Hong Kong to ramp up promotion of coming mega events to help boost economy, Paul Chan says Hong Kong authorities will ramp up promotional efforts for coming mega events as part of a drive to boost consumption and create greater economic value, the city’s finance chief has said. While Financial Secretary Paul Chan Mo-po on Sunday struck an optimistic tone over the role of tourism in driving the economy, a lawmaker urged the government to urgently throw local businesses a lifeline, saying cash-flow problems they faced in the current downturn were “more severe” than during the Sars outbreak in 2003. In a blog post, Chan pointed to his recent official visit in Australia where he invited the business community to join various events scheduled in Hong Kong, highlighting their significance in driving “business tourism”. “Mega events and large-scale activities held in Hong Kong this year are expected to generate more consumption in Hong Kong and create greater economic value,” Chan said. “We will enhance the publicity and promotion of these events, while better coordinating and leveraging their synergy, so that the influx of people and associated spending can broadly benefit the whole of Hong Kong.” The city will host more than 210 mega events this year, including the five-day Watch and Clock Fair that ended on Saturday and the Belt and Road Summit later this week, which is expected to attract about 6,000 attendees from over 70 countries and regions. Chan said those attending the two-day summit, which starts on Wednesday, would include more than 80 political and business leaders from economies that fall under the Belt and Road Initiative. The initiative refers to Beijing’s plan to improve trade and economic integration across Asia, Europe and Africa. Chan also said the Hong Kong Investment Corporation would on Friday host the Summit on Start-up Investment and Development, which aims to explore opportunities to promote advancements in financing, and innovation and technology. The financial secretary also discussed his trip last week to Australia, where he met representatives from companies involved in the life sciences, medical, technological, finance and green energy industries. He noted fewer Australian had travelled to Hong Kong and mainland China in recent years due to the Covid-19 pandemic and geopolitical factors, but added that his explanations had helped clear up some misunderstandings. Amid the economic slowdown, local small to medium-sized enterprises (SMEs) have recently complained about their financial struggles, which prompted the Hong Kong Monetary Authority and the Hong Kong Association of Banks to launch a joint task force to discuss challenges relating to lending. Commercial sector lawmaker Jeffrey Lam Kin-fung noted on Sunday that the banks were actively responding following the establishment of the task force but he hoped they could consider other assets besides property as collateral when leading to SMEs. “While approving loans for SMEs, banks should also look at their prospects for development and how much confidence they have in their growth. This approach could lead to new lending opportunities,” he told a television programme. Separately, treasury chief Christopher Hui Ching-yu told a radio show that while the Task Force on SME Lending would help companies address their financial struggles, businesses should also upgrade and restructure operations to keep themselves competitive. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3277656/hong-kong-ramp-promotion-coming-mega-events-help-boost-economy-paul-chan-says (ICE HONG KONG)

Fonte notizia: South China Morning Post