Hong Kong Financial Secretary Paul Chan mentioned in his blog today (Aug. 13) that although the number of visitors to Hong Kong is rapidly recovering, Hong Kong still needs to enhance its competitiveness and attractiveness continuously. Hong Kong's tourism industry should develop towards diversification, high value-added, and sustainability to seize the opportunity.
Chan stated that as August approaches, many Hong Kong residents take advantage of the summer vacation to travel to mainland China and other countries for a short break. Hong Kong has welcomed more visitors, injecting incredible momentum into local retailers, catering, and tourism industries. Hong Kong government recently released the economic report for the first half of this year and provided an outlook for the second half. Private consumption and inbound tourism are expected to remain the main growth drivers in the latter half of the year.
He pointed out that although the number of visitors to Hong Kong is rapidly recovering, Hong Kong still needs to enhance its competitiveness and attractiveness continuously. Surveys conducted by the Hong Kong Tourism Board show that the spending habits of mainland visitors have changed, with a decreased proportion of visitors coming primarily for shopping compared to pre-pandemic times. However, new patterns and shifts also bring new opportunities. Many visitors, especially young tourists, come to Hong Kong to participate in cultural, artistic, and exhibition activities or to attend large-scale concerts. The shift in travel and consumption patterns indicates that guests value the characteristics, creativity, quality, and user experience of products and services, which Hong Kong must seize.
Chan said that Hong Kong's tourism industry should develop towards diversification, high value-added, and sustainability. Large-scale events, international conferences, and exhibitions are critical in attracting high-value tourists, a tourism sector that various places worldwide strive for. This year's Budget has allocated HK$100 million to attract more large-scale events that attract tourists and significantly promote Hong Kong's international image. Over HK$250 million has also been assigned to the Hong Kong Tourism Board to continue organizing various large-scale tourism events. Resources are actively deployed to attract more international conferences and exhibitions from different industries, consolidating Hong Kong's position as the region's preferred destination for shows and tourism.
Chan stated that in recent years, economies worldwide have been striving to develop the digital economy to drive growth, with artificial intelligence (AI) being an essential component. Hong Kong is establishing a unique advantage in "dual cross-border data flow" between mainland China and international markets, providing crucial raw materials for AI development. Regarding "computing power" infrastructure, constructing an AI supercomputing center and related operational models began in May and is expected to be completed within this fiscal year. In enhancing "algorithm" capabilities, the current government is nurturing local technology companies and actively attracting key technology enterprises to establish a presence or expand their operations in Hong Kong.
During his visit to the Middle East last year, Chan mentioned that the local political and business sectors expressed a widespread desire to broaden investment areas and projects. China and Asia were the markets they were most interested in exploring. After the successful visit to Saudi Arabia last year, the government secured a large-scale summit called "Future Investment Initiative" to be held in Hong Kong as a satellite event in December of this year. In addition, Hong Kong will organize the International Financial Leaders Summit in November and other international conferences, bringing together many top investment institutions and leaders worldwide to gain a deeper understanding of and seize investment opportunities in Hong Kong.
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