Effective policy support from the central government has also helped Macao develop into a global tourism and leisure center. The signing in 2003 of the Closer Economic Partnership Arrangement between the Chinese mainland and Macao focused on promoting free trade and economic cooperation.

In 2009, the Hengqin New Area in neighboring Zhuhai, Guangdong province, opened to provide Macao with space for industrial and academic expansion.

In 2011, the Macao and Guangdong governments signed an agreement to jointly develop an industrial park promoting traditional Chinese medicine in Zhuhai.

The opening of the Hong Kong-Zhuhai-Macao Bridge last year has helped further strengthen Macao's links with Hong Kong and Guangdong, while the Greater Bay Area blueprint released early this year projects an integrative future. The Bay Area comprises nine cities in Guangdong plus Hong Kong and Macao.

Speaking at the Vision China forum in Macao on Dec 11, Irene Lau Kuan-va, president of the Macao Trade and Investment Promotion Institute, said the city has maintained its status as a free port and separate customs territory.

This was possible thanks to "a transparent, nondiscriminatory and open economy, adding up to a very good business-friendly environment", she said.

While the tourism and gaming sectors still enjoy the majority share of the economy, Macao has gradually diversified.

By the end of 2017, the total added value of Macao's emerging industries－including conferences and exhibitions, finance, traditional Chinese medicine, and the cultural and creative industry－had risen by 23.6 percent from 2015, accounting for more than 8 percent of the total added value.

In August 2015, the World Health Organization Collaborating Centre for Traditional Medicine was officially established in Macao.

Leong VaiTac, Macao's secretary for economy and finance, said, "As of today, the basic structure of a moderately diversified economy has taken shape in Macao."

Shen Beili, commissioner of the Chinese Foreign Ministry in the Macao SAR, said the central government has also made successful moves in extending Macao's global reach. The "one country, two systems" principle not only promotes the city's growth and welfare but also bolsters its international influence.

"In accordance with the Basic Law and Macao's practical needs, the Macao SAR has taken an active role in the activities of international organizations and various international conferences, and raised its voice so that Macao's international influence has been greatly lifted, coordinating with the country's multilateral diplomacy," Shen said.

By 1999, only three countries and regions had granted Chinese citizens of Macao visa-free access. Today, more than 140 countries and regions do so. The city has also gained membership of more than 110 international organizations and associations.

Xu Yingzhen, secretary-general of the Permanent Secretariat of Forum Macao, said the city, in particular, had achieved many fruitful results through Forum Macao.

This multilateral, intergovernmental cooperation mechanism, also known as the Forum for Economic and Trade Cooperation between China and Portuguese-Speaking Countries (Macao), was launched in 2003. Member countries are: Angola; Brazil; Cape Verde; Guinea-Bissau; Mozambique; Portugal; Timor-Leste; and Sao Tome and Principe.

Paulo Cunha Alves, consul general of Portugal in the Macao SAR, said, "In addition to the development of China's bilateral relationship with each member country of the Macao Forum, Macao still plays its role as a coordinating element."

Macao has set up a number of platforms with Portuguese-speaking countries to develop financial services focused on renminbi clearing, financial leasing and wealth management.

According to the Ministry of Commerce, trade between China and these countries rose from more than $11 billion in 2003 to $147.35 billion last year.

Christopher Ng, head of programs development at the British Council in Hong Kong, said Macao "feels a lot more internationalized" than in 1999.

The city's achievements of fast development and long-term prosperity while safeguarding national security and interests are already integrated in its residents' improved quality of life, he said.

Macao students have free education for 15 years, from kindergarten to high school. Residents age 65 and older receive an average combined monthly pension and subsidy of 6,099 patacas ($760) from the government, and life expectancy is more than 80, one of the highest in the world, according to the United Nations.

Xinhua and Zhang Yi in Macao contributed to this story.