Financial Secretary Paul Chan Mo-po will visit Europe, the United States, Australia and the Middle East in the second half of this year to develop potential business collaboration and forge closer ties amid a “stable” economic situation.
The visits come on the heels of Chief Executive John Lee Ka-chiu’s recent six-day trip to three member states of the Association of Southeast Asian Nations -- Laos, Cambodia and Vietnam – to tap business opportunities.
“These overseas visits are aimed not only at strengthening relations with traditional markets closely linked to Hong Kong in terms of investors and funding, but also exploring potential new markets and new sources of funding proactively,” Chan wrote in his Sunday blog.
Hong Kong’s economic growth in the second quarter of this year beat expectations as resilience in trade and investment outperformed weaker private consumption.
According to the SAR government’s advance estimates released on Wednesday, the city’s GDP expanded by 3.3 percent during the three months from a year ago. The expansion continued the growth trajectory of 2.8 percent year-on-year in the first quarter.
ALSO READ: HK economy grows 3.3%, meeting expectations
Chan said Hong Kong’s overall economy is relatively stable and is continuing to maintain growth.
Citing challenges posed by changes in consumption patterns among residents and visitors, as well as the strength of the local currency, he said businesses can seize new prospects by consolidating resources, adapting innovatively, and making good use of technology.
Business turnover will climb as enterprises capitalize on opportune occasions to boost consumer spending, such as the recent Olympic craze or various themed large-scale events, along with top-tier offerings, intensified marketing efforts, and discounts to cater to consumer demands.
“With the central government’s solid support, the successive implementation of various measures benefiting Hong Kong will undoubtedly drive the development of local tourism and consumption-related industries,” Chan said.
READ MORE: Chinese modernization to enhance city’s global financial center status
About 21 million people visited Hong Kong in the first six months of 2024 -- up 64 percent from the same period last year – according to the Hong Kong Tourism Board. About 700,000 of them were overnight exhibition visitors, representing an 80-percent recovery, compared to pre-pandemic levels.
Chan said the government will ramp up efforts to woo more overnight exhibition visitors as they tend to stay longer, with their per capita spending averaging 20-30 percent higher than the overall tourist average.
He said the HKTB plans to host more than 60 large international exhibitions from 2024 to 2026 that could attract at least 220,000 attendees.
