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Economy Of Macau
The economy of Macau is a highly developed market economy. Macau's economy 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 sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macanese Pataca
The Macanese pataca or Macau pataca ( zh, t=澳門元, cy=Oumún yùhn; ; sign: MOP$; ISO code: MOP) is the currency of Macau. 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 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 East Indies through the Manila-Acapulco galleon trade to be traded and circulated a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tertiary Sector Of The Economy
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing). The tertiary sector consists of the provision of Service (economics), services instead of Product (business), end products. Services (also known as "Intangible good, intangible goods") include attention, advice, access, experience and affective labour. The tertiary sector involves the provision of services to other businesses as well as to final consumers. Services may involve the transport, distribution (economics), distribution and sale of goods from a producer to a consumer, as may happen in wholesaler, wholesaling and retailer, retailing, pest control or financial services. The goods may be transformed in the process of providing the service, as happens in the restaurant industry. However, the focus is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asian Financial Crisis
The 1997 Asian financial crisis gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. Originating in Thailand, where it was known as the '' Tom Yum Kung crisis'' () on 2 July, it followed 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, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mainland China
"Mainland China", also referred to as "the Chinese mainland", is a Geopolitics, geopolitical term defined as the territory under direct administration of the People's Republic of China (PRC) in the aftermath of the Chinese Civil War. In addition to the geographical mainland, the geopolitical sense of the term includes islands such as Hainan, Chongming Island, Chongming, and Zhoushan. By convention, territories outside of mainland China include: * Special administrative regions of China, which are regarded as subdivisions of the country, but retain distinct administrative, judicial and economic systems from those on the mainland: ** Hong Kong, formerly a British Hong Kong, British colony ** Macau, formerly a Portuguese Macau, Portuguese colony * Taiwan, along with Penghu, Kinmen, Matsu Islands, Matsu and other minor islands, are collectively known as the Taiwan Area, where has been the major territorial base of the government of the Republic of China (ROC) since 1950. Though the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling In Macau
Gambling in Macau, a special administrative region of China, is the only place in China where casinos are legal. Gambling has been legal since the 1850s when the Portuguese government legalised the activity in the autonomous colony. After the handover of Macau from Portugal to China, Macau and the business has grown at an astounding pace since 2001, when the government ended the four-decade gambling monopoly of the Hong Kong billionaire Stanley Ho. With the entry of large foreign casinos from Las Vegas and Australia, Macau overtook the Las Vegas Strip in gambling revenues in 2007. Since then, Macau has become known worldwide as the "gambling capital of the world", grossing the highest amount of gambling/gaming revenue and greatly dwarfing all the other gambling centers/cities. 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. History In an attempt to generate revenues ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Handover Of Macau
The handover of Macau from the Portuguese Republic to the People's Republic of China was at midnight on 20 December 1999. This event ended 442 years of Portuguese rule in the former settlement, which began in 1557. 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 colon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Economy
An open economy refers to an economy in which both domestic and international entities participate in the trade of goods and services. This type of economy allows for the exchange of products, including technology transfers and managerial expertise. However, certain services, such as a country's railway operations, may not be easily exchanged internationally due to practical limitations. In contrast, a closed economy restricts international trade and finance with other countries. In an open economy, the sale of goods or services to a foreign country is known as exporting, while the purchase of foreign goods or services is referred to as importing. Collectively, these activities form the basis of international trade. Advantages and disadvantages Open economies offer several advantages to their citizens. One key benefit is that consumers have access to a broader variety of goods and services. Additionally, citizens can invest their savings in foreign markets, potentially offeri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Economy
A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production. Market economies range from minimally regulated free market and '' laissez-faire'' systems where state activity is restricted to providing public goods and services and safeguarding private ownership, to interventionist forms where the government plays an active role in correcting market failures and promoting social welfare. State-directed or dirigist economies are those where the state plays a directive role in guiding the overall development of the market through industrial policies or indicative planning—which guides yet does not substitute the market for economic planning—a form sometimes r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Advanced Economy
A developed country, or advanced country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. In 2025, 40 countries fit all three criteria, while an additional 21 countries fit two out of three. Developed countries have generally more advanced post-industrial economies, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macau
Macau or Macao is a special administrative regions of China, special administrative region of the People's Republic of China (PRC). With a population of about people and a land area of , it is the most List of countries and dependencies by population density, densely populated region in the world. Formerly a Portuguese Empire, Portuguese colony, the territory of Portuguese Macau was first leased to Portugal by the Ming dynasty as a trading post in 1557. Portugal paid an annual rent and administered the territory under Chinese sovereignty until 1887, when Portugal gained perpetual colonial rights with the signing of the Sino-Portuguese Treaty of Peking. The colony remained under Portuguese rule until the 1999 handover to China. Macau is a Special administrative regions of China, 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 Port ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Observatory Of Economic Complexity
The Observatory of Economic Complexity (OEC) is an online data visualization and distribution platform for international trade data designed and owned bDatawheel Through interactive visualizations, the OEC aims to make global trade data accessible and understandable. The site consists of a series of periodically updated profiles dedicated to exploring trade data for countries and their regions, companies, products, and international organizations. It also features bilateral profiles that allow exploring the trade relationships between different countries and between countries and products. The platform has developed an arrangement of tools dedicated to exploring trade datasets and making data cuts with its Data, Company, and Trend Explorers or building custom visualizations with its Viz builder. The OEC also features economic complexity data through indicators, maps, rankings, and publications, making it a resource for researchers, trade experts, businesses, students, and other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistics And Census Service
The Statistics and Census Service (, DSEC; ) is the statistics agency of Macau. Its head office is on the 17th floor of Dynasty Plaza (皇朝廣場) in Sé (Cathedral Parish). Statistics and Census Service. Retrieved on 10 November 2018. "Alameda Dr. Carlos d'Assumpção, No. 411-417, Dynasty Plaza, 17th floor, Macao Traditional Chinese address "澳門宋玉生廣場411-417號皇朝廣場17樓" Simplified Chinese address "澳门宋玉生广场411-417号皇朝广场17楼" References External links [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
