The Macao Special Administrative Region has flourished since its return to China in 1999, with innovation playing a key role in the region's economic growth, according to Alan Barrell, a professor at the University of Cambridge.
Barrell emphasized that Macao has made significant efforts to diversify its economy, with the central government's support, through policy, human resources, and financial resources.
As a result, the proportion of key industries that can drive economic growth has increased, and the economic structure has become more diversified and stable.
"I also have seen efforts being made in the field of healthcare, and particularly with fintech, financial technology. So, I think I see progress. I would say that innovation has played a very big part in what has been happening in Macao," he said in a documentary titled "25 Years of Lotus Bond" released on Saturday by the China Media Group (CMG) to commemorate the 25th anniversary of Macao's return to the motherland.
The documentary comprises five thematic episodes: Love for the Home and the Nation, A Path of Diversity, The Flavor of Happiness, A City of Integration, and Gateway to the Future. It highlights the successful practices of "one country, two systems" in Macao under the strategic guidance of the central government.
The Chinese government resumed sovereignty over Macao and established the Macao Special Administrative Region (SAR) on December 20, 1999.
Macao's economic growth driven by innovation: expert
