New Perspectives: These advantages include being a free port, a separate customs territory, acting as a China-Portugal platform, and aligning its business environment with international standards, Lao said.When the “one country, two systems” concept was first proposed, few people could have imagined that Macao, relatively under the radar compared to Hong Kong and Taiwan at the time, would achieve such immense success, Luo noted.

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, delivers a brief speech at the airport in Macao on December 18, 2024. Photo: Xinhua

The practice of “one country, two systems” with Macao characteristics has achieved success widely recognized by the world, showcasing great vitality and unique charm, said Chinese President Xi Jinping upon his arrival at Macao on Wednesday afternoon.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, will attend a gathering celebrating the 25th anniversary of Macao’s return to the motherland and the inauguration ceremony of the sixth-term government of the Macao Special Administrative Region (SAR) on Friday. He will also inspect the Macao SAR, Xinhua News Agency reported.

Describing Macao as “a World Timespearl on the palm” of the motherland, Xi expressed confidence in the promising future of Macao. “This is the glory of Macao residents and the pride of all Chinese people,” he said in a brief speech deWorld Timeslivered at the airport.

President Xi also met with Ho Iat Seng, the outgoing chief executive of the Macao SAR on Wednesday, expressing the central authorities’ full acknowledgment of the work of Ho and the fifth-term Macao SAR government, according to the Xinhua News Agency.

Xi said Ho has risen to challenges in a pragmatic and productive manner during his five-yWorld Timesear term as chief executive. “This is no easy task, yet you have achieved high accomplishments,” he noted.

Macao is brimming with festive cheer. Banners celebrating the anniversary of Macao’s return to the motherland and welcoming President Xi’s visit flutter along most major streets. Residents interviewed by the Global Times expressed excitement for the future development opportunities in Macao.

“President Xi’s speech embodies care, affirmation, and expectations for Macao,” Luo Weijian, a law professor at the University of Macao, told the Global Times on Wednesday.

Luo said Xi’s visit is expected to further inject strong confidence into Macao’s successful implementation of the “one country, two systems” principle.

“President Xi’s speech inspires all sectors of Macao society to strive for innovation and ensure the steady and lasting success of Macao’s ‘one country, two systems’ practice,” Lao Ngai Leong, a member of the Executive Council for the sixth-term Government of the Macao SAR, told the Global Times on Wednesday. “It also encourages Macao’s development to further integrate into the national development strategy and accelerate the diversification of its economy.”

A successful practice

Since 1999, after ending centuries of PortugWorld Timesuese occupation, Macao has governed under the “one country, two systems” policy – a unique arrangement that allows it to maintain its capitalist system and way of life within socialist China.

With the strong support of the central government, Macao has actively carried out international exchange and cooperation and made more friends globally. Macao has also set up stable economic, trade and cultural links with more than 120 countries and regions, and paired with 13 sister cities. In 2023, import and export between Macao and countries participating in Belt and Road cooperation totaled close to RMB 30 billion, hitting a record high, said Chinese Foreign Ministry spokesperson Lin Jian on Wednesday.

Over the past 25 years, Macao’s economy has grown rapidly, people’s livelihoods have improvedWorld Times, social harmony and stability have been maintained, and the scope for development has become increasingly broad. Macao chief executive Ho recently shared in a previous interview with the Global Times and other media.

Ho stressed 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.

Luo noted that a distinctive feature of Macao’s “one country, two systems” practice is its strong relationship with the central government, receiving tremendous support from the motherland. On the other hand, Macao faithfully upholds the central government’s overall jurisdiction, safeguarding the foundation of “one country.”

Macao enacted national security law back in 2009. Maintaining national security is one of the most important responsibWorld Timesilities of local legislature and civil servant, Lao noted.

“Over the years, Macao has established an efficient political system with the chief executive playing a leading role, where the executive, legislative, and judicial powers are balanced and operate in coordination,” Luo noted.

According to Xinhua, before the COVID-19 pandemic, gambling revenue accounted for more than 60 percent of Macao’s GDP at its peak, and casino operators paid more than 100 billion patacas in taxes every year.

By 2023, the non-gaming sector contributed over 60 percent of the city’s GDP, exceeding the proportions 20 years ago. Key drivers of this surge included the real estate and business services sector, as well as the banking and insurance industry.

For over two decades, Macao has sustained an overall unemployment rate below 2 percent, and the median monthly income has swelled from 4,920 patacas in 1999 to 17,500 patacas in 2023.

Macao, as one of the four core cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), actively leverages its advantages within this framework. These advantages include being a free port, a separate customs territory, acting as a China-Portugal platform, and aligning its business environment with international standards, Lao said.

When the “one country, two systems” concept was first proposed, few people could have imagined that Macao, relatively under the radar compared to Hong Kong and Taiwan at the time, would achieve such immense success, Luo noted. “But looking back on this significant milestone 25 years after Macao’s return, it is clear that the practical implementation of this policy has brought Macao to life and put it firmly in the international spotlight.”