pandemic, a single economic structure is vulnerable to risks, which is why Macao is actively promoting the development of non-gaming industries, said Ho.
In the past 25 years, the “tourism plus” integrated industry in Macao has developed rapidly. Ho introduced that in terms of tourism, Macao is committed to showcasing the city’s unique charm, including the blend of Chinese and Western cultures, as well as its rich snacks and cuisine.
Macao is actively working to become a cultural capital, promoting the development of the performing arts industry and achieving significant results. The increase in ticket sales has not only boosted the prosperity of the performing arts sector but also stimulated the growth of related industries such as retail, dining and accommodation. In the past two years, Macao’s performing arts scene has thrived, attracting many international artists who enjoy performing in the city, according to Ho.
The only drawback is that there are limited number of venues in Macao, with the best indoor arena accommodating 16,000 people, Ho told reporters. The Macao SAR government has passed a plan in the Legislative Assembly to build an outdoor venue that can accommodate 50,000 to 80,000 people, which is expected to be completed by the end of the year and planned to be operational next year, in order to meet the demands of large-scale events such as concerts by international superstars.
Under the framework of “one country, two systems,” Macao has maintained stability and development, demonstrating the strong vitality of this principle. Ho stated in an interview with media outlets such as the Global Times that during the first three years of governance, despite the impact of the COVID-19 pandemic, work on the economy and people’s livelihoods were not halted.
The SAR government took this opportunity to vigorously promote infrastructure construction, addressing some past shortcomings. For example, the Macao Medical Center of Peking Union Medical College Hospital was built over a period of more than three years, with a total area of 430,000 square meters, including its construction, decoration, and equipment setup, which has enhanced the level of medical services in Macao. New buildings for the Public Security Police Force headquarters and Customs headquarters were also constructed, and efforts were made to strengthen connectivity with Hengqin and other areas to prepare for the smooth flow of customs in Macao.
The successive governments of Macao have maintained a good fiscal reserve, which provides strong support for infrastructure construction and social welfare projects. By utilizing these reserve funds to vigorously promote infrastructure development and social welfare initiatives, the quality of life and happiness of citizens have been improved. Ho stated that in terms of housing, the SAR government has been actively providing affordable housing and social housing to those in need. It has also implemented free medical and educational policies to enhance the living standards of residents. This has been the approach of successive SAR governments.
After five years of effort, despite significant expenditures on infrastructure and social welfare, the current SAR government still has a considerable amount of fiscal surplus to hand over to the next SAR government, and it has no internal or external debt, has not issued any bonds, and owes no payments to construction companies for infrastructure projects. The financial situation of the SAR government is very sound, which also creates important conditions for the long-term stability of “one country, two systems” in Macao, Ho underscored.
During Ho’s term, Macao actively maintained the national development framework and promoted deep cooperation with the mainland in various aspects, including economy, culture and society. In May 2021, the Working Committee for Integrating into National Development was established in Macao.
When introducing the background, main functions and practical effects of this committee’s establishment, Ho told media including the Global Times that “The establishment of the committee is primarily based on two major directions, and integrating into the national development framework is something Macao must do.”
Ho noted that the first major direction is that Macao, as an important node of the Maritime Silk Road, plays a significant role in the joint construction of the Belt and Road Initiative (BRI). In order to better integrate and promote the construction of the BRI, the SAR government has established a dedicated team responsible for liaising and following up with countries along the Maritime Silk Road, as well as important nodes such as Fujian, and to promote the implementation of relevant cooperation projects.
The second major direction is that, with the promulgation of the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, how Macao can better integrate into this framework has become an important task for the SAR government. To this end, the Working Committee for Integrating into National Development has been established, aiming to promote in-depth cooperation between the mainland and Macao in various aspects such as economy, culture and society.
Ho introduced that the Working Committee for Integrating into National Development has played a positive role in promoting cooperation between the mainland and Macao since its establishment. The mainland and Macao have engaged in extensive cooperation in various fields, including the establishment of an investment zone in Guangdong–Macao in-depth cooperation zone in Hengqin.
This cooperation has not only facilitated economic exchanges between the mainland and Macao but also deepened cultural and social ties between the two sides. Ho stated that after more than three years of efforts, significant achievements have been made, laying a foundation for future development.
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SOURCE Global Times
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