Hong Kong welcomed 20 million visitor arrivals in the first five months of this year as the city’s drive to promote the mega-events economy bears fruit, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog.
Nearly three quarters of the visitors were from the Chinese mainland - a year-on-year growth of 10 percent - while overseas tourist arrivals grew at a faster rate of 18 percent on-year.
For the first half of 2025, the special administrative region is expected to attract some 840,000 visitors and generate HK$3.3 billion ($420.5 million) in consumer spending, driven by the city’s mega events that would produce an estimated additional economic value of HK$1.8 billion, Chan said.
Riding high on the SAR’s undertakings to boost the headquarter economy, Hong Kong hasn’t only polished its brand as an attractive tourist destination, but also a magnet for promising companies seeking international expansion.
Social media giant Xiaohongshu launched an office in Hong Kong on Saturday - its first outside the mainland – in a move Chan described as a telling example of the city’s allure as a launch pad for businesses going global.
The TikTok rival, also known as RedNote, boasts more than 300 million monthly active users, making it one of the fastest growing startups in the country in recent years, Chan noted. In Hong Kong, the platform has about two million users.
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The finance chief, who attended Xiaohongshu’s opening ceremony, said he had invited the company to set up a base in the SAR during his trip to its Shanghai headquarter in November last year.
He’s confident that the lifestyle community platform’s presence in Hong Kong will spur the burgeoning mega-events economy. “People yearn for quality lifestyle experiences and the pursuit of novel things. Their explorations of urban culture and distinctive features represent business opportunities that can be transformed into immense value.”
For the remaining half of the year, line-up of mega-events, Chan said he’s optimistic that the number of tourists will continue to rise.
He said Hong Kong’s ambitions go beyond the mainland, with many world enterprises and tourists voting for and setting foot on the city.
At the French Chamber of Commerce and Industry in Hong Kong gala dinner on Friday, Chan said he noted the growing number of French businesses establishing their presence in the SAR, with roughly 360 French companies calling the city home as of last year, many serving as regional headquarters.
According to Chan, French company Elior Group SA - a global leader in aeronautical services - will soon set up facilities in Hong Kong for aircraft dismantling, parts recycling and manpower training.
“This will support our vision to become a regional center for aircraft parts processing and trading,” he added.
Hong Kong welcomed more than 64,000 French visitors in the first five months of this year - a nine-percent increase over 2024.
