Macao celebrated the seventh anniversary of its return to the motherland Wednesday, as the booming economy has been adding more pride for the people.

The region in February was crowned the prize of "the city of the biggest economic potential in Asia" in the year of 2005 to 2006 by a renowned economy magazine runned by the Financial Times.

The magazine of Foreign Direct Investment has assessed over 40 economies across the world and laureated the prize to Macao for its outstanding performance in segments of GDP growth and foreign investment in 2004.

David East, the publisher, said Macao logged a 10.7-billion-U.S. dollar GDP and a GDP growth rate of 28 percent in 2004, which makes it an ideal nominee for the prize.

The region, with a population of 500,800 and a land of 28 square km, has seen a booming industry since its return to the motherland.

Gaming industry has dedicated much to the boom. The number of casinos increased from around 10 in 1999 to 23 in 2006, as all casinos pay some 70 percent of the government's yearly tax income.

In this March, the Chinese Academy of Social Sciences, launched a 2006 Report on China's Urban Competitiveness, ranking Macao the eighth among the listed 200 Chinese cities.

In June, the third International Forum on Urban Competitiveness was hosted in Chengdu, a southwestern city in China, during which the participates launched the Report on Global Urban Competitiveness, ranking Macao the sixth in the sector of consumer services competitiveness among 110 cities worldwide.

Macao people cheered up in the region's Odyssey towards the global recognition of its economic success.

However, shortcomings in government administrations, investment environment and human resources shed shadow in the optimism.

Ao Man Long, a former high-profile government official in charge of the sector of the transport and public works, was jailed earlier this month, facing charges of corruption and money laundering.

The case whistled the siren for public confidence in the administration and upgraded the concern over the lack of effective surveillance on the government officials.

Meanwhile, the region is faced a predicament in solving the labor shortage -- to ease the curb on the labor import, or to tighten the harness to appease the local laborers.

The economy's heavy reliance on the gaming industry also imposed pressures on both economic health and the social values.

"We have to be ready for both challenges and opportunities," Edmund Ho Hau Wah, chief executive of the Macao Special Administrative Region, said in many occasions.

That is the right mood under the sky flamed by celebration fireworks.

Source: Xinhua