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More than 13.7 million tourists have visited Hong Kong so far this year, a year-on-year increase of about 17 percent, said Financial Secretary Paul Chan Mo-po.
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In a blog post on Sunday (Mar 29), the financial chief said that the figure, recorded as of March 27, shows the recovery momentum of the tourism industry remains strong, especially with a series of recent mega-events such as Art Basel.
The tourism boost, combined with the positive performance of the stock and residential property markets, is driving sustained growth in the catering and retail sectors, he said.
He anticipates that the total retail sales value for February, set to be announced this week, will record a "satisfactory increase," marking the tenth consecutive month of year-on-year growth and reflecting the continuous strengthening of local consumption.
Chan added that the government will continue to promote various large-scale financial, cultural, arts, and sports events to attract more high-value visitors.
This optimistic outlook comes as Hong Kong's overall economy continues to improve, which Chan highlighted is demonstrating good resilience, while the public finance situation is also steadily getting better.
However, he also noted that ongoing conflicts in the Middle East, international geopolitical instability, and rising fuel prices are clouding the global economic outlook.
In the short term, the direct impact on Hong Kong is expected to be limited, as the city's economy is service-oriented and the proportion of goods exported to the Middle East is relatively low.
Chan pointed out that while Hong Kong's energy supply is relatively stable due to the nation's backing, a continuation of global conflicts could inevitably affect the city in the medium term.
"Rising fuel and energy costs could place an additional burden on shipping, logistics, and other economic sectors," he said, assuring that the government is closely monitoring and assessing the market's operational status.
