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“Inflation remained comparatively reasonable,” he stated. “Customer arrivals exceeded 11 million, offering sure help to the native retail, meals and beverage, and transport industries.”
The newest figures confirmed the variety of guests within the first three months of 2024 was greater than double the quantity logged for a similar interval final yr.
The Tourism Board stated the town welcomed 4.4 million inbound travellers between January and March 2023, 76 per cent of them from mainland China.
Greater than 450,000 Hongkongers left on Saturday, about 78 per cent of the entire quantity who exited the town, and about 135,000 guests entered.
Greater than 795,500 individuals, principally residents, left the town the day earlier than.
Chan stated the businesses within the sector weren’t recovering at an equal fee and added the economic system nonetheless wanted a lift.
“Companies positioned in several areas or focusing on completely different buyer segments have skilled vital variations within the extent of their restoration,” Chan stated.
“Native financial development nonetheless requires additional strengthening, as speedy shifts in client behaviour and market dynamics pose quite a few challenges for a lot of native small and medium-sized enterprises.”
The Financial Authority on Thursday final week revealed 9 measures to help the finance wants of SMEs and to assist them maintain operations and growth in a strained enterprise atmosphere.
Among the many measures was an attraction to banks to “by no means demand” early repayments from mortgage clients who made well timed funds, even when their collateral valuation declined.
The authority added banks must also keep away from adjustment of mortgage limits primarily based solely on collateral worth modifications.
A minimal transition interval of six months may also be supplied for credit-limit changes below sure situations to SMEs that confronted issues.
“These actions purpose to forestall pointless stress on SMEs’ funding throughout short-term asset market fluctuations and mitigate the danger of triggering chain reactions,” Chan stated.
The finance chief additionally harassed the significance of attracting extra footfall and boosting client spending energy to create extra enterprise alternatives and improve gross sales.
Hong Kong malls offer free parking as 541,000 people leave city for Easter break
Hong Kong malls offer free parking as 541,000 people leave city for Easter break
“Each the monetary occasions and artwork festivals serve to draw elevated enterprise actions and vacationer spending,” Chan stated. “Estimates present that about HK$3 billion [US$383.3 million] in income shall be generated for Hong Kong with each 1.5 million guests.
“In addition they create a constructive atmosphere and ambiance for varied industries.”
He added the town’s “Monetary Mega Occasion Week” was a focus final week, with three main summits held, in addition to enterprise lunches and seminars, to deliver collectively greater than 1,000 international political and enterprise leaders, high-net-worth people, asset homeowners and representatives from multinational monetary establishments.
“These guests have in depth enterprise and interpersonal networks, with the occasions producing extra high-value guests for the town,” Chan stated.
He added that occasions over “Artwork March”, together with Artwork@Victoria Harbour, the Worldwide Cultural Summit, ComplexCon, Artwork Basel and Artwork Central, had additionally attracted hundreds of Hongkongers and guests.
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