Hong Kong to ramp up promotion of coming mega-events to help boost economy, Paul Chan says

Financial Secretary Paul Chan upbeat on role of tourism in driving economy while lawmaker urges government to urgently throw struggling businesses a lifeline

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Financial Secretary Paul Chan recently returned from his official visit to Australia to strength business ties. Photo: Handout

Published: 2:15pm, 8 Sep 2024Updated: 12:00am, 28 Oct 2024

Hong Kong authorities will ramp up promotional efforts for coming mega-events as part of a drive to boost consumption and create greater economic value, the city’s finance chief has said.

While Financial Secretary Paul Chan Mo-po on Sunday struck an optimistic tone over the role of tourism in driving the economy, a lawmaker urged the government to urgently throw local businesses a lifeline, saying cash-flow problems they faced in the current downturn were “more severe” than during the Sars outbreak in 2003.

In a blog post, Chan pointed to his recent official visit in Australia where he invited the business community to join various events scheduled in Hong Kong, highlighting their significance in driving “business tourism”.

“Mega-events and large-scale activities held in Hong Kong this year are expected to generate more consumption in Hong Kong and create greater economic value,” Chan said.

“We will enhance the publicity and promotion of these events, while better coordinating and leveraging their synergy, so that the influx of people and associated spending can broadly benefit the whole of Hong Kong.”

The city will host more than 210 mega-events this year, including the five-day Watch and Clock Fair that ended on Saturday and the Belt and Road Summit later this week, which is expected to attract about 6,000 attendees from over 70 countries and regions.

Chan said those attending the two-day summit, which starts on Wednesday, would include more than 80 political and business leaders from economies that fall under the Belt and Road Initiative.