Hong Kong plans to broaden its market reach in the second half of this year to strengthen connections with investors in Europe, the United States, Australia, and the Middle East, according to Hong Kong Special Administrative Region Financial Secretary, Paul Chan.

Chan also highlighted that Hong Kong's overall economic situation is stable, with a 3.3% year-on-year growth in GDP for the second quarter.

Although shifts in consumer spending patterns and a relatively strong Hong Kong Dollar have put some pressure on private consumption, companies can overcome these challenges and capitalise on new opportunities by developing innovative business models and promoting high-quality products and services, Chan added.

Furthermore, in the first half of this year, approximately 700,000 of the 21 million visitors to Hong Kong were overnight visitors attending meetings, incentives, conferences, and exhibitions. 

This figure has rebounded to 80% of pre-pandemic levels, marking the fastest recovery among all categories of overnight visitors.

Chan also highlighted that this group stayed in Hong Kong for longer periods and spent 20%-30% more per capita compared to the average visitor.

In addition, the Hong Kong Tourism Board has successfully secured and bid for over 60 major international conventions and exhibitions to be hosted in Hong Kong from this year until 2026, with expectations of drawing at least 220,000 participants, the Financial Secretary went on to add.