Macau, along with Hong Kong, is one of the two special administrative regions of China in Eastern Asia. It lies on the western side of the Pearl River Delta, bordering Guangdong and facing the South China Sea. Macau is situated 60 kilometers (37 mi) southwest of Hong Kong and consists of the Macau Peninsula and the islands of Taipa and Coloane. The government system is a limited democracyMajority rule, by which the biggest proportion of members of...; the chief of state is the president of China, and the head of government is the chief executive. Under the “one country, two systems” approach, China’s socialist economic system is not practiced in Macau. Macau has a marketThe commercial activity of buying and selling goods and serv... based, service-oriented economyThe management of money, currency and trade of a nation. The... in which the prices of goods and services are determined in a free priceThe amount of money required to purchase something or to bri... system.
In the 1970s Macau also saw a rapid development in its manufacturing sector. With Macau’s low-cost operating environment and its surplus quotas under the Multi Fiber Arrangement (MFA), many Hong Kong industrialists established textile and garment manufacturing bases in Macau. At its golden age in the 1980s, the manufacturing sector accounted for about 40% of Macau’s GDP; textiles and garments accounted for about 90% of Macau’s total visible exports. However, the manufacturing sector has experienced a gradual decline since the early 1990s due to phasing out of the MFA quotaAn official allocation of something, or a limited amount of ... system and the rising labourWork, especially manual/physical work, for wages. costs relative to mainland China and Southeast Asian countries.
Important Details
- Country ISO3 : NA
- Country Code : NA
- Income Group : High Income
- Lending Category : P2PPeer-to-peer is a model for computer connectivity and file-
- Region : Asia–Pacific Region
- Currency Unit: pataca (MOP)
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO
- world rank : 37
- Regional Ranking : 9th in the Asia–Pacific Region
