Hong Kong's economy does not rely on mainland tourists, says financial secretary
Finance chief rejects as 'inconsistent with the facts' suggestion HK is too reliant on tourists
The financial secretary brushed off as "exaggerated" and "inconsistent with the facts" suggestions the economy has become too reliant on mainland visitors.
John Tsang Chun-wah, writing on his blog yesterday, said although tourism contributed significantly to the economy - some HK$80 billion, or 3.9 per cent of gross domestic product annually - the city was far from over-reliant on mainland tourist dollars.
"Solo visitors [from the mainland, under the individual visit scheme] definitely contribute a smaller part of this number. Whether or not this figure is considered large is a matter of opinion, but it certainly cannot be called 'reliance'," Tsang wrote.
"To suggest that our economy is excessively reliant on individual visitors is slightly exaggerated and inconsistent with the facts."
He said arguing that the city was too reliant on the mainland economy "ignored the historical trajectory of Hong Kong's economic development over the past half-century".
Tsang wrote: "Hong Kong's economy and the country's development has always been closely linked," adding that the relationship was mutually beneficially and not about "who relies on whom".
