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Economy Of Macau
The economy of Macau has remained one of the most open in the world since its handover to China in 1999. Apparel exports and gambling-related tourism are mainstays of the economy. Since Macau has little arable land and few natural resources, it depends on mainland China for most of its food, fresh water, and energy imports. Japan and Hong Kong are the main suppliers of raw materials and capital goods. Although Macau was hit hard by the 1997–98 Asian financial crisis and the early 2000s recession, its economy grew approximately 13.1% annually on average between 2001 and 2006. Macau is a full Member of the World Trade Organization. Public security has greatly improved after handover to the People's Republic of China. With the tax revenue from the profitable gambling industry, the Macau government is able to introduce the social welfare program of 15 years of free education to all Macau citizens. In 2015, Macau's economy saw a sharp decrease (-26.4% year-on-year in Q2 2015) due t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macanese Pataca
The Macanese pataca or Macau pataca (; pt, pataca de Macau; sign: $; abbreviation: P; ISO code: MOP) is the currency of the Macau Special Administrative Region of the People's Republic of China. It is subdivided into 100 ''avos'' (; ''sin''), with 10 avos called ''ho'' () in Cantonese. Macau has a currency board system under which the pataca is 100 per cent backed by foreign exchange reserves, in this case currently the Hong Kong dollar (itself backed by the United States dollar). Moreover, the currency board, Monetary Authority of Macau (AMCM), has a statutory obligation to issue and redeem Macau pataca on demand against the Hong Kong dollar at a fixed exchange rate of HK$1 = MOP 1.03, and without limit. History The Spanish American silver dollar was in wide use in Asia and the Americas between the 16th to 20th centuries, and was imported by China in large quantities. They were typically minted in Mexico and then brought to the Philippines as part of the Spanish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Intelligence Agency
The Central Intelligence Agency (CIA ), known informally as the Agency and historically as the Company, is a civilian foreign intelligence service of the federal government of the United States, officially tasked with gathering, processing, and analyzing national security information from around the world, primarily through the use of human intelligence (HUMINT) and performing covert actions. As a principal member of the United States Intelligence Community (IC), the CIA reports to the Director of National Intelligence and is primarily focused on providing intelligence for the President and Cabinet of the United States. President Harry S. Truman had created the Central Intelligence Group under the direction of a Director of Central Intelligence by presidential directive on January 22, 1946, and this group was transformed into the Central Intelligence Agency by implementation of the National Security Act of 1947. Unlike the Federal Bureau of Investigation (FBI), which is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-corruption Campaign Under Xi Jinping
A far-reaching anti-corruption campaign began in China following the conclusion of the 18th National Congress of the Chinese Communist Party (CCP) in 2012. The campaign, carried out under the aegis of Xi Jinping, General Secretary of the Chinese Communist Party, was the largest organized anti-corruption effort in the history of CCP rule in China. Upon taking office, Xi vowed to crack down on "tigers and flies", that is, high-level officials and local civil servants alike. Most of the officials investigated were removed from office and faced accusations of bribery and abuse of power, although the range of alleged abuses varied widely. The campaign 'netted' over 120 high-ranking officials, including about a dozen high-ranking military officers, several senior executives of state-owned companies, and five national leaders (list). More than 100,000 people have been indicted for corruption. The campaign is part of a much wider drive to clean up malfeasance within party ranks and sho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Welfare
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet Basic needs, basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. most pension systems), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering old age pension, support for those in old age, Child benefit, support for the maintenance of children, Universal healthcare, medical treatment, parental leave, parental and sick leave, unemployment benefits, unemployment and disability benefits, and workers' compensation, support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Security
Public security or public safety is the prevention of and protection from events that could endanger the safety and security of the public from significant danger, injury, or property damage. It is often conducted by a state government to ensure the protection of citizens, persons in their territory, organizations, and institutions against threats to their well-being, survival, and prosperity. The public safety issues that a municipality, county, regional, or federal jurisdiction may handle include crimes (ranging from misdemeanors to felonies), structure fires, conflagrations, medical emergencies, mass-casualty incidents, disasters, terrorism, and other concerns. Public safety organizations are organizations that conduct public safety. They generally consist of emergency services and first responders such as law enforcement, fire services, emergency medical services, security forces, and military forces. They are often operated by a government, though some private public safe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early 2000s Recession
