The Macau Special Administrative Region, commonly known as Macau or Macao, was established on December 20, 1999, as one of the two special administrative regions (SARs) of the People's Republic of China (PRC), the other being Hong Kong. The territory lies on the western side of the Pearl River Delta, bordering Guangdong province in the north and facing the South China Sea in the east and south. Macau has thriving industries such as textiles, electronics and toys, as well as a notable tourist industry, which boasts a wide range of hotels, resorts, stadiums, restaurants and casinos. Portuguese traders first settled in Macau in the 16th century. Subsequently administered by Portugal until the handover in 1999, it was the oldest European colony in China. The Sino-Portuguese Joint Declaration and the Basic Law of Macau stipulate that Macau operates with a high degree of autonomy until at least 2049, fifty years after the transfer. Under the policy of "one country, two systems", the Central People's Government is responsible for the territory's defence and foreign affairs, while Macau maintains its own legal system, police force, monetary system, customs policy, immigration policy, and delegates to international organisations and events.