Despite its modest land area of just 33 square kilometers, the Macao Special Administrative Region (SAR) attracts over 30 million visitors annually, thanks to its unique blend of a rich and diverse heritage and its modern creativity.
Since Macao's return to China 25 years ago, the region has stood a global model of fusion of Eastern and Western cultures.
To mark the 25th anniversary of Macao's return to China, a flurry of activities has been staged, including a dazzling light show, a performance featuring China's intangible cultural heritage directed by renowned Chinese director Zhang Yimou and a Peking Opera show.
"The spectators here have a strong desire to understand Chinese traditional culture. Every time we visit, we try to spread and promote the art of Peking opera at the kindergartens, primary and middle schools," said Yu Kuizhi, a leading Peking Opera artist.
Macao's charm lies in its fusion of East and West, where diverse cultures blend seamlessly.
Its historic center, which includes 22 ancient buildings and eight squares, is listed as a United Nations Educational, Scientific, and Cultural Organization (UNESCO) World Heritage site.
Though small in size, Macao is home to 11 national intangible cultural heritage items.
Since the Cantonese Opera was successfully listed as an UNESCO intangible cultural heritage, the SAR government has taken pains to promote the art in primary and secondary schools.
Under the guidance of top instructors, young students have traveled to the mainland for competitions, achieving outstanding results and injecting new energy into the art form.
Adhering to a spirit of inclusivity, Macao has expanded its international cultural exchanges.
In 2017, it was named the UNESCO Creative City of Gastronomy, and recently it was declared as Culture City of East Asia 2025.
Emerging as an arts and performance hub, the SAR government and private sector hosted over 2,000 major performances in 2023, with more than 10,000 cultural events attracting nearly 20 million participants.
With over 50 major festivals taking the stage each year, the city lures tourists from around the world.
Over the past 25 years, Macao has earned numerous prestigious titles, showcasing the rapid development of its cultural sector under the "one country, two systems" policy.
"The nation has positioned us as 'one center, one platform and one base.' With so many golden accolades, we must make the most of our international exchange platform, sharing the distinctive Macao story and the Chinese story of traditional culture and multicultural coexistence," said Leong Wai Man, head of Macao's Cultural Affairs Bureau.
The "one center, one platform and one base" refers to a world center for tourism and leisure, a commercial and trade cooperation service platform between China and Portuguese-speaking countries, and a base for cultural exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist.
Macao shines as global model of rich cultural diversity
U.S. stocks plunged on Monday as investors grappled with mounting concerns over the health of U.S. economy.
The Dow Jones Industrial Average fell 890.01 points, or 2.08 percent, to 41,911.71. The Standard and Poor's 500 dropped 155.64 points, or 2.70 percent, closing at 5,614.56, while the Nasdaq Composite Index tumbled 727.90 points, or 4.00 percent, to 17,468.33, its worst day since 2022.
Nine of the 11 primary Standard and Poor's 500 sectors ended in the red, with technology and consumer discretionary suffering the steepest declines, falling 4.34 percent and 3.90 percent respectively. In contrast, utilities and energy managed to post modest gains of 1.04 percent and 0.95 percent.
Investor unease was fueled by the recent comments from U.S. President Donald Trump, who acknowledged the possibility of a rough economic patch ahead.
U.S. Treasury Secretary Scott Bessent said last Friday that the economy might experience a "detox period" as the new administration implements government spending cuts.
During a Fox News interview aired on Sunday, Trump described the economic situation as a "period of transition" when asked about the potential for a recession. "What I have to do is build a strong country," Trump said. "You can't really watch the stock market."
These remarks, coupled with escalating trade tensions -- highlighted by ongoing tariff negotiations between the United States, Mexico, and Canada -- have rattled market participants. The technology-heavy Nasdaq recorded its worst day since 2022, as major players like Nvidia, Apple, Alphabet, and Meta each fell over 4 percent, with Tesla plunging 15.43 percent.
The Standard and Poor's 500 has now erased all the gains it had made since Election Day in early November last year. The Nasdaq has been hit even harder, as a rally in big tech stocks driven by enthusiasm for artificial intelligence reversed course.
Analysts are increasingly worried that the U.S. economy may face a prolonged period of sluggish growth. In a research note, Goldman Sachs chief economist Jan Hatzius revised his 2025 GDP forecast downward to 1.7 percent from 2.4 percent while raising his projection for the Fed's preferred inflation gauge to end the year at 3 percent, up from prior estimates in the mid-2 percent range. These updated forecasts mark the first time in roughly two and a half years that U.S. GDP growth is expected to fall below consensus data, which currently anticipates above 2 percent growth.
Investors continued to seek safe-haven assets, driving demand for bonds and pushing the 10-year U.S. Treasury yield down to 4.22 percent, as bond prices and yields move inversely. The simultaneous decline in stocks and interest rates is often viewed as a sign of growing economic uncertainty. Adding to the cautious sentiment, oil prices also dropped, reflecting broader concerns about the economy's outlook.
As market sentiment is fragile, investors continue to weigh Trump's mixed signals on tariffs and recession warnings against the backdrop of tightening trade policies and evolving monetary policy expectations. The coming weeks will be critical, with the February consumer price index to be released on Wednesday and the producer price index set to follow on Thursday.
US stocks slump as recession risks weigh on investors
