Hong Kong to introduce night markets and more exhibitions to boost local economy

share on

twitter /
facebook /
linkedin /
- email
- telegram
- whatsapp
- wechat
- pinterest
- line
- snapchat
- reddit

Hong Kong will introduce night markets and host more conferences and exhibitions in an effort to drive the city’s economic recovery, said the city's finance chief after the government narrowed its gross domestic product (GDP) growth forecast this year.

Paul Chan, the city's financial secretary said on his blog on Sunday that there is a need for Hong Kong to regain its competitiveness and ability to lure back tourists through innovation, quality services and outdoor experiences as consumer behaviours had changed after the pandemic

He added that many tourists, especially young visitors, come to Hong Kong for cultural, artistic and exhibition activities, or watching large-scale concerts. "Take this year's Ani-com & Games Hong Kong as an example, many of the participants came from mainland China and Southeast Asia[...]This change of consumer behaviour highlights that customers value the creativity, quality and user experience of products and services, and we must grasp them accurately," he added.

As such, he said Hong Kong must seize the opportunity to promote the diversified, high value-added and sustainable development of the tourism industry, by hosting large-scale events, international conferences and exhibitions that are crucial in attracting high-value tourists. Furthermore, the government would work with various sectors to revive Hong Kong's night bazaars, in an effort to boost local economy.

This comes after the government revised its GDP growth forecast last Friday to a range of 4 to 5% for 2023, which is narrowed from the previous target of between 3.5 and 5.5%.

Led by inbound tourism and private consumption, the Hong Kong economy continued to recover in the second quarter of 2023, though the momentum softened on the back of the strong rebound in the preceding quarter. Real GDP grew by 1.5% year-on-year, having increased by 2.9% in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP fell by 1.3%, according to the latest government figures.

share on