Macao SAR

Macao, a Special Administrative Region of China since 1999, enjoys significant economic autonomy under the “One country, Two systems” principle. Formerly a colony of the Portuguese Empire, since the gaming industry was liberalized in 2001, this narrow peninsula just south of Hong Kong has seen its wealth grow at an astounding pace, turning into one of the richest territories in the world. However, ever since the Covid-19 pandemic prompted border closures and a sudden revenue decline, Macao has also bolstered its efforts to reduce the overreliance on the gaming sector by positioning itself as a regional center for international events and conventions, commerce, finance and technology services.

Macao maintains separate membership in the World Trade Organization from mainland China and offers an investor-friendly environment with minimal restrictions on foreign investment compared to domestic firms. Still, weaknesses persist, including a shortage of human resources, and regulatory inefficiencies.