I am honoured to have been re-elected to serve the HKGCC as Chairman for a second term, and sincerely thank our members for their constant support.

A lot has happened since I took the helm last June, and it is a relief that after the many challenges of the pandemic, Hong Kong is finally on the road to recovery, with the economy growing 2.7% in the first quarter of 2023 led by domestic demand and inbound tourism. Retail spending also surged by 24%, as private consumption got a boost from residents’ spending spree, the return of tourists and also the latest tranche of digital consumption vouchers.

It is also reassuring to see that visitors – both international and from the Mainland – have begun returning to our shores, with the total number of inbound travellers in the first quarter of 2023 reaching 4.41 million, about 30% of the average quarterly figure pre-pandemic. Total annual visitor arrivals are forecast to touch 25.8 million – 46% of 2019’s total – with growth expected to spike in the second half of the year.

Further supporting recovery are the Government’s various talent schemes, which by mid-April had received a staggering 60,000 applications, of which more than half have been approved. The talent list categories have also been broadened to address the labour shortages in several industries. 

As for the Mainland, the economy expanded 4.5% in the first quarter of 2023 since borders were reopened, marking the highest growth since the first quarter of last year. This year, it is expected to grow faster than previously forecast and exceed the target of around 5%.

Meanwhile, like the rest of the world, Hong Kong continues to be impacted by such factors as conflict, disruptions in supply chains, and high interest rates, among others. Here at the Chamber, we will be pulling out all the stops in the coming 12 months to actively lobby the Government and help businesses get back up to full steam and weather the impact of geopolitical issues.

Those who attended the HKGCC Business Summit last month will have come away with a sense of optimism about Hong Kong’s economic revival. At the event, eminent business leaders discussed the next steps as we work to cement our status as one of the world’s most dynamic international financial centres, with a focus on promoting new pillars to drive growth and giving traditional industries a fillip. Yes, there are challenges that we have to face, but I believe the future looks promising.

Betty Yuen
[email protected]