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The
National Flag of Macau SAR.
Light green with a lotus
flower above a stylized bridge and water in white, beneath an arc of
five gold, five-pointed stars: one large in center of arc and four
smaller.
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China has promised that, under its "one country, two
systems" formula, China's socialist economic system will
not be practiced in Macau.
Macau enjoys a high
degree of autonomy in all matters except foreign and defense
affairs. The economy is based
largely on tourism (including gambling) and textile and
fireworks manufacturing. Efforts to diversify have spawned other
small industries - toys, artificial flowers, and electronics.
The tourist sector has accounted for roughly 25% of GDP, and the
clothing industry has provided about three-fourths of export
earnings; the gambling industry probably represents over 40% of
GDP. More than 8 million tourists visited Macao in 2000. Macao
depends on 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. Output dropped 5% in 1998 and 3% in
1999, with a small 2% gain in 2000. Macao reverted to Chinese
administration on 20 December 1999. Gang violence, a dark spot
in the economy, probably will be reduced in 2000-01 to the
advantage of the tourism sector.
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