Hong Kong's economy is exhibiting steady improvement, bolstered by an increase in arrivals and favorable economic indicators, said Financial Secretary Paul Chan Mo-po in his latest blog post on Sunday (Oct 5).
Chan noted that the dual celebrations of National Day and the Mid-Autumn Festival have positively affected market sentiment, with 877,000 mainland tourists visiting Hong Kong during the first four days of the Golden Week, representing a seven percent year-on-year increase. Furthermore, overseas visitor numbers reached 126,000, marking a 30 percent annual increase.
He has recently experienced a popular urban walking route in Central and Sheung Wan, which has gained traction through recommendations by internet influencers, and said the route offers an immersive tourism experience, encapsulating the city's historical evolution, authentic culture, and festive features.
The journey commences at the Hong Kong Museum of Medical Sciences, where a series of intellectual property figurines has drawn significant visitor interest. Numerous individuals, enticed by recommendations on Xiaohongshu, have explicitly visited to purchase plush toys such as "Dopamine" and "Fat Cells."
The phenomenon underscores the effective promotional synergy between intellectual property products and social media, Chan added.
Chan then visited a traditional kueh shop in Sheung Wan -- renowned for its commitment to quality and handmade production as well as boasting a history of over 60 years -- and said it had successfully attracted a loyal customer base and tourists.
He emphasized that the essential drivers of consumer purchasing power are "tradition," "quality," "uniqueness," and "innovation."
Regarding economic data, the value of total retail sales in August was provisionally estimated at HK$30.3 billion, up 3.8 percent year-on-year, marking four consecutive months of positive growth and the most significant increase in 20 months.
Chan said that over 80 percent of the industry respondents expected business to increase during the Golden Week, with some estimating a double-digit growth. He said that the local retailing industry is gradually stabilising, supported by a steady property market, a thriving stock market and a continuous increase in visitors.
The financial chief expected multiple upcoming mega-events to boost the consumption market, including the Tai Hang Fire Dragon Dance, the Food and Wine Festival, the 15th National Games and Christmas events.
He is looking forward to the Global Financial Leaders' Investment Summit and Hong Kong FinTech Week in November, along with the Business of Design Week in December to attract high-spending business travelers, benefiting the retail, dining and hotel industries.
The financial chief also highlighted that the government is fully committed to promoting the "Mega Events + Tourism" proposed in the policy address and is encouraging themed in-depth tourism to enhance tourism infrastructure, products and services to attract visitors to stay longer in the city.
Chan said that the government is actively seeking investment and attracting enterprises to develop in Hong Kong, supporting the economy's upgrading and transformation.
He said that a new batch of strategic enterprise signing ceremonies will take place this week, welcoming over 10 companies to settle or expand their business in the city, including three of the world's top ten pharmaceutical companies and the first introduced tech and cultural enterprise.
With this batch of companies, the total number of strategic enterprises facilitated by the Office for Attracting Strategic Enterprises will exceed 100.
