Steadily Advancing Hong Kong's Economy, Showing Abundant Vitality
2023-06-15
The economy of Hong Kong Tourism Board is gradually on the way to recovery. Cheng Dingyi, Director General of the Hong Kong Tourism Development Council, said recently that the number of visitors to Hong Kong in the first five months of this year exceeded the 10 million person time mark, and tourists from all over the world, including mainland residents, returned to Hong Kong, which greatly boosted consumer confidence and injected vigor into Hong Kong's economic development. At the same time, the central government has constantly introduced various preferential policies, accelerated the construction of the Guangdong–Hong Kong–Macao Greater Bay Area, and gradually implemented various development policies of the SAR government, which has created a strong momentum of development for the Hong Kong economy. According to the data of Hong Kong Tourism Board, the number of inbound tourists in Hong Kong in the first five months exceeded 10 million, which has recovered to over 40% of the average level from 2017 to 2019, and even more to 55% from April to May. Last year, there were only about 600000 visitors to Hong Kong throughout the year. As one of the four pillar industries of Hong Kong's economy, the recovery of the tourism industry has driven industries such as transportation, catering, and retail, stimulating consumption growth. Thanks to this, Hong Kong's actual gross domestic product increased by 2.7% year-on-year in the first quarter, with a significant quarterly increase of 5.3%, reversing the previous four consecutive quarters of decline. The economic atmosphere has significantly improved, and consumption and investment have steadily improved. Since December last year, retail sales in Hong Kong have risen for three consecutive months, and the value of goods sold has returned to over HKD 30 billion. Private consumption expenditure increased by 13% year-on-year in the first quarter of this year, significantly accelerating from the corresponding increase of 1.7% in the previous quarter, marking the largest increase since the third quarter of 1987. Meanwhile, the unemployment rate in industries related to consumption and tourism has further declined, with the latest unemployment rate in Hong Kong falling to 3% from February to April, the lowest level since the third quarter of 2019. At the same time, a series of consumption stimulating policies launched by the SAR government, such as the distribution of a new round of Voucher plan, and the holding of "Happy Hong Kong" large-scale activities, have greatly boosted the citizens' willingness to consume. Taking April as an example, the value of retail sales in Hong Kong has further increased to approximately HKD 35 billion, effectively alleviating the pressure on the economy caused by the continuous weakness of exports since last year. Compared to before the epidemic, the retail sales value and restaurant revenue in Hong Kong have returned to around 90% of the same period in 2019. Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region Government, said that the gradual increase of visitors to Hong Kong and the further improvement of local consumption willingness have all led to a substantial improvement in the performance of private consumption, which has become the main driving force behind the improvement of Hong Kong's economy. The strong rebound in investment towards many economic data has further stimulated investment growth. A research report by Dahua Bank of Singapore on small and medium-sized enterprises and large enterprises shows that over 60% of surveyed Hong Kong companies have an optimistic outlook for the future of 2023. In addition, according to the InvestHK of Hong Kong, enterprises from Germany, Japan, the United States and other places have recently opened or expanded their businesses in Hong Kong. In May of this year, German company PERI announced active expansion of its business to cover the Greater China market. When the company settled in Hong Kong in 2015, it had only 5 employees. In recent years, with the continuous expansion of its business, the team has now grown to over 80 people. Sibori Investment Management Company of the United States opened a new office in Hong Kong this year, fully expanding its business in the North Asia region
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