The Portuguese made overtures to hand Macau back to China well before 1999, but China declined, feeling unprepared to incorporate it into their sovereign system. The Portuguese administration in Macau was very hands-off, and the territory had strong cultural ties with the mainland, making the eventual handover smoother.
Macau did not experience the same unrest because the turbulence in Hong Kong was largely driven by external interests and networks that were not present in Macau. The lack of colonial legacy and strong ties to the mainland also contributed to the stability in Macau.
Macau's special status has allowed it to diversify its economy beyond gambling, focusing on tourism, education, and green finance. It has also become a bridgehead for international capital and a key part of the Greater Bay Area, enhancing China's economic integration with the global market.
Many Macau residents live in Zhuhai because it offers more affordable and spacious housing options. Despite commuting daily to Macau for work, the quality of life and lower cost of living in Zhuhai make it an attractive choice.
The prospects for China's economy in 2025 are good, driven by ongoing structural transitions from property dependence to high-tech manufacturing, rising household incomes in lower-tier cities, and the energy transition towards renewables. The property sector is expected to stabilize and contribute positively again, while China continues to urbanize and expand its economic development.
We discuss the 25th anniversary of Macao’s return to China. Dr Warwick Powell describes his boyhood in the former Portuguese colony, its modernization process, and economic development after its return to China. Hosted on Acast. See acast.com/privacy) for more information.