Careers, Jobs and Education Resources for: Macau


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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. In this agreement, China promised that, under its "one country, two systems" formula, China's socialist economic system would not be practiced in Macau, and that Macau would enjoy a high degree of autonomy in all matters except foreign and defense affairs for the next 50 years. (from the CIA)
 
 

 

Economic Overview

Macau's economy has enjoyed strong growth in recent years on the back of its expanding tourism and gaming sectors. since opening up its locally-controlled casino industry to foreign competition in 2001, the territory has attracted tens of billions of dollars in foreign investment that have helped transform it into the world's largest gaming center. in 2006, macau's gaming revenue surpassed that of the las vegas strip, and gaming-related taxes accounted for 75% of total government revenue. the expanding casino sector, and china's decision beginning in 2002 to relax travel restrictions, have reenergized macau's tourism industry, which saw total visitors grow to 27 million in 2007, up 62% in three years. macau's strong economic growth has put pressure its labor market prompting businesses to look abroad to meet their staffing needs. the resulting influx of non-resident workers, who totaled one-fifth of the workforce in 2006, has fueled tensions among some segments of the population. macau's traditional manufacturing industry has been in a slow decline. in 2006, exports of textiles and garments generated only $1.8 billion compared to $6.9 billion in gross gaming receipts. macau's textile industry will continue to move to the mainland because of the termination in 2005 of the multi-fiber agreement, which provided a near guarantee of export markets, leaving the territory more dependent on gambling and trade-related services to generate growth. however, the closer economic partnership agreement (cepa) between macau and mainland china that came into effect on 1 january 2004 offers many macau-made products tariff-free access to the mainland. macau's currency, the pataca, is closely tied to the hong kong dollar, which is also freely accepted in the territory.

Environmental Issues

Na

Government Type

Limited democracy

Population

545,674 (july 2008 est.)

Location

Eastern asia, bordering the south china sea and china

Area

Total: 28.2 sq km land: 28.2 sq km water: 0 sq km

Less than one-sixth the size of washington, dc

Country Aliases

Conventional long form: macau special administrative region conventional short form: macau local long form: aomen tebie xingzhengqu (chinese); regiao administrativa especial de macau (portuguese) local short form: aomen (chinese); macau (portuguese)

International Disputes

None

Sources: Central Intelligence Agency (CIA)

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