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Striving Hard for Continuous Improvement

The Paris Olympics has reached its halfway point. This year, the Hong Kong, China Delegation has sent a total of 35 athletes to compete in the games, achieving an impressive result of winning two gold medals and two bronze medals so far. The performance of the national team has also been astonishing, as they have already obtained over 30 medals.

Even though we are only watching the games through live broadcasts on television, we can still feel the intensity and tension of the competitions, holding our breath as the games played out. On sports fields filled with athletes' sweat and tears, we have witnessed many heartening and touching scenes. There were moments when winning athletes embraced their team with cheers and tears; and moments when athletes whose performance did not meet expectations couldn't hide their disappointment, though they received comfort from their peers. These are all the memorable parts of the games.

In fact, every athlete has undergone long and intensive training, and only through years of perseverance and constant pursuit of breakthroughs could they finally reach the Olympic Games. They were under tremendous psychological pressure during the games, and some even had to cope with recurring injuries. Having gone through such tough times and challenges, athletes fully deserve our cheers and appreciation for their remarkable results.

Even if athletes could not achieve satisfactory results in the games, their determination and perseverance are truly inspiring stories that bring positive energy to the whole community. Only by persisting and focusing on self-improvement despite adversity and setbacks can one develop strong psychological resilience, good observations skills and decisiveness in execution. These qualities are key elements on the road to success.

As for our economy, changes in the domestic and external environments as well as fluctuations in the economic cycle have brought about various difficulties and challenges. Currently, Hong Kong's overall economic situation is rather steady, with continued economic growth. Among the three key drivers of Hong Kong's economy, export of goods continued to rise by 7.6% year-on-year in the second quarter, and investment expenditure also rose by 6%, supporting year-on-year GDP growth of 3.3% in the second quarter of this year. Yet, factors such as changes in the consumption patterns of visitors and our residents, as well as the strength of the Hong Kong dollar, have put pressure on private consumption.

Even in the face of challenges, enterprises can create new opportunities by pooling resources and innovating. By leveraging technology, they can bring breakthroughs to their operations, create new business models, and open up new opportunities. By seizing the right timing to stimulate consumption, such as during the recent Olympic Games or various themed mega-events, while offering high-quality products and services complemented by promotions and discounts, enterprises can boost their businesses by better meeting consumers' demand.

With staunch support from the Central Authorities, various measures to benefit Hong Kong have been successively implemented, promoting the development of the tourism and consumption-related industries. According to figures from the Hong Kong Tourism Board (HKTB), of the 21 million visitor arrivals in the first half of this year, approximately 700 000 were overnight MICE (i.e. meetings, incentive travels, conventions, and exhibitions) visitors, recovering to about 80% of the same period before the pandemic and representing the fastest recovery among different types of overnight visitors. The duration of their stay in Hong Kong was longer, and their per capita spending was about 20% to 30% higher than that of the overall visitors. The HKSAR Government will continue to step up its efforts in exploring such sources of high-spending visitors. The HKTB has already facilitated and bid for the staging of over 60 large-scale international MICE events in Hong Kong from this year to 2026, expecting to attract at least 220 000 participants.

The Chief Executive led a delegation to three Association of Southeast Asian Nations (ASEAN) member states last week, expanding our circle of friends and creating more business opportunities. Officials of the HKSAR government will likewise make proactive overseas visits in the time to come. For instance, I will visit Europe, the Americas, Australia and the Middle East in the latter half of the year. Through these overseas visits, we seek to secure more investors and capital from markets with which we have long established close relationships; at the same time, we will strive to explore potential new markets and new sources of funding. In fact, with its international character, Hong Kong enjoys prominent advantages in multiple areas such as financial services, business, as well as cultural and people-to-people exchanges. These advantages, coupled with Hong Kong's extensive business connections and people networks with various places, have enabled the city to play a unique role in international trade and maintain strong resilience amid various challenges. We should therefore capitalise on our strengths and give full play to our role so as to contribute continuously to our country's progress while achieving better development for ourselves.

August 4, 2024