Tourism has now emerged as an integral part of Hong Kong’s economy

Published on : Tuesday, June 27, 2017

Hong Kong’s economyIn the past 20 years, tourism has emerged as the key element of Hong Kong’s economy, boosted by an increase in the number of visitors from the Chinese mainland.

 

However, with a recent fall in visitor numbers, the city is thinking of ways to boost the numbers and balanced, healthy and long-term growth through diversified tourism products and sources of visitors.

 

Last year, the number of mainland tourists to Hong Kong went to 42.77 million, roughly 18 times higher than the 2.36 million recorded in 1997, according to statistics released by the Hong Kong Tourism Board. Mainland visitors now account for about 76 percent of all tourists to Hong Kong.

 

In recent years, growth in the number of tourists from the mainland following the launch and progressive extension of the Individual Visit Scheme has seen the tourism sector become the fastest-growing component of the city’s GDP. Tourism is Hong Kong’s smallest GDP pillar, but it outperformed the others – trading and logistics, financial services, and professional and producer services. Travel was also the largest component of the city’s exports of services and net travel exports contributed HK$101.5 billion (88.77 billion yuan) to the city’s invisible trade surplus in 2015.

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