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Macao Special Administrative Region |
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Principal Statistical Indicators |
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Macao, a part of Chinese territory since ancient times, fell into the hands of Portuguese colonialists in the late 19th century. It returned to the embrace of the motherland on December 20, 1999. In the five years after its return, Macao has carried out a series of effective reforms in political, economic, social and cultural sectors, based on the Basic Law of Macao Special Administrative Region (MSAR) according to the will of Macao residents. Within the framework of "one country, two systems," the MSAR Government has oriented its economy with tourism and gaming as the backbone and reasonably developed other industries. The Central Government has given full support to the development of Macao. At the same time, the official trade cooperation between Macao and the mainland has expanded from coastal provinces, like Guangdong and Fujian, to inland areas like Chongqing Municipality and the Inner Mongolia Autonomous Region. Macao's interactions with other countries and regions throughout the world have been fruitful. Authorized and directed by the Central Government, Macao has signed over 30 agreements on civil aviation with other countries and regions, and 41 countries and regions have granted free-of-visa status to Macao. Moreover, Macao has signed agreements with Portugal on investment protection and mutually judicial assistance. Fifth Anniversary of Macao's Return to the Motherland The celebration to mark the fifth anniversary of Macao's return to the motherland and the inauguration of the second term of the government of the MSAR was held at the Macao Culture Center on December 20, 2004. With President Hu Jintao in attendance, Chief Executive Edmund Ho Hau-wah of the MSAR was sworn in for a second term. Following Ho's swearing-in, principal officials of the MSAR Government took their oaths in the presence of the president. In his speech, President Hu said that in the years since Macao's return, the Central Government had abided strictly by the Basic Law of the MSAR, firmly supporting the chief executive and the government of the MSAR to administer Macao by law, without any interference in the internal affairs of the MSAR. Under the leadership of the MSAR Government headed by Chief Executive Ho, people from all walks of life in Macao have shown an enterprising spirit in overcoming setbacks such as the Asian financial crisis, an ominous turn of events in the global economy and the SARS (severe acute respiratory syndrome) epidemic and have helped the overall and long-term development of Macao. Macao today is stable with continuous economic growth and people live and work in a peaceful environment. Facts prove that the principle of "one country, two systems" laid down by Deng Xiaoping is entirely correct and has already shown itself to be, and will continue to remain, viable, said Hu. President Hu also made a four-point proposal to the government of MSAR and other important figures before he concluded his speech: First, the MSAR Government should put people's interests first and constantly improve the level of governance. Government officials should have a sense of serving the people, understand them and respond actively to their demands. Second, they should concentrate on promoting sound and sustainable economic development in Macao. The MSAR Government should be farsighted in creating new stimulus for long-term economic growth while consolidating the existing advantages. Third, they should be farsighted and intensify personnel training for Macao's future development. Fourth, they should maintain stability and a harmonious society. Love for the motherland and love for the MSAR should ensure broad-based unity. So long as all circles foster the overall and long-term interests of Macao and the motherland and make concerted efforts for unity, a broadest-based unity in Macao will be realized and a brighter future emerge, Hu said. Macao's Economic Growth Marked by Miracles Macao currently enjoys one of the world's highest economic growth rates. The trade and investment regime of Macao continues to be among the most open in the world, according to the Trade Policy Review Body of the World Trade Organization. Compared with the negative growth for four years running before its return to China in 1999, Macao's GDP has grown substantially over the past five years, which has created unprecedented economic prosperity in the small region. The average annual growth rate of Macao's economic aggregate stood at 5.6 percent from 2000 to 2002 by official count, surging to 15.6 percent in 2003 and to around 25 percent in real terms in 2004. Meanwhile, the unemployment rate dropped from 7.1 percent upon its return to China at the end of 1999 to 4.2 percent at the end of 2004. The gaming and tourism industries have been Macao's main support for the last one and a half centuries. Taking advantage of this, the young government mapped out a plan of steady and coordinated development by giving priority to its gaming and tourism industries, as well as offering support to the commodity and service trade, so as to accelerate economic growth and the optimization of the investment environment. In 2001, the MSAR Government decided to break the four-decade-long monopoly of the gaming industry and issued two more licenses to operate casinos in April the following year. Spurred by the move, Macao has received more than 10 million tourists annually for four consecutive years and reaped US$2.5 billion from the gaming industry in 2004. The economic boom has begun to benefit other industries including real estate, hospitality, catering and retailing. At the same time, the Central Government has helped catalyze economic growth in Macao by putting forward supportive policies. Many cities have relaxed the individual travel restrictions on Hong Kong and Macao-bound tour since July 2003, giving a big boost to tourism. In October the same year, the Central Government signed the Close Economic Partnership Arrangement (CEPA) with the MSAR, opening the mainland market to Macao's commodities and services. Chief Executive Ho said in his 2005 Policy Address delivered in November 2004 that his five-year administration had proved that MSAR must develop it economy through sharpening its edge in regional cooperation, and the MSAR Government would commit itself to maintain steady and sustainable economic growth and further improve the quality and efficiency of economic growth.
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