Hui Ho-Kit returns to Macao, sparking a new economic mission
- Macao will mark its 25th anniversary of returning to China on December 20, 2024, with special programs from CCTV4.
- Macao's Chief Executive Ho Iat Seng emphasizes the importance of integrating into the national development strategy for economic stability.
- The region is increasingly diversifying its economy, reducing reliance on the gaming industry and promoting cultural and technological sectors.
On December 20, 2024, Macao will celebrate 25 years since its return to China, marking this important milestone with various special programs broadcasted by CCTV4. The programs will include discussions on Macao's growth across various sectors such as culture, economy, society, and tourism, showcasing how the region has evolved since its reintegration into China. Chief Executive Ho Iat Seng emphasized the rapid growth of Macao’s economy in the last quarter-century while also highlighting the importance of diversifying industries beyond gaming to enhance resilience against economic uncertainties. Macao's integration into the Greater Bay Area has played a crucial role in this transformation, enabling collaboration across sectors. New plans outline the development of various industries, including technology, finance, and culture, aiming to create a more balanced economy. The city is actively pursuing cultural tourism and modern finance as key components of its strategy to diversify economically. Macao's efforts also include fostering innovation through partnerships with local educational institutions and promoting high-profile events that attract international visitors. Since its return to China in 1999, Macao has focused primarily on the gaming industry which, while lucrative, left the economy vulnerable during downturns. The government recognized the necessity of economic diversification to mitigate risks associated with relying on a single industry, particularly in light of disruptions caused by global events. In response, initiatives to promote non-gaming sectors have been set up, which include enhancing infrastructure and community services. Moreover, the establishment of the Guangdong-Macao Deep Cooperation Zone has significantly improved the region's connectivity with neighboring cities, enhancing collaborative potential. The cooperation zone serves not only as a hub for economic activities but also promotes sustainable urban development strategies, showcasing Macao's commitment to a future beyond its historical economic dependence. The combined effort of government stability, community engagement, and inter-regional cooperation underline the continuing evolution of Macao into a diversified and resilient economy, celebrating its past while looking towards its future with optimism.