CGTN reports on Macao’s economic diversification over the past 25 years.

BEIJING, Dec. 11, 2024 — Hui Ho-Kit, a recent California graduate, returned to Macao with a plan to introduce advanced robotics from mainland China. He used the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) resources to launch his business, benefiting from the region’s technological growth.

Hui noted the GBA’s unique collaborative environment, highlighting Macao’s Portuguese connections, Hong Kong’s financial strength, and Shenzhen’s manufacturing expertise as complementary assets.

Hui’s experience illustrates Macao’s significant economic shift away from its previous reliance on gaming.

Since its return to China in 1999, Macao has undergone a substantial transformation. While initially known for casinos and tourism, it has actively pursued economic diversification. The GBA has been instrumental in this, supporting the development of technology, finance, and culture. Now integrated into the GBA, Macao is evolving into a hub for innovation.

In November 2023, Macao released its 2024-2028 economic diversification plan. This outlines strategies for tourism, traditional Chinese medicine, modern finance, advanced technologies, conventions, and culture and sports.

This plan reflects Macao’s growing technological innovation. Industry-university-research collaboration revenue and patent filings from higher education institutions have increased. Last year, this collaboration generated approximately 475 million patacas (about $59.2 million). Over 340 patents were secured between 2019 and September 2024. Macao is also actively participating in mainland China’s space program, launching its first space science satellite in May.

Macao’s diversification also involves major events like the International Fireworks Display Contest, the International Music Festival, and the Grand Prix. These events draw millions of tourists, boosting the economy and lessening reliance on traditional sectors like gaming, solidifying its international tourism reputation.

Infrastructure improvements are another key factor. The Guangdong-Macao Deep Cooperation Zone in Hengqin has enhanced connectivity with Zhuhai. From January to October, Gongbei Port, the main border crossing, saw over 90 million crossings, averaging over 300,000 daily. This facilitates the flow of people, goods, and services, strengthening Macao’s regional hub status and benefiting trade, tourism, and cross-border collaboration.

Urban planning focuses on efficient land use and sustainability. About 30 percent of new land development is in the Cooperation Zone, encouraging cross-border collaboration and optimizing space. This, along with infrastructure upgrades, promotes sustainable growth and integration within the GBA, ensuring balanced and sustainable development.

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