Trade ties between Macao, mainland get stronger over past 25 years

The trade between the mainland and Macao has grown stronger in the past 25 years since Macao returned to China and the special administrative region was established, jumping 4.3 times from that in 1999 to reach 3.84 billion U.S. dollars in 2023, the Ministry of Commerce said on Thursday in a statement.

The ministry has been facilitating the economic exchanges and trade between the two sides to bolster the economic development and improve people's wellbeing in Macao.

In terms of the trade in goods, the mainland has implemented zero tariffs on all products originating in Macao to support the development of traditional industries in Macao.

The service trade has also seen substantial growth, as marked by the influx of mainland tourists to visit Macao. From 2004 to 2023, about 310 million mainland visitors traveled to Macao, according to the ministry.

The ministry also said that the mainland increased the duty-free allowance for travelers entering the mainland from Macao from 5,000 yuan (685.06 U.S. dollars) to 12,000 yuan in July, to boost tourism spending in Macao.

Investment between the two sides have also been robust. As of October, the mainland has attracted 23.93 billion U.S. dollars in direct investment from Macao while investing 14.19 billion U.S. dollars in Macao.

The bilateral economic and trade cooperation mechanism has been continuously improved, and the two-way opening level has been continuously upgraded, with the implementation of a series of policies, the ministry said.

Since 2003 when the mainland and Macao signed the Closer Economic Partnership Arrangement (CEPA) and its series of agreements, the two sides have fully liberalized trade in goods, basically liberalized trade in services, and provided comprehensive protection for investment. Economic and technological cooperation has expanded to broader areas as well.

The release of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area and the overall development plan for the Guangdong-Macao in-depth cooperation zone in Hengqin have supported Macao to align with the national development strategy and better integrate into the overall development of the country.

Looking ahead, the ministry will continue to foster economic collaboration between the mainland and Macao and support Macao to appropriately diversify its economy and maintain a long-term prosperity and stability.

Trade ties between Macao, mainland get stronger over past 25 years

Trade ties between Macao, mainland get stronger over past 25 years

The all-around rural revitalization is crucial for both developed regions and those that have shaken off poverty, with new growth drivers emerging for rural areas, said an expert when interpreting the annual central rural work conference held in Beijing from Tuesday to Wednesday.

The conference emphasized the need to learn from and apply the experience from the Green Rural Revival Program to advance rural revitalization in all respects.

In June 2003, east China's Zhejiang Province launched the Green Rural Revival Program, which plans to renovate about 10,000 incorporated villages and transform about 1,000 central villages among them into examples of moderate prosperity in all respects.

Ye Xingqing, a senior researcher at the Development Research Center of the State Council, said all-around rural revitalization can be comprehended from various dimensions.

First, the revitalization encompasses various aspects such as economic, political, social, cultural, and ecological development, along with Party building. Second, the measures to promote rural revitalization are also comprehensive, including revitalization in industries, organizations, talents, ecology, and culture, according to the expert.

"An important element of all-around rural revitalization is that, in terms of regions, both developed regions and those pulled out of poverty are faced with the new task of rural revitalization. Especially in regions lifted out of poverty, it is essential to align efforts to consolidate achievements in the battle against poverty with those to promote all-around rural revitalization," Ye said.

As the focus of work related to agriculture, rural areas, and rural residents shifts towards promoting all-around rural revitalization, a series of new changes has taken place in China's agriculture and rural areas in recent years, and new growth drivers for rural areas are gradually taking shape.

"This includes new business models, such as the use of digital and smart technologies to transform traditional industries, which many regions are embracing. There have also been new developments in boosting rural consumption and investment markets. For instance, in the first to third quarters of 2024, retail sales of consumer goods in rural areas have shown a growth rate surpassing that of urban areas," Ye said.

All-around rural revitalization vital for developed and previously impoverished regions: expert