MACAO - Macao had become a successful demonstration for the implementation of the "one country, two systems" principle, Chief Executive of the Macao Special Administrative Region Chui Sai-on said on Sunday in his speech at a reception.

The Macao SAR government held the reception to celebrate the 70th anniversary of the founding of the People's Republic of China, with about 950 guests from government institutions, social groups and sectors of business, industry, culture and education.

Chui said this year marks the 20th anniversary of Macao's return to the motherland. In the past two decades, Macao had benefitted from the advantages of China's rapid development, and made use of it to achieve faster and quality growth of the SAR.

In his speech, Chui reviewed Macao's effort over the past ten years to promote moderate economic diversification, including seizing opportunities arising from the Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Chui vowed that the current SAR administration was committed to supporting the formation of the new administration led by the fifth-term chief executive Ho Iat-seng, and ensure a smooth handover.

He called on all sectors in the community to extend to Ho and the new administration their ongoing support in accordance with the law, while upholding Macao's tradition of being patriotic, inclusive, practical and proactive.