Macau was colonized by the Portuguese in the 16th Century and became the first European trading outpost in the Far East. Following an agreement between China and Portugal, it became a Special Administrative Region of China on December 20, 1999.
That agreement envisages that Macau will enjoy a high degree of autonomy in all matters except foreign relations and defence until the year 2050.
The Macau Special Administrative Region is headed by a chief executive answerable to the central people’s government, who is elected to a five-year term by an electoral commission made up of 300 leading figures from the territory.
The territory is located in southern China’s Pearl River Delta, about 60 kilometres from Hong Kong and 80 kilometres from Guangzhou. Its area of 29.2 square kilometres supports a population of 541,000 people.
As a tourist destination the MSAR received nearly 22 million people in 2009. Most visitors were from Hong Kong, mainland China and Taiwan.
Official figures indicate that gaming brought in revenues of 120.383 billion patacas (US$15.047 billion). The territory counts 33 casinos belonging to Sociedade de Jogos de Macau, Las Vegas Sands, Melco/PBL, Wynn Resorts, Galaxy and MGM.
Macau’s traditional industries, especially clothing and textiles, have been increasingly losing ground in the territory’s economy.
Exports from the MSAR are mainly to markets in the United States of America and the European Union.
In July 2005 UNESCO designated Macau’s historic centre as a World Heritage Site
http://www.gov.mo/
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China’s Sinopec has “golden opportunity” to expand oil assets in Angola
Johannesburg, South Africa, 6 Sept - Chinese state oil company Sinopec currently has a “golden opportunity” finally to expand its assets in Angola, getting closer to the positions held in the country by the large multinationals, said analyst Ana Cristina Alves.
After a long stalemate, the analyst said in the most recent edition of the China Monitor of the Centre for Chinese Studies at Stellenbosch University, this opportunity has emerged via the new tender for oil blocks, which is due to take place at the beginning of next year.
The Chinese company has pre-qualification for the long-awaited tender as an operator and Sonangol Sinopec International as a non-operator. [ more ] |
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