From 2012 to 2023，with the strong support of the country，Macao has been leveraging its own advantages and focusing on two major roles，three positioning points，and eight key areas to actively serve as a window for the dual circulation of domestic and international markets，promoting the moderate diversification of its economy. From a production perspective，Macao’s economy has gradually achieved diversified development amid fluctuations，with an optimized industrial structure，especially in emerging industries such as health，modern finance，and high-tech，which have seen relatively rapid growth. From a demand perspective，local demand has become the main driver of economic growth，and the growth of goods exports has been relatively fast. From an income perspective，the income of residents and labor force has steadily increased，the overall price remain stable. In response to the challenges Macao faces，such as insufficient impetus for moderate economic diversification，limited spatial carrying capacity，and structural imbalance in human resources，as well as the new opportunities brought by the country’s strong support，the construction of the Guangdong-Hong Kong-Macao Greater Bay Area，and the high-quality joint construction of the “Belt and Road Initiative”，this report proposes countermeasures and suggestions such as continuously implementing the “1+4” moderate economic diversification development strategy，accelerating the integrated development of Macao and Hengqin，and taking multiple measures to cultivate and attract talents.