Tourism rebound driving retail recovery in Hong Kong, finance chief says

Hong Kong’s strong tourism rebound has driven a steady recovery in retail sales and the government will keep up the momentum with a packed calendar of mega-events for the rest of the year, the finance chief has said.

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Financial Secretary Paul Chan Mo-po also said on Sunday the government would work with different sectors to attract more visitors and encourage them to stay longer to maximise the economic benefits of mega-events.

Writing on his weekly blog, Chan noted that retail sales in August hit HK$30.3 billion (US$3.89 billion), up by 3.8 per cent, year on year, exceeding market expectations.

“This marks four consecutive months of growth and the largest increase in 20 months,” he said. “With a stable housing market, strong stock performance and rising tourist numbers, local retail is steadily recovering.”

Finance chief Paul Chan poses for a photo with tourists. Photo: Handout
Finance chief Paul Chan poses for a photo with tourists. Photo: Handout

He said his confidence was fuelled by the improving tourism numbers. During the first four days of mainland China’s eight-day National Day “golden week” holiday that began on October 1, Hong Kong welcomed more than 877,000 visitors from across the border, up by 7 per cent against a year ago.

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“Overseas visitors also reached 126,000, a year-on-year increase of more than 30 per cent,” he said.

  

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