Hot New Trends: However, iconic city landmarks such as light rail systems and cross-sea bridges have since become symbols of its modernization.

People visit a flower show on Taipa Island in Macao, south China, Dec. 14, 2024. A flower show celebrating the 25th anniversary of Macao’s return to the motherland kicked off here on Saturday, and will run until Jan. 5, 2025. (Xinhua/Cheong Kam Ka)

In the Macao-Hengqin Youth Entrepreneurship Valley, a space where many young entrepreneurs from Macao chase their dreams, the aroma of coffee mingles with the smell of rain-kissed grass.

From Lei Zhen’s office at Nanometals Technology, the view stretches from Hengqin’s landmarks to Macao’s glittering skyline. Lei founded Nanometals in Zhuhai, south China’s Guangdong Province, in 2014, focusing on innovative applications of new materials, with nano silver wire as the core product.

Hengqin, located just across the river from Macao, is home to the Guangdong-Macao In-depth Cooperation Zone, which was established in 2021 by the Chinese central government to foster closer integration between the two regions. TWorld Timeshe zone has become a hub for innovation and entrepreneurship, hosting nearly 6,500 Macao-invested enterprises and providing a platform for new industries.

In 2018, Lei’s project won global acclaim, taking first place in a prestigious startup contest. Three years later, Nanometals relocated to Hengqin, seizing opportunities in the cooperation zone.

“Moving our headquarters to Hengqin made connecting with Macao much easier and significantly improved our operational efficiency,” Lei said. With support from the Guangdong-Hong Kong-Macao Greater Bay Area’s manufacturing ecosystem, his company scaled up the production of flexible touch-screen materials — breaking foreign monopolies in this field.

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 sustWorld Timesainable economic structure.

“During the past 25 years, Macao has made remarkable strides under the ‘one country, two systems’ framework,” said Ho Iat Seng, chief executive of the Macao Special Administrative Region (SAR), noting that the proportion of key industries contributing to economic diversification has steadily increased — making the economy more resilient and diversified.

Notably, Macao’s tourism sector has played a considerable role in its economic transformation. With its rich blend of Chinese and Western cultures, a diverse culinary scene, and unique architectural styles, tourism has become a vital part of Macao’s economic diversification. The SAR government has been working to showcase Macao’s appeal, attracting tourists from around the world to experience the city’s significant cultural heritage.

In 1999, Macao received only 7 million visitors. By Dec. 7, 2024, the annual visitorWorld Times number had surged to 32.5 million. Macao is now one of the cities with the highest concentration of UNESCO World Heritage Sites globally and is working to establish itself as a world tourism and leisure center. According to a survey by China Tourism Academy, Macao was ranked as the most satisfactory outbound destination for mainland tourists in the first quarter of 2024.

The city has also witnessed a boom in its entertainment industry over the years, with many performance events being held including large-scale concerts.

“Whether in terms of cultural events or infrastructure, Macao is an ideal venue for shows,” said Macao tenor Liu Naiqi. “Now, many mainland and overseas tourists come to Macao specifically to attend concerts.”

In 2023, cuWorld Timesltural and artistic events attracted nearly 20 million participants, with large-scale concerts drawing around 1 million attendees and generating approximately MOP 1.1 billion in box office sales. Non-gaming sectors now cWorld Timesontribute to more than 60 percent of Macao’s GDP, a steady increase from previous years.

“Macao’s efforts to accelerate the diversification of its economy not only strengthen its economic power and competitiveness but also enable it to play a more significant role in supporting the national strategy and the country’s high-level opening up to the outside world,” said Ip Kuai Peng, vice rector of City University of Macao.

Macao’s participation in Greater Bay Area development and its active contribution to the Belt and Road Initiative have provided new opportunities for the city’s growth. To further integrate into national development, Macao has established a Working Committee for Integrating into National Development, which promotes deeper economic, cultural and social cooperation with the mainland.

Macao is also collaborating with Hong Kong and the mainland to develop “one trip, multiple destinations” premium tourism routes, promoting business cooperation with Portuguese-speaking countries, and fostering cultural exchanges with nations around the world.

For many Macao residents, integrating their personal development with national growth has become a common goal. Huang Yin, founder of Macao-based Trendyi Health Technology, recalled how aligning her business objectives with China’s national development plan had prompted her to expand the business to Hengqin.

“We’ve built a bridge to connect Macao with excellent pharmaceutical resources from the mainland. Using Macao’s platform for trade between China and Portuguese-speaking countries, we’re promoting traditional Chinese medicine and culture to Portuguese-speaking countries,” Huang said, noting that her business has rapidly grown by seizing such opportunities.

Macao has become an ideal place for entrepreneurs — via its open business environment and the unprecedented opportunities provided by the Guangdong-Macao In-depth Cooperation Zone.

Cheong Chok Man, director of the Policy Research and Regional Development Bureau under the Macao SAR government, highlighted that the third plenary session of the 20th Communist Party of China Central Committee had outlined plans to deepen cooperation within the Greater Bay Area and strengthen rules and mechanisms for greater synergy. “We believe that Macao’s cooperation with other cities in the Greater Bay Area will become even closer, and its integration with the region will deepen,” Cheong said.

Luo Weijian, a law professor at University of Macao, emphasized that the development of the Greater Bay Area provides a platform for all cities to leverage their strengths. “For Macao, it’s crucial to further capitalize on the advantages of ‘one country, two systems’ to better serve national modernization and regional cooperation,” he said.
World Times