Hong Kong's gross domestic product has surpassed the HK$3 trillion mark, having expanded for nine consecutive quarters as the city's economy continues to demonstrate resilience, says Financial Secretary Paul Chan Mo-po.
Chan wrote in his blog that the government has weathered a range of challenges in the past three years under the leadership of Chief Executive John Lee Ka-chiu, focusing on economic growth, development and people's livelihood. "Employee earnings have grown in real terms and inflation has remained largely stable," he highlighted.
“Some sectors, including retail and catering, remain under pressure amid changing consumer patterns,” Chan said.“In response, many businesses are exploring new growth strategies. For example, some fast-food chains have started offering limited-edition flavors available only at select locations to attract customers.”
Overall restaurant revenues edged down 0.6 percent in the first quarter, though fast-food outlets posted a 1.9 percent increase, extending a streak of year-on-year growth to 11 quarters, according to his website.
Retailers facing similar pressures are also turning to new strategies, including expanding e-commerce operations both domestically and abroad, Chan said. He added that the Hong Kong Trade Development Council plans to hold its annual shopping festival this August to support local businesses in using online platforms to access the mainland market and raise brand awareness.
Meanwhile, the city's population has been growing steadily since 2022, alongside a significant year-on-year rise in visitor arrivals, Chan noted.
"While efforts continue to support economic growth and improve livelihoods, it is important to tell Hong Kong's story well at home and abroad."
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