Reaffirmed support crucial to SARs

There is much to be celebrated by both the leaders and people of the Macao Special Administrative Region.

In his meeting with Macao's Chief Executive Fernando Chui Sai-on on Monday, Zhang Dejiang, chairman of the Standing Committee of the National People's Congress, articulated the central government's full endorsement of the enormous economic and social achievements the Macao SAR has attained in the course of correctly and thoroughly implementing the "One Country, Two Systems" policy.

Zhang's remark on the first day of his three-day trip to Macao reflected the central government's full recognition of the Macao government's performance. Indeed, the leadership of both the current and previous administrations of Macao deserve a pat on the back for the city's great achievements.

Over the past nearly two decades since its handover in 1999, Macao has managed to sustain rapid economic growth. With an average growth rate of 13.1 percent a year - a level unrivaled around the world - the city saw its GDP increase more than six-fold to 362.6 billion patacas ($45.22 billion) in 2015 from 50.3 billion in 1999. Thanks to robust economic growth, Macao has become one of the world's richest cities, with a per capita GDP of $69,000.

In terms of social development, Macao apparently did as well. The city boasts of an average life expectancy of 85 years - among the world's longest, thanks to ever-improving social welfare and social security systems including an effective social medical security system.

But the visit of the top State leader in charge of Hong Kong and Macao affairs means much more than just a pat on the back for Macao. Zhang's Macao trip is also intended to relay the central government's wish that the SAR will put in more effort into developing and diversifying its economy. Zhang has relayed a similar message - among others - to the Hong Kong SAR during his three-day trip to the city around this time last year.

It is widely expected that the State leader will come up with more ideas during his stay in Macao on how the two SARs' future economic development could dovetail with national economic development, particularly national strategic initiatives such as the Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area project.

The central government's reaffirmed support is crucial to the further economic development in the two SARs, both of which have encountered a common bottleneck - a narrow economic base. This bottleneck could only be resolved by speeding up economic transformation and diversification. The process of economic transformation and diversification has been stagnant in both Hong Kong and Macao due to insufficient internal momentum. It is very likely that the process will receive a big boost if both SARs take an active part in those national strategies and give full play to their respective advantages.

(HK Edition 05/09/2017 page8)