Hong Kong to launch night bazaars, organise more conferences and exhibitions to drive economic recovery, finance chief Paul Chan says
- Financial Secretary Paul Chan calls for improved competitiveness in tourism sector after government narrows full-year economic growth forecast
- Popularity of cultural and arts activities, as well as concerts and exhibitions, under the spotlight as authorities target new visitor habits
“Even though tourist arrivals are quickly recovering, we must seize the opportunity to promote the diversified, high value-added and sustainable development of the tourism industry, especially for large-scale events, international conferences and exhibitions that are crucial in attracting high-value tourists,” he said in his weekly blog.
He emphasised that the government would work with a variety of sectors to organise the night bazaars to spur spending. Chan said private consumption and the tourism industry would still be the main drivers of growth in the second half of the year.
The government on Friday revised its GDP growth forecast to a range of 4 to 5 per cent for 2023, a shift from the previous target of between 3.5 and 5.5 per cent.
Second-quarter GDP growth hit 1.5 per cent year on year, tapering off from a 2.9 per cent increase in the first three months amid weak global demand and higher interest rates.
Chan said more tourists – especially younger ones – came for cultural and arts activities as well as concerts and exhibitions. He pointed to visitors from Southeast Asian countries who had attended the Ani-com and Games Hong Kong 2023 show in July.