Hong Kong will broaden its market reach in the latter half of this year, aiming to strengthen connections with investors across Europe, the United States, Australia, and the Middle East. This initiative was announced by Hong Kong Special Administrative Region Financial Secretary Paul Chan on Sunday.
Despite global economic uncertainties, Hong Kong’s economy remains stable. The city’s GDP experienced a 3.3 percent year-on-year growth in the second quarter of 2024, according to Chan’s blog post reported by Xinhua news agency.
Changes in consumer spending patterns and the relatively strong Hong Kong dollar have exerted pressure on private consumption. Chan encouraged businesses to adapt by developing new business models and offering high-quality products and services to navigate these challenges and leverage emerging opportunities.
The first half of 2024 saw about 700,000 of the 21 million visitors to Hong Kong being MICE (Meetings, Incentives, Conferences, and Exhibitions) overnight visitors. This segment has shown the fastest recovery among all overnight visitors, reaching 80 percent of pre-pandemic levels. These visitors tend to stay longer and spend 20 to 30 percent more per capita than the average visitor, Chan highlighted.
Looking ahead, the Hong Kong Tourism Board has secured and is bidding for over 60 major international conventions and exhibitions scheduled from this year through 2026. These events are expected to attract at least 220,000 participants, further boosting the local economy.
“Hong Kong has outstanding international advantages and extensive business and personal connections with different places. It has always played a unique role in international trade and economics. Hong Kong should make good use of this advantage and function, and continue to contribute to the country and achieve better development for itself,” Chan stated.
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