MK socksseen in front of the Ruins of St. Paul's in Macao, south China, Dec. 18, 2024. The streets of Macao have been adorned by festive decorations, as the city is set to mark the 25th anniversary of its return to the motherland. (Xinhua/Cheng Yiheng)" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-12-12/7b906e6c-e01b-4900-a193-c693addd1a19.jpeg" />

A celebration installation is seen in front of the Ruins of St. Paul's in Macao, south China, Dec. 18, 2024. The streets of Macao have been adorned by festive decorations, as the city is set to mark the 25th anniversary of its return to the motherland. (Xinhua/Cheng Yiheng)

Economic and trade relations between the Chinese mainland and Macao Special Administrative Region (SAR) are growing stronger, the Ministry of Commerce (MOFCOM) said on Thursday just before the 25th anniversary of Macao’s return to the motherland. 

Among the significant achievements in economic cooperation, trade between the mainland and Macao reached $3.84 billion in 2023, marking a 4.3-fold increase from 1999.

The service trade has also seen substantial growth, as marked by the influx of mainland tourists to visit Macao. From 2004 to 2023, approximately 310 million mainland visitors traveled to Macao. The surge in tourism has boosted local retail, hospitality, and dining sectors in Macao, according to MOFCOM.

In a move to enhance tourism, the mainland increased the duty-free allowance for travelers entering the mainland from Macao from 5,000 yuan ($685.06) to 12,000 yuan in July, to boost tourism spending in the Macao SAR.

Investment flows have also been robust. As of October, the mainland has attracted $23.93 billion in direct investment from Macao while investing $14.19 billion into the Macao SAR. 

The mainland has actively supported Macao’s diversified economic development, particularly its exhibition industry. MOFCOM has facilitated entry and exit permits for key exhibition events, assisting 465 exhibition activities to date.

Since the release of the outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area in 2019, the MOFCOM has released supportive policies covering key areas such as consumption, circulation, trade, investment, and economic cooperation to back up Macao's integration into the country’s national development plans.

The MOFCOM also introduced special measures to support the relaxation of market access to Hengqin, home to the Guangdong-Macao In-depth Cooperation Zone, expanding the development space for diversified industries in Macao SAR.

Looking ahead, the MOFCOM will continue to foster economic collaboration between the mainland and Macao, support Macao’s rapid economic development, while contributing to the nation’s modernization drive.