Ma Homan, deputy chairman of Success Universe Group and a member of the National Committee of the Chinese People's Political Consultative Conference, believes the SAR's economy will bounce back after the political crisis calms, as the city boasts many business opportunities. (NORA ZHENG / CHINA DAILY)
Hong Kong should diversify its appeal to visitors rather than relying too heavily on its reputation as a “shopping paradise”, a business executive in the tourism and hotel sector told China Daily on Wednesday.
This approach would help boost the city’s battered economy after months of social unrest, said Hoffman Ma Ho-man, deputy chairman of Success Universe Group.
Ma said he believes Hong Kong is not only a shopping destination, but a city with a well-established support infrastructure for financial, exhibition, arts and cultural activities. It will continue to attract global visitors, he added.
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Hoffman Ma Ho-man, deputy chairman of Success Universe Group, said he believes Hong Kong is not only a shopping destination, but a city with a well-established support infrastructure for financial, exhibition, arts & cultural activities
In high-profile campaigns overseas, the government promoted itself as a holiday destination, with little reference to it being a place with thriving and lucrative opportunities, Ma said.
When the political crisis settles down, people and businesses will return almost instantly, he predicted. They will include domestic companies that need financial tools to expand further under the Belt and Road Initiative, and also tourists who see Hong Kong as a showcase for other Cantonese cities, Ma argued.
The violence-stricken city recorded a 39.1 percent plunge in tourist arrivals in the second half of 2019. The unemployment rate in the retail, accommodation and food-services sectors registered a three-year high of 5.2 percent.
Ma said the social unrest has to stop for the sake of people’s livelihoods. Instead of focusing on tackling unemployment in a particular sector, he suggested the government resolve deep-seated problems that have plagued the city for years, he added.
“At the end of the day, what most people care about are clothes, food, places to live, decent transportation, medical care and education,” Ma said.
The city and its people have shown resilience after major incidents, including the SARS outbreak in 2003 and the “Occupy Central” movement in 2014, he said. Ma believes Hong Kong will soon recover from the economic recession.
Tapping into Bay Area
Ma, also a member of China’s top political advisory body, the National Committee of the Chinese People’s Political Consultative Conference, said Beijing’s ambitious economic plan for the Guangdong-Hong Kong-Macao Greater Bay Area was less attractive to Hong Kong’s younger generation. This is because there are not many well-known Hong Kong companies recruiting Hong Kong people to work in the Bay Area.
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“How can you expect people to work for unfamiliar enterprises in unfamiliar cities?” said Ma, whose company also has branch offices in Guangzhou.
The SAR government should try harder to educate young people about the many opportunities that exist in other Bay Area cities, Ma said.
