On The Economic Development Of Macao After The 1960s

This paper is presented against the background of Macao's economicdevelopment in the 1960s. Based on the history, present condition, characteristicsand causes if Macao's economic development, efforts have been made tosummarize and do some research on the economic development from theperspectives of both practice and theory. This paper consists of three parts.Chapter one focuses on the introduction to the natural history of Macao andthe development, characteristics and causes of Macao's economy in the 1960s.First, Macao is located at the south tip of the delta of the Pearl River and it iscomposed of Macao peninsula, Dangzi Island and Luhuan Island. It has a totalarea of 23.5 square km and its population is 400 thousand. From 1887 to 1999,Macao was under the reign of Portugal and on the 20th, December 1999, it wasreturned to China.Second, from the sixties to Macao's return to China, its economicdevelopment can be divided mainly into two phases: from the sixties to theseventies, Macao's economy experienced the process from depression toprosperity; from the eighties till now, due to the rising up of the manufacturingindustry and finance, Macao's economy presents multiple features and thesystem with industry, tourism and gambling, real estate and insurance as pillars isfounded. Every industry has its own history, characteristics and its owndepartments.Third, the five features of Macao's economic development1, typical economic zone with export as its orientation2, its economy is strongly dependent on foreign economy3, the framework of industry is not intact and there is over accumulation ofsome industries4, the collectivization of industries5, the ever increasing economic ties with others and the development ofregional cooperationFourth, reasons for Macao's economic features:1, the change in the political and economic policies 2, the driving of Hongkong and mainland economy 3, the rule of migration is not strict 4, the attraction of overseas investors by the low taxes Chapter two is devoted to the discussion if the condition, characteristics andcauses of Macao's economic development. First, the returning of Macao to the Mainland causes some change in itseconomy and makes the framework of industry present new features: themanufacturing industry is developed towards high-tech, further processing andhigh rewards; the industries with high density of labor are moved to theneighborhood areas; the financial insurance and real estate will develop togetherwith the development of gambling and exportation. From the year 2000, Macao's economy began to resuscitate and thegovernment of this special economic zone put forward the mid and long termgoal for the economic development of Macao; in the year 2003, Macaoconstructed three platforms for its economic development; in the year 2004, therepresentative of the people's congress, director of the office for centralgovernment's communication with Macao Bai Zhijian used four features to sumup the present condition of Macao: the fast developing economy, the stable andpeaceful society, the effective government and the happy and contented citizens. Second, Macao's economic development presents six features after itsreturning to China: 1, the sound development of tourism and gambling and the tax from tourismand gambling is on the rise. 2, the tendency of rising of foreign trade 3, the revival of the real estate 4, the stable development of financial insurance 5, the remarkable increase of the retailing 6, the strengthening of regional cooperation and the foreign connections Third, causes for the economic development after Macao's returning: 1, the inner and outer factors for the change in the framework of industry 2, "one country, two system"provides the basic legal protection for Macao'seconomic development3, WTO provides the basic international legal framework 4, CEPA offers new opportunities for Macao's economic development Chapter three is to verify the position and prospect of Macao's economicdevelopment First, the general idea of Macao's economic development after returning isto strengthen the strong points and avoid the weak ones; to show its advantage inorder to improve its competitive force; to take into consideration the historicalconditions and the present state of affairs in order to develop economy with itsown characteristics. To be specific, the following point cannot be ignored: 1, to continue the policy with tourism and gambling as the pillar of Macao'seconomy 2, to further the manufacturing industry for exportation 3, to consolidate the construction of basic facilities and exert Macao's roleas an international free port and to make Macao a regional center for trade andshipping 4, to develop further the information service industry and to make Macao aninformation center of high-tech Macao involvement in the development of the delta area of the Pearl Riveris of great significance and the reasons are as follows: 1, Macao is qualified to cooperate with others 2, it can act as a tie between the inner Mainland and the outer world 3, it has four obvious advantages: the stable development of the economyaround Macao is a must for Macao's development; the regional advantage can beutilized; the regional cooperation and development can help improve thesingularity of the framework of Macao's economy; it helps to enlarge theachievements of CEPA. 4, the development space of Macao can be enlarged. Third, the development of new industries: 1, industry of exhibition A, The industry of international exhibition presents new trends ofprofessional feature, big scale, well-known brand and internationalization. B, The opportunities Macao has in developing the industry of exhibition.After returning to China, the obvious development of economy and society is the...