Hong Kong Financial Secretary Paul Chan shared in his blog today (April 27) that the city is gearing up for the May Day golden week with a lineup of celebratory events centered on culture and festivals. The government expects around 840,000 mainland tourist arrivals during the period, marking a 10% and 13% increase compared to the daily average visitor figures of last year's May Day golden week and this year's Lunar New Year, respectively.
Chan noted that the number of tourists visiting HK in the first quarter of 2025 increased by 9% year-on-year, reaching 12.2 million. This surge in visitor numbers has not only boosted service exports but also stimulated the retail and dining sectors. According to Chan, seasonally adjusted total retail sales in January and February both recorded month-on-month growth. On the export front, the value of goods exported in the first quarter also saw accelerated year-on-year growth, with strong gains in shipments to key markets, including the Chinese Mainland and ASEAN countries. Buoyed by these positive factors, Chan expects the preliminary GDP estimate for the first quarter, to be released this week, to show solid performance.
During the May Day holiday, the government will host various themed events to attract tourists. Highlights include a drone show at Wan Chai Temporary Promenade on Thursday evening (May 1), featuring three intangible cultural heritage celebrations. Other activities include the Buddha Bathing Festival at Po Lin Monastery in Lantau, the Buddha's Birthday Carnival at Victoria Park, and the iconic Bun Scrambling Competition and parade in Cheung Chau. Additionally, the "Hong Kong: Through the Looking Glass Miniature Exhibition" and the "French May Arts Festival 2025" are also highly anticipated.
Chan acknowledged that global economic prospects remain clouded by US unilateralism and bullying tactics. As a small and outward-oriented economy, HK is inevitably affected. However, Chan emphasized that the city's economic resilience is bolstered by the stable development and strong support of the motherland. The HKSAR government has introduced a range of policies to help businesses navigate current challenges, and it remains vigilant in managing risks and ensuring steady economic progress.
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