Economy Of Macao

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Macao is a Special Administrative Region on the Southern coast of China - South of Guang Dong province, on the tip of peninsula formed by Pearl River (Zhuziang) on the east and (Xijiang) West River on the west.  It has its own system of Money, Passports and legal activities like Hong Kong that are completely separate from China. It mostly operates as an independent city apart from Foreign Affairs and has its own flag. Until 1999, Macao was one of the Portugal's last surviving colonies. It was first settled in 1557 and primarily used as a trading post. It was from Macao that Portuguese priests made their first journeys in Asia to convert locals to Christianity. This 500 years history under Portuguese rule has left a heritage of Lisbon- inspired architecture.
The city was handed back to China in 1999 under the "one county two systems' policy that saw Hong Kong gifted back to China in 1997. Under the agreement, signed by Portugal and China -Macau is guaranteed own Monetary system, Immigration controls and Legal system. The Agreement says that China will not interfere Macau's way of life till 2049 which effectively means China won't try and enforce communism instead of capitalism. Beijing remains responsible for Foreign Affairs and Defense.
Macau's legal tender is Macanese Pataka and Chinese Rambini is not accepted in shops in Macau. Most shops will accept Hong Kong Dollars and most Casinos will accept only this rather than Pataca. Macanese citizens are issued their own Passports although they are entitled to full Chinese passports. Citizens of China don't have right to live and work in Macau. They have to apply for visas which are issued as limited to its numbers.
Major Shopping places in Macau are -
1. Senado Square Area
2. Rua De S, Paulo Area
3. New Yaohan and Macau Landmark
4. Taipa Flea Market
5. Red Market
6. Cinema Algeria Night Market
There are 38 Casinos (as of 2016) of which the biggest is The Venetian Macao. Main items of shopping are Jewellery, Antiques and Furniture, wines, fashionable clothes.Apparel exports and Gambling related tourism are mainstays of the economy.

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