Hong Kong’s Paul Chan praises ‘inspirational’ Olympians, urges firms to ‘seize moment’

Financial Secretary Paul Chan says companies can create new opportunities if they pool resources and flexibly innovate

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Fans cheer on Hong Kong’s Olympic athletes at a sporting event being broadcast live in a local shopping centre. Photo: May Tse

Published: 3:26pm, 4 Aug 2024Updated: 2:50pm, 5 Aug 2024

Hong Kong’s finance chief has urged businesses to “flexibly innovate” and take advantage of major events such as the Olympics in the face of challenges, as he lauded the city’s “inspirational” athletes for their fighting spirit.

Financial Secretary Paul Chan Mo-po said on Sunday that the city’s economy was “relatively stable” and growing, but changing spending habits and a strong Hong Kong dollar had put pressure on private consumption.

“Even in the face of challenges, as long as companies can pool resources and flexibly innovate, including making good use of technology to bring more new breakthrough points to their business, and even create new business models, I believe they can create new opportunities,” Chan said in a weekly blog post.

“Seize the right moment to stimulate consumption, such as the recent Olympic craze, or various themed large-scale events, coupled with high-quality products and services, coupled with more promotions and discounts, to better meet the needs of consumers, which can naturally help increase business volume.”

Chan also said he would make several overseas trips in the second half of the year including to the United States.

Last week, the government said Hong Kong’s economy expanded by 3.3 per cent year on year in the second quarter on the back of strong exports, but private consumption expenditure dropped by 1.6 per cent.