Chinese President Xi Jinping inaugurated a new Macau leader and emphasized the need for the gambling hub to diversify its economy during the 25th anniversary of Macau's return to China.
Chinese President Xi Jinping today inaugurated a new Macau leader and called for the gambling hub to diversify its economy as the former colony marked 25 years since being returned to China. When the former Portuguese colony reverted to Chinese rule on December 20, 1999, Beijing promised that the city’s “capitalist system and way of life” would remain unchanged for 50 years.
The city is now regarded by Beijing as a shining example of its “One Country, Two Systems” model — in contrast with neighbouring Hong Kong, which was rocked by sometimes violent pro-democracy protests until a Beijing-imposed national security law in 2020. Xi on Friday touted Macau’s accomplishments under Chinese rule, including its international appeal and a per capita GDP that ranks among the world’s highest. “Macau’s splendid achievements since its return to the motherland is proof to the world that ‘One Country, Two Systems’ has a clear systemic advantage and strong vitality,” Xi said in a speech at the inauguration.Following its handover, Macau grew into the world’s casino capital by gaming revenue and a popular destination for Chinese tourists. But it is now under orders from Beijing to diversify its economy — and the city’s leaders have suggested industries such as financial services, technology and Chinese medicine as new sources of growth. But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealt
CHINA MACAU ECONOMY DIVERSITY CASINO
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