The Hong Kong SAR Government released its latest “Hong Kong Business Environment Report: One Country, Two Systems, Unique Advantages” yesterday (July 30). This report, featuring extensive facts and data, clearly showcases Hong Kong’s progress in various areas, including the economy, tourism, finance, and innovation and technology, to both domestic and international audiences. It emphasizes that Hong Kong’s business environment remains attractive and is continuing to move towards high-quality development. This is the second such report released by the government since 2021.
The Tourism Industry Is Experiencing a Strong Recovery, With Major Events Boosting Visitor Traffic and Consumption
2024 can be considered a year of renewed vigor for Hong Kong’s tourism industry. The report notes that the government is collaborating with the industry to promote approximately 200 major international events, which are expected to attract over 2.3 million visitors throughout the year, generate approximately HK$8.1 billion in local spending, and generate HK$4.6 billion in economic value added.
To further consolidate Hong Kong’s position as Asia’s leading exhibition and tourism hub, the Commerce and Economic Development Bureau has launched a HK$1.4 billion Regular Exhibition Incentive Scheme, which has already supported over 200 exhibitions. Last year, the Hong Kong Tourism Board attracted 1.42 million MICE visitors, with an average spending of HK$7,800 per person, approximately 40% higher than that of typical overnight visitors. It is projected that an additional 183,000 high-value-added overnight MICE visitors will arrive in Hong Kong by 2025, adding another HK$1.4 billion in spending momentum to the economy.
The government is also actively developing tourism infrastructure. Major cultural, sports, and tourism infrastructure projects such as the Kai Tak Sports Park, Airport City, and AsiaWorld-Expo Phase II have been completed, offering new experiences for visitors and paving the way for more large-scale events. Financial Secretary Paul Chan Mo-po further noted that these infrastructure projects will stimulate visitor flow and consumption, contributing to a recovery in the retail and related sectors.
The Business Environment Has Stabilized, With a Continued Influx of Foreign Investment and Talent
In addition to the strong performance of tourism, the report also highlights the steadily improving business environment in Hong Kong. By 2024, there will be nearly 10,000 foreign-invested enterprises and approximately 4,700 start-ups in Hong Kong, both record highs. Since its establishment, the government’s Office for the Introduction of Key Enterprises has attracted 84 high-value-added enterprises to Hong Kong, generating over HK$160 billion in investment.
Talent recruitment has also yielded positive results – as of June 2025, various talent admission schemes had received nearly 500,000 applications, of which 330,000 had been approved, and 220,000 people had arrived in Hong Kong for career development.
In the financial markets, the Hang Seng Index has risen by over 25% year-to-date, following an 18% increase in 2023. The average daily stock market turnover has exceeded HK$240 billion. According to the latest “Asset and Wealth Management Activity Survey” released by the Securities and Futures Commission, the total value of assets under management in Hong Kong exceeded HK$35 trillion by the end of last year, a year-on-year increase of 13%.
Combining Culture and Nature, Hong Kong Remains One of Asia’s Most Captivating Cities
The report also notes that Hong Kong is not only a business hub but also offers an attractive living and cultural environment. Hong Kong boasts nearly 80 Michelin-starred restaurants, seven of which are listed in “Asia’s 50 Best Restaurants,” two of which are among the top three. The natural beauty of Victoria Harbour and the Geopark is known as a “natural wonder within the city.”
Hong Kong Tourism Board Chairman Peter Lam stated that the board will continue to launch promotional campaigns and events to attract visitors, leveraging Hong Kong’s advantages as an international aviation hub to attract high-value-added tourists.
Source:
HKSAR Government Press Releases
Report on Hong Kong’s Business Environment: Unique Strengths under ‘One Country, Two Systems
Asset and Wealth Management Activities Survey 2024
