Latest news with #IndividualVisitScheme
South China Morning Post
13-06-2025
- Business
- South China Morning Post
How Hong Kong can shake off stagnant growth
Hong Kong's economic growth and resilience over the past two decades should serve as a source of pride. Real gross domestic product has grown at close to 3 per cent year on year over the past two decades, a robust figure for a developed services-based economy. But far more impressive is the way Hong Kong has rebounded rapidly and emerged even stronger after each crisis it has faced, whether it was the severe acute respiratory syndrome epidemic of 2003, the global financial crisis of 2008, or the economic slump of 2012. A closer look shows that Hong Kong's recent economic journey has really been a story comprising two chapters. Between 2004 and 2014, GDP grew by an average of 4.5 per cent, outpacing many of our regional peers. We all remember this period of fast-rising prosperity, fuelled by mainland China's economic boom and breakthrough policies such as the Individual Visit Scheme The past 10 years – chapter two in our story – are more nuanced, however, as Hong Kong's GDP grew by an average of just 1 per cent between 2015 and 2024. The social unrest of 2019 and the three-year period when Covid-19 gripped the city could be written off as one-time events. But the prolonged period of stagnant growth that we continue to live through feels materially different than previous slowdowns. mega-events , Much has been written about the challenges and potential solutions for Hong Kong's economy. Many of the city's recent investments in tourism technology and innovation are encouraging. Hong Kong's pivot will not be easy, though. While everyone understands we need to ensure that our economy is better aligned with the future, not with the past, the kind of change we need to effect requires an entirely new playbook. 'Business as usual' will not suffice. Understanding where future growth will emerge is crucial to Hong Kong's economic transformation. Recent research from the McKinsey Global Institute (MGI) provides a valuable framework for assessing 'arenas of competition' – dynamic, high-growth sectors poised to reshape the global economy through innovation and value creation.
The Star
25-04-2025
- Business
- The Star
Cathay Pacific to launch direct flights from Hong Kong to Urumqi
HONG KONG, April 25 (Xinhua) -- Cathay Pacific announced on Friday that it will launch a new route connecting south China's Hong Kong Special Administrative Region (HKSAR) and Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, with flights starting on April 28. During a celebration event for the route's launch, Cathay Pacific highlighted that the direct flights from Hong Kong to Urumqi will operate on Mondays, Thursdays, Saturdays, and Sundays, using Airbus A330 aircraft. Addressing the occasion, Cathay Group CEO Ronald Lam said Xinjiang boasts stunning natural scenery and that Urumqi is a key city under the Individual Visit Scheme for Chinese mainland travelers to Hong Kong and Macao. The new route is expected to strengthen connections between Hong Kong and Urumqi, making travel more convenient. Additionally, with the upcoming launch of new destinations in Yiwu, east China's Zhejiang province, and Changzhou, east China's Jiangsu province, next month, the total number of Cathay Pacific's passenger destinations in the Chinese mainland will reach 22, said Lam. Mable Chan, secretary for Transport and Logistics of the HKSAR government, said that Xinjiang is a pivotal place under the framework of the Belt and Road Initiative and a core area of the Silk Road Economic Belt. She expressed optimism that the new route will not only enhance tourism exchanges between the two regions, but also create a new freight corridor to bring Xinjiang's rich products to Hong Kong.
