Big events are doing their job, says Chan

Mega events have brought benefits to the city, but these are unevenly distributed across different industries, says Financial Secretary Paul Chan Mo-po.

Major events have attracted more visitors and created a livelier atmosphere, but some sectors, especially retail and catering industries, are still struggling to adapt to changes in tourists' consumption habits, he said.

"Although the recovery among different sectors is uneven, we have responded to market changes and made every effort to create a more favorable environment for businesses, so that they can work with the government to create new opportunities for Hong Kong in economic growth," Chan wrote on his blog.

He said the government will soon "exciting events" for the second half of the year which "will bring vitality and consumption impetus to the city."

Chan said the government is working on creating new tourism experiences and spots with various elements, and new promotional strategies.

"Hong Kong has rich, diverse, and unique consumption and tourism characteristics and as long as we can constantly offer novel, comfortable, and good experiences to locals and tourists, more demands and business opportunities will follow," Chan said.

He said the Cheung Chau Bun Festival, featuring a parade and a bun scrambling competition, attracted more than 50,000 foreign and local visitors.

Chan said the festival, combined with a warm-up drone show on May 11, provided a multidimensional experience and "brought new connotations to Hong Kong tourism and culture."

He added: "Visitors from different places said they were deeply impressed by the festival and many merchants in Cheung Chau also saw better businesses."

Chan, meanwhile, said the overall economy is improving. Property prices have also reversed a decline in line with government expectations after it removed all cooling measures in February.

Chan also said progress in nurturing innovation and technology enterprises has been satisfactory as the government has received over 90 applications from universities under the Research, Academic, and Industry Sectors One-plus Scheme, launched last October to fund the commercialization of scientific research results.

ayra.wang@singtaonewscorp.com

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