Macao's landmark Ruins of St. Paul. Photo: VCG

International credit rating agency Fitch Ratings has reportedly downgraded the Macao Special Administrative Region from "stable" to "negative," citing growing economic, financial, and political ties it shares with the Chinese mainland. Criticizing Macao as it celebrates the 20th anniversary of its return to China is a reflection of Western-style prejudice against the Chinese model that has created nation-wide prosperity. 

The Chinese economic model and path were chosen by the Chinese and rooted in the country's history and culture. The model has proven to be well-functioning over the past decades. Macao has a high level of autonomy and the right to choose who it interacts with. Also, as an inseparable part of China, sharing the same cultural background, it is understandable how the city holds an attraction for the mainland. 



The Chinese mainland has undergone unprecedented economic miracles. Annual income and living standards have created consumer groups and a significant market. The Chinese central government's endeavor to open up the market and improve business environment are paying off. 

Macao, benefiting from mainland economic upbeat, has seen its GDP expand eight times during the past two decades. Its per capita GDP ranks second in the world with $122,489, according to the IMF. The organization also predicted that Macao would overtake Qatar to become the richest place on earth in 2020. 

The Wall Street Journal mentioned that the share of Macao's banking assets attributed to Chinese mainland dilated to 40.8 percent in the middle of 2019 from 4.2 percent in 2009, and compared it with Hong Kong's 29.4 percent from 11.4 percent over the same period. 

The attempt to justify Fitch Rating's downgrade of Macao is proof that suggests closer ties with the mainland can only breed prosperity, rather than unrest, considering the months-long turmoil in Hong Kong intervened by Western countries. 

Increasing ties with the mainland and seizing economic opportunities provided by a huge market is the best choice for Macao and Hong Kong. Facts and numbers speak louder than misleading bias. The prejudice against China's path and its economic model has overshadowed  objectivity among credit rating agencies. 

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn