Macao marked the 25th anniversary of its return to China on December 20, 2024, with a grand ceremony attended by President Xi Jinping. At this significant milestone, President Xi delivered his keynote speech at the Macao Dome, outlining the accomplishments under the 'one country, two systems' framework and addressing future directions for the special administrative region.
During his address, Xi highlighted the glorious achievements Macao has made since its handover from Portugal, stating, "Macao’s glorious achievements since the handover show 'one country, two systems' as a good system contributing to national construction and ethnic rejuvenation" (original quote in Chinese: “澳门自回归以来取得的辉煌成就是‘一国两制’这一良好制度为国家建设和民族复兴做出的贡献。”). He emphasized the need for Macao to adapt to changing global dynamics, which included urging the region to boldly pursue changes and innovations.
"The current overall situation of Macao is stable, but the internal and external environments are undergoing significant changes," Xi continued, underlining the importance of preparation for future challenges. He called for the new government, led by Chan Ho-fai, who became the first Chief Executive from mainland China, to have the courage to diversify the economy. This shift is necessary to sustain growth and to prepare for the anticipated changes within Macao’s operational framework.
The transition to Chan Ho-fai as the Chief Executive symbolizes not only a political shift but also the growing integration of Macao with mainland China. Xi conveyed his expectations by stating, "Macao must promote moderate economic diversification and focus on cultivating internationally competitive new industries" (original quote in Chinese: “澳门要推动适度经济多元化，重点培育具有国际竞争力的新兴产业。”). Part of this strategy includes enhancing cooperation with Portuguese-speaking countries and promoting participation in China's Belt and Road initiative.
The integration process was illustrated through Xi's mention of the development of Hengqin Island, adjacent to Macao. This development initiative aims to create opportunities for diversification and growth beyond the traditional casino economy which has dominated Macao's financial structure, especially after the disruptions caused by the COVID-19 pandemic.
Historically, Macao has thrived significantly from its status as one of the world's leading gaming centers, with its economy surpassing the GDP recorded at the time of the handover by more than seven times. Although this economic model has generated wealth, Xi’s emphasis highlights the urgent need for reforms to avoid over-reliance on gaming and to bolster other sectors.
With the appointment of Chan Ho-fai, observers note the increasing consolidation of power and the central government's assertive presence within Macao. Some local voices expressed concern over the diminishing autonomy, indicating, "Macao has become increasingly integrated with the mainland, potentially undermining its earlier promised governance structure."
Nonetheless, Xi embraced the notion of Macao as "the treasure of the great motherland" (original quote in Chinese: “伟大祖国的宝藏。”), promoting the region as a model under the 'one country, two systems' principle and expressing confidence in its future as part of China’s overarching strategy.
While there seems to be general satisfaction among the citizens for the economic benefits ushered by the current governance, there is also skepticism from the youth about the lack of democratic presence, noting past administrative appointments have predominantly leaned on pro-Beijing affiliations, which may stifle dissenting views.
Xi's commentary focused heavily on economic progress this time around, contrasting it with previous speeches which emphasized national stability and security, especially related to the protests seen in Hong Kong. Analysts view this shift as indicative of the drive for economic resilience over political narrative, highlighting the prominent role Macao still plays within the Greater Bay Area framework.
To conclude, the ceremonial celebrations for Macao’s 25th return to China marked not just a commemoration but an exposition of future aspirations. With Xi's directives and the new Chief Executive's mandate, it remains pivotal for Macao to navigate its economic diversification and assert its role within the broader Chinese narrative, all the more significant as it approaches the halfway point of its 50-year autonomy.
