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The PRC has promised that, under its "[[one country, two systems]]" formula, China's socialist economic system will not be practised in Macau and that Macau will enjoy a high degree of autonomy in all matters except foreign and defence affairs until, at least, 2049, fifty years after the handover.
Although offered control of Macau as early as the 1960s, the Chinese deemed the time "not yet ripe" and preferred to wait until December 1999 – the very end of the [[millennium]], two years after the [[Transfer of sovereignty
Upon the handover of Macau [[Western imperialism in Asia|European colonisation of Asia]] ended.
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