Macau's sustainability and diversification.

We analyze the socio-economic development of Macau after the return to Chinese sovereignty from the three dimensions of sustainability (economy, society, and environment). Macau's economy has both high growth and high volatility, mainly due to its unbalanced industrial structure and vulnerability to external shocks. During the COVID-19 pandemic, consumer confidence declined, due to the rising and high unemployment rate, while the environment has been relatively good since air quality became better. The overall assessment of sustainable city competitiveness of Macau has slipped gradually. This suggests that Macau's factor endowment structure has reached its upper limit and needs to be changed through internal industrial pluralism and external regional deepening (e.g., Guangdong-Macau In-Depth Cooperation Zone in Hengqin) to promote the moderately diversified and sustainable development of the economy.