The early 2000s recession was a decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001. The UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, in fact began to recover from said situation. Japan's Lost Decade (Japan), 1990s recession continued. This recession was predicted by economists, because the boom of the 1990s (accompanied by both low inflation and low unemployment) slowed in some parts of East Asia during the 1997 Asian financial crisis. The recession in industrialized countries was not as significant as either of the two previous worldwide recessions. Some economists in the United States object to characterizing it as a recession since there were no two consecutive quarters of negative growth. United States After the relatively mild early 1990s recession in the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asian Financial Crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid and worries of a meltdown subsided. The crisis started in Thailand (known in Thailand as the ''Tom Yam Kung crisis''; th, วิกฤตต้มยำกุ้ง) on 2 July, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar. Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. As the crisis spread, most of Southeast Asia and later South Korea and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt. South Korea, Indonesia and Thailand were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mainland China
"Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. By convention, the territories that fall outside of the Chinese mainland include: * Hong Kong, a quasi-dependent territory under PRC rule that is officially designated a " Special Administrative Region of the PRC" (formerly a British colony) * Macau, a quasi-dependent territory under PRC rule that is officially designated a "Special Administrative Region of the PRC" (formerly a Portuguese colony) * Territories ruled by the Republic of China (ROC, commonly referred to as Taiwan), including the island of Taiwan, the Penghu (Pescadores) islands in the Taiwan Strait, and the islands Kinmen, Matsu, and Wuqiu (Kinmen) offshore of Fujian. Overseas Chinese, especially Malaysian Chinese and Chinese Singaporeans, use this term to describe p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macau
Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a population of about 680,000 and an area of , it is the most densely populated region in the world. Formerly a Portuguese colony, the territory of Portuguese Macau was first leased to Portugal as a trading post by the Ming dynasty in 1557. Portugal paid an annual rent and administered the territory under Chinese sovereignty until 1887. Portugal later gained perpetual colonial rights in the Sino-Portuguese Treaty of Peking. The colony remained under Portuguese rule until 1999, when it was transferred to China. Macau is a special administrative region of China, which maintains separate governing and economic systems from those of mainland China under the principle of " one country, two systems".. The unique blend of Portuguese and Chinese arc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling In Macau
Gambling in Macau has been legal since the 1850s when the Portuguese government legalised the activity in the autonomous colony. Since then, Macau has become known worldwide as the "Gambling capital of the world" or "Monte Carlo of the East". Gambling tourism is Macau's biggest source of revenue, making up about 50% of the economy. Visitors are largely from mainland China and Hong Kong. With the entry of large foreign casinos from Las Vegas and Australia, Macau overtook the Las Vegas Strip in gambling revenues in 2007. Until Western-style casino games were introduced in the 20th century, only Chinese games were played, the most popular being Fan-Tan. Generally, gambling in Macau can be divided into one of four categories: casino games, greyhound racing, sports betting, and lotteries. At the present time, Macau does not license online gambling operations. Macau, a special administrative region like Hong Kong, is the only place in China where casinos are legal, and the busine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transfer Of The Sovereignty Of Macau
The transfer of sovereignty of Macau (; pt, Transferência da soberania de Macau) from Portugal to the People's Republic of China (PRC) occurred on 20 December 1999. Macau was settled by Portuguese merchants in 1557, during the Ming dynasty and was subsequently under various degrees of Portuguese rule until 1999. Portugal's involvement in the region was formally recognised by the Qing dynasty in 1749. The Portuguese governor João Maria Ferreira do Amaral, emboldened by the First Opium War and the Treaty of Nanking, attempted to annex the territory, expelling Qing authorities in 1846, but was assassinated. Mayers, William Frederick (1902). Treaties Between the Empire of China and Foreign Powers' (4th ed.). Shanghai: North-China Herald. pp. 156–157. After the Second Opium War, the Portuguese government, along with a British representative, signed the 1887 Sino-Portuguese Treaty of Peking that gave Portugal perpetual colonial rights to Macau on the condition that Portugal wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Economy
An open economy is a type of economy where not only domestic factors but also entities in other countries engage in trade of products (goods and services). Trade can take the form of managerial exchange, technology transfers, and all kinds of goods and services. Certain exceptions exist that cannot be exchanged; the railway services of a country, for example, cannot be traded with another country to avail the service. It contrasts with a closed economy in which international trade and finance cannot take place. The act of selling goods or services to a foreign country is called exporting. The act of buying goods or services from a foreign country is called importing. Exporting and importing are collectively called international trade. Advantages and Disadvantages There are a number of economic advantages for citizens of a country with an open economy. A primary advantage is that the citizen consumers have a much larger variety of goods and services from which to choose. Add ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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