Macau Location : Eastern Asia, bordering the South China Sea and China
Capital City :
Curreny : pataca (MOP)
Languages Spoken : Portuguese, Chinese (Cantonese)
Climate : subtropical; marine with cool winters, warm summers
National Holiday : National Day (Anniversary of the Founding of the People's Republic of China), 1 October (1949); note - 20 December 1999 is celebrated as Macau Special Administrative Region Establishment Day
Background Information
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.
Geographical Note
essentially urban; one causeway and two bridges connect the two islands of Coloane and Taipa to the peninsula on mainland
Economy
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.
Religions
Buddhist 50%, Roman Catholic 15%, none and other 35% (1997 est.)
Ports : Macau
International Disputes - Risks to travellers
: none
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