Tourism will become an important factor in driving our economy
October 7th, 2010 | 
Author: Addition to the nearly 3.5 billion cost of the huge projects, Investment 950 000 000 HK’s Tung Chung to Ngong Ping Cable Car Project and cost 520 million Hong Kong dollars, covering 64 hectares of the Hong Kong Wetland Park Phase II, are to be completed in early 2006. Hong Kong’s major Travel Infrastructure projects coming on stream, further enhancing Hong Kong’s diverse, multi-level tourist attraction. Tourism has become an important factor in driving our economy.
Development of tourism is an important period of economic restructuring countermeasures. Government tourism as one of the four pillar industries, the past few years, for the development of tourism resources has been invested 31 billion Hong Kong dollars. Although Hong Kong’s tourism industry accounts for only 7% of GDP, but the booming tourism industry, other related sectors such as Retail , Catering, hotel industry growth. To the hotel industry as an example, according to the Hong Kong Tourism Board forecasts the next two years will increase 14 000 Hong Kong Hotel Rooms .
The past two years, the Mainland relaxed individual travel to Hong Kong tourism policy, promotion of mainland tourists to Hong Kong’s economic recovery and prosperity. According to statistics, tourist arrivals to Hong Kong during 2004 to increase 44%, more than 12.2 million people. Mainland tourists in Hong Kong last year, consumption has accounted for 12% of all retail trade, the ratio increased in 2000 by 5 percentage points. At the same time, the Hang Seng Index in the past 12 months increased by 22%. Showed a downward trend in the unemployment rate is slow, from 8.7% two years ago to 5.9%. Market research firm AC Nielsen’s report said: “Hong Kong’s consumer index is now 6 years since the emergence of the best momentum.” Last year in July, the overall price index has finally re-recorded on-year increases, marking the last long up to 5 years of consumer price deflation to an end. Standard Chartered Bank economist Tai Hui said: “The consumer price index rose mainly due to mainland tourists to Hong Kong ‘personal travel’, driven by recent Property market Buoyant and unemployment declines, the market has begun to restore consumer confidence, retailers have a better bargaining power, so prices rise. “Economists believe that the price index, due to the increase of imported goods, retail and catering business, quickly rebounded and the market flourishing, stimulates the market demand for the better.
“Pull an important factor in our economy is tourism, a large number of tourists from the Mainland to promote Hong Kong people’s consumption.” “Better Hong Kong,” said George Yuen, Chief Executive Officer of the Foundation.
Originally published here.
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