“Inflation remained at a relatively moderate level,” he said. “Tourism numbers exceeded 11 million, providing some support to local retail, food and beverage, and transportation industries.”
According to the latest statistics, the number of visitors in the first three months of 2024 was more than double that of the same period last year.
According to the tourism bureau, the city will receive 4.4 million visitors from January to March 2023, of which 76% will be from mainland China.
More than 450,000 Hong Kongers left the country on Saturday, about 78% of the total number of departures, and about 135,000 tourists entered the country.
The day before, more than 795,500 people, mostly residents, left the city.
Zhang said businesses in this sector are not recovering at an even pace, adding that the economy still needs stimulus.
“Companies based in different regions or targeting different customer segments have seen wide variation in the degree of recovery,” Chan said.
“Local economic growth still requires further strengthening, as rapid changes in consumer behavior and market trends pose many challenges for many local small businesses.”
Financial authorities last Thursday unveiled nine measures to support small and medium-sized enterprises' financing needs and help them maintain business operations and development in a tense business environment.
The measures included calling on banks to “never require” early repayments from mortgage customers who have made their payments on time, even if the value of their collateral has declined.
The regulator added that banks should also avoid adjusting loan limits based solely on changes in collateral value.
There will also be a transition period of at least six months for small and medium-sized enterprises facing problems to adjust their credit limits under certain conditions.
“These measures are aimed at preventing unnecessary pressure on small and medium-sized enterprises' financing during short-term asset market fluctuations and reducing the risk of triggering a chain reaction,” Chan said. .
The finance chief also emphasized the importance of attracting more foot traffic and increasing the purchasing power of consumers in order to create more business opportunities and increase sales.
Hong Kong shopping mall offers free parking as 541,000 people leave Hong Kong for Easter holidays
Hong Kong shopping mall offers free parking as 541,000 people leave Hong Kong for Easter holidays
“Financial events and arts festivals both contribute to increased business activity and tourist spending,” Chan said. “Estimates are around HK$3 billion [US$383.3 million] Every 1.5 million visitors to Hong Kong generates revenue.
“It also creates a positive environment and atmosphere for different industries.”
Last week was the focus of the city's Financial Mega Event Week, which included three major summits, business lunches and seminars, and brought together more than 1,000 global political and business leaders, high-net-worth individuals and high-net-worth individuals. He added that he met him. Asset owners and representatives of multinational financial institutions.
“These visitors have extensive business and relationship networks, and the event creates more valuable visitors for the city,” Chan said.
He added that events related to the “Art March”, such as Art@Victoria Harbor, International Cultural Summit, ComplexCon, Art Basel and Art Central, also attracted thousands of Hong Kongers and visitors.
