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Macao even with a “high” tax owing to geographic market power. Both theory and evidence point to such power as a key factor …
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Hong Kong and Macau were re-united with China in the late 1990s as two special administrative regions (SARs). Over the last half century, they were China's good examples of economic development, windows of openness and investors. Due to historical reasons, China lagged far behind Hong Kong and...
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