Today the Macao Special Administrative Region celebrates the 25th anniversary of its establishment.

This momentous milestone presents an ideal opportunity to examine Macao’s current socioeconomic development, cultural integration, and dynamic presence on the world arena, as well as the challenges it has faced and triumphs it has achieved.

Since returning to the motherland in 1999, Macao’s economic structure has changed significantly. The city’s gaming industry has thrived, surpassing Las Vegas as the world’s leading gaming hub. The sector was opened up to international operators in 2002, creating new opportunities for tourism and foreign investment.

The tourism and gaming industry has always been vital to Macao’s economy, accounting for more than half of its GDP and employing a sizable portion of the population. Tourist economics, particularly boosted by visitors from the Chinese mainland, have stimulated the growth of other sectors such as the hospitality industry, retail and entertainment, resulting in a very robust economic environment and making significant progress in diversification, which is crucial to ensuring long-term economic stability and resilience.

To further diversify the city’s economic base, the Macao SAR government has initiated many measures and made great efforts to cultivate other sectors, such as finance, technology, education and cultural industries. The Guangdong-Hong Kong-Macao Greater Bay Area development plan initiated by the central government, which aims to integrate Hong Kong, Macao and nine cities in Guangdong province into a broader regional economic framework, has helped foster innovation and sustainable development in Macao.

Macao’s tourism industry is also booming, thanks to its cultural diversity enriched by a fusion of Portuguese and Chinese traditions, as evidenced by the architecture, food and culture. The Historic Centre of Macao, a UNESCO World Heritage site, best exemplifies this cultural blend, with sites including the Ruins of St. Paul’s and the A-Ma Temple.

The integration of East and West cultures is a significant advantage for Macao’s tourism, attracting visitors from all over the world.

Language plays a pivotal role in cultural integration. Both Chinese and Portuguese are official languages of Macao. Efforts to promote bilingual education and cultural exchanges have fortified this integration, fostering a sense of unity and shared identity among residents.

Along with economic success, the Macao SAR government has implemented various social welfare programs to improve residents’ overall well-being, including the provision of housing subsidies, healthcare benefits and education support.

The 25th anniversary of the establishment of the Macao SAR is a good moment for reflecting on the region’s progress, limitations and accomplishments. Macao has evolved from a tranquil colonial outpost to a bustling and dynamic city recognized for its economic growth, cultural diversity and international prominence

Macao’s strategic location and unique status as a special administrative region have established it as a vital participant on the global stage. As a link between China and the Portuguese-speaking world, Macao facilitates commercial and cultural contact. The Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Macao) emphasizes this function, which promotes bilateral commerce and investment.

Macao’s participation in the Belt and Road Initiative has enhanced its international prestige. The initiative intends to foster greater connectivity and collaboration between Asia, Europe and Africa, with Macao playing a substantial part in promoting commercial and investment linkages. This established new opportunities for economic growth and development, cementing Macao’s status as a hub for international business and finance.

Additionally, Macao’s reputation as a free port and its liberal economic policies have attracted many overseas enterprises and investors. The city’s robust legal structure, affordable taxes, and open regulatory environment render it an appealing location for multinational businesses looking to establish a presence in Asia.

Over the last 25 years, Macao has generated significant progress in a variety of fields. The region’s infrastructure has been considerably improved, with the construction of modern transport networks such as the Hong Kong-Zhuhai-Macao Bridge, which strengthened connectivity and promoted economic integration.

Macao’s education system has also witnessed significant advances, with greater funding for higher education and research institutions. The University of Macau’s new campus in Hengqin reflects its commitment to academic quality and innovation.

Though there are challenges to overcome, Macao’s prospects for the future are promising. Long-term stability is dependent upon initiatives to further diversify the economy and advance sustainable growth. Addressing socioeconomic gaps and raising residents’ standards of living will need more effort to further enhance social welfare and inclusive growth.

Furthermore, Macao’s position in the Great Bay Area and the BRI will continue to influence its trajectory on the international stage. The city can solidify its position as a major international center for trade, finance and cross-cultural interaction by utilizing its special advantages and advantageous location.

The 25th anniversary of the establishment of the Macao SAR is a good moment for reflecting on the region’s progress, limitations and accomplishments. Macao has evolved from a tranquil colonial outpost to a bustling and dynamic city recognized for its economic growth, cultural diversity and international prominence.

The city’s tenacity and adaptability provide a solid platform for achieving long-term growth and success.

The author is a Legislative Council member, founder of Save HK and a member of the Central Committee of the New People’s Party.

The views do not necessarily reflect those of China Daily.