Macau was administered by the Portuguese Empire and its inheritor states from the mid-16th century until late 1999, when it constituted the last remaining European colony in Asia. Portuguese traders first settled in Macau in the 1550s. In 1557, Macau was leased to Portugal from Ming China as a trading port. The Portuguese Empire administered the city under Chinese authority and sovereignty until 1887, when Macau, through a mutual agreement between the two countries, became a colony. Sovereignty over Macau was transferred back to China on 20 December 1999. The Joint Declaration on the Question of Macau and Macau Basic Law stipulate that Macau operate with a high degree of autonomy until at least 2049, fifty years after the transfer.
Macau has a population of 650,900
The government in Macau is headed by the Chief Executive of Macau, who is appointed by the central government upon the recommendation of an election committee, whose three hundred members are nominated by corporate and community bodies. The recommendation is made by an election within the committee. The chief executive’s cabinet is made up of five policy secretaries and is advised by the Executive Council of Macau, which has between seven and eleven members. Edmund Ho, a community leader and former banker, was the first chief executive of the Macau SAR, replacing General Vasco Rocha Vieira at midnight on 20 December 1999. Fernando Chui is the current Chief Executive. The chief executive and the cabinet have their offices in the Macau Government Headquarters, located in the area of São Lourenço.
Infrastructure and Economy
Macau’s economy is based largely on tourism. Other chief economic activities in Macau are export-geared textile and garment manufacturing, banking and other financial services. The clothing industry has provided about three quarters of export earnings, and the gaming, tourism and hospitality industry is estimated to contribute more than 50% of Macau’s GDP, and 70% of Macau government revenue.
Macanese pataca (MOP)