Companies in the GBA | Macao: A 25-Year Miracle

On December 20, 1999, 300 children gathered in front of Ruins of St. Paul's, singing this familiar tune to countless Chinese people, the day when Macao officially returned to the motherland.

A quarter-century later, Macao, with just 33 kilometers of land, has become the second wealthiest region in the world and the richest in Asia, and also ranks among the world's safest cities. Behind these achievements, lies a 25-year miracle.

Macao, one of China's smallest cities, with an area just 1/500 of the size of Beijing. When thinking of Macao, you might envision opulent five-star hotels and their luxurious lifestyle. While in reality, before its return, Macao was in a state characterized by economic downturn and lawlessness. Affected by factors like the Asian financial crisis, Macao's unemployment rate hit 6.3% in 1999. Macao had a GDP of 51.9 billion patacas in 1999, with a per capita GDP of 120,000 patacas. While not particularly low, it still couldn't compete with other developed regions globally.

However, over the next 25 years, Macao has bloomed into one of the world's best-performing economies, with GDP growing 6.3 times, per capita GDP expanding 3.7 times, and the median monthly income for employed individuals reaching 17,600 patacas. Unemployment rates stood at 1.7% in the third quarter of 2024, effectively achieving full employment.

With rapid economic development, Macao's social welfare has improved dramatically. Free education for 15 years was implemented in 2006, along with long-term free medical care for both students and the elderly. The "Cash Sharing Scheme" has been making cash handouts to residents since 2008.

Economic miracles like these are inseparable from Macao’s return to the motherland. Policy support from the central government, China's economic boom and other favorable factors have fueled the rapid development of Macao's economic.

In 2003, the central government's promotion of the "individual visit" policy began a new chapter for Macao's tourism industry, with visitor numbers growing from 7.44 million in 1999, to peak levels of 39.4 million in 2019.

Since 2023, the pandamic-hit tourism industry has shown signs of recovery. Visitor numbers exceeded 25.92 million in the first three quarters of 2024, recovering to 83% of the 2019 levels. Among them, over 70% were mainland tourists.

However, to avoid overreliance on a single industry, Macao has accelerated development of a diversified economy, with a clear focus on the "1+4" industrial direction. The aim is to increase the proportion of non-gaming sectors in the local GDP by 60% in the future.

With the construction of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, its original land mass no longer limits Macao, allowing development to continue. In the first three quarters of 2024, the added value of four new industries in the zone has reached 18.31 billion yuan, accounting for 49% of the GDP of the zone.

We believe these 25 years are merely the prologue for this beautiful city, and Macao's miracles will continue to unfold.

出品：南财国际传播中心 21新媒体中心 创意互动中心

策划统筹：于晓娜 丁青云

内容统筹：谭婷 张楠

责任编辑：黄欣然

执行统筹：黄欣然

设计统筹：林军明

视频统筹：白宇航

监制：施诗

英文翻译&配音：李莹亮

海外运营监制: 黄燕淑

海外运营内容统筹: 黄子豪

运营支持：曾静娇

审校：强燕 陈晶晶 张晔 黄志明