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Phone Code: 00853Root-level Domain Code: .mo
Phone Code: 00853
Root-level Domain Code: .mo
Background: 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 for the next 50 years.
Economy Overview: Macau's well-to-do economy has remained one of the most open in the world since its reversion to China in 1999. Apparel exports and tourism are mainstays of the economy. Although the territory was hit hard by the 1997-98 Asian financial crisis and the global downturn in 2001, its economy grew 10.1% in 2002, 14.2% in 2003, and 28.6% in 2004 before slowing to 6.7% in 2005. The economic boom was powered by gambling, tourism, and the construction necessary to support such endeavours. China's decision to ease travel restrictions led to a rapid rise in the number of mainland visitors. The opening of Macau's gaming industry to foreign access in 2001 spurred an increase in public works expenditures. The budget also returned to surplus in 2002 because of the surge in visitors from China and a hike in taxes on gambling profits, which generated about 70% of government revenue. Much of Macau's textile industry may move to the mainland due to the termination in 2005 of the Multi-Fiber Agreement, which provided a near guarantee of export markets, leaving the territory more dependant on gambling and trade-related services to generate growth. 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. The range of products covered by CEPA was expanded on 1 January 2005.
Geography Note: essentially urban; an area of land reclaimed from the sea measuring 5.2 sq km and known as Cotai now connects the islands of Coloane and Taipa; the island area is connected to the mainland peninsula by three bridges
Location: Eastern Asia, bordering the South China Sea and China
Natural Resources: NEGL
Geographic Coordinates: 22 10 N, 113 33 E
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