Financial Secretary Paul Chan stated Hong Kong’s retail sector used to be showing sturdy indicators of stabilisation and progress, with a stabilising property market, a booming inventory market and a proper influx of holiday makers as key drivers within the relieve of the improving working atmosphere.
Writing in his weekly blog on Sunday, Chan stated the provisional total retail gross sales price for August reached HK$30.3 billion, marking a 3.8 p.c year-on-year develop that surpassed market expectations.
He added this represents the fourth consecutive month of obvious progress and the ideal single develop in 20 months.
The finance chief illustrious that 80 p.c of surveyed retail mavens anticipated a rob to business at some stage within the National Day Golden Week, with some projecting double-digit progress.
He stated this self assurance used to be fuelled by a well-known surge in tourism, in some unspecified time in the future of which at some stage within the first four days of the eight-day mainland holiday duration, the SAR welcomed 877,000 mainland guests, a rise of over seven p.c when put next with the outdated year.
The metropolis also saw a essential 30 p.c year-on-year develop in in a international country vacationers, with roughly 126,000 arrivals.
“Each residents and guests planning their holiday itineraries are drawn to exploring full of life and storied sights to carry out a deeper notion of the metropolis, its historical model, and its cultural heritage. Repeatedly, this exploration ends in fresh insights and even shining discoveries about the metropolis,” he stated.
Searching ahead, Chan stated the authorities plans to preserve this momentum with a packed calendar of occasions.
Cultural celebrations adore the Tai Hang Fire Dragon Dance, the Wine and Dine Festival and the National Games are expected to scheme natty crowds.
Furthermore, he stated high-profile business occasions comparable to the World Financial Leaders’ Investment Summit and Hong Kong FinTech Week will attract high-spending business travellers, offering a appropriate away enhance to the retail, dining and hotel sectors.
“The authorities will continue to collaborate with the trade to offer a rob to synergy between assorted occasions, maximising their financial advantages for Hong Kong,” he stated.
