BEIJING - Macao's economic and trade exchange and cooperation with the mainland have been deepened, improved and expanded since the region's return to the motherland 25 years ago, China's Ministry of Commerce said on Thursday.

The trade volume between the mainland and Macao totaled $3.84 billion in 2023, a 4.3-fold increase over volumes recorded before its return to the motherland, commerce ministry spokesperson He Yadong said at a press conference.

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By October 2024, the mainland had absorbed $23.93 billion of direct investment from Macao, and Macao had received $14.19 billion of direct investment from the mainland.

By signing the Closer Economic Partnership Arrangement (CEPA) and its series of agreements, the mainland has achieved full trade liberalization in goods and basic liberalized trade in services with Macao, He said.

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In October this year, the mainland and Macao signed an updated version of CEPA, aiming to lower or cancel the entry threshold for the region's services providers in key areas such as medical care, finance, innovation, tourism, and science and technology.

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The ministry will continue to support Macao in developing its economy, improving its people's livelihoods, and integrating itself into the overall development of the country in an improved manner, He noted.