General background: Colonized by the Portuguese
in the 16th century, Macau was the first European settlement
in the Far East. Pursuant to an agreement signed by
China and Portugal on 13 April 1987, Macau became the
Macau Special Administrative Region (SAR) of China on
20 December 1999. China has promised that, under its
"one country, two systems" formula, China's
socialist economic system will not be practiced in Macau
and that Macau will enjoy a high degree of autonomy
in all matters except foreign and defense affairs.
Area comparative: About 0.1 times the size
of Washington, DC
Climate: Subtropical;
marine with cool winters, warm summers
Terrain:
Generally flat
Population: 461,833 (July 2002 est.)
Ethnic groups: Chinese 95%, Macanese (mixed
Portuguese and Asian ancestry), Portuguese, other
Religions: Buddhist 50%, Roman Catholic 15%,
none and other 35% (1997 est.)
Language: Portuguese, Chinese (Cantonese)
Government type: NA
Capital: NA
Legal system: Based on Portuguese civil law
system
Economic overview: Macau's economy two years
after reversion to China remains one of the most open
in the world, according to the World Trade Organization.
The government collects no duty on imports and sets
no restrictions on exports beyond those required by
international agreements. The territory's net exports
of goods and services account for 35% of GDP, with
tourism and apparel exports as the mainstays. The
territory therefore has been hit hard by the 2001
downturn in its key US and EU export markets. Tourism
remained strong, however, driven by a surge in visitors
from mainland China. In response to the expected contraction
of the economy in 2002, the government has announced
a stimulative income tax cut and public works program
that will push the budget into deficit. China already
has extended support by easing restrictions on travel
to Macau and is proposing a China-Hong Kong-Macau
free trade area. China's economic weight is increasingly
felt, with the mainland now holding more than 50%
of assets in the financial, real estate, and construction
sectors. Mainlanders, however, have been excluded
from bidding on the gambling industry licenses that
Macau is offering to break up the territory's four-decade-old
gambling monopoly. Gambling taxes account for up to
60% of revenue, and the government with Beijing's
backing intends to revitalize the industry.
Communication/Telephone system: Fairly modern
communication facilities maintained for domestic and
international services.
Places of interest:
Travel tips:
|
