Hong Kong’s finance chief Paul Chan delivered his eighth budget on Wednesday, scrapping the decade-old cooling measures aimed at curbing speculation and highlighting the importance of promoting the digital economy and the Hong Kong brand. He will be providing more than HK$1 billion to organise mega events in Hong Kong.
The city’s leader John Lee appealed to all sectors of the community to support the 2024-25 Budget, saying it has responded to the expectations of the public and enterprises while consolidating the momentum of recovery.
Lee said amid the uncertain geopolitical situation and economic fluctuations, this Budget puts forward a series of concrete measures to bolster confidence, respond to the expectations of the public and enterprises and consolidate the momentum of recovery.
“Taking a long-term view, we are committed to promoting Hong Kong’s high-quality development, accelerating the growth of strategic industries, nurturing talent and strengthening our competitiveness,” he said.
“I welcome the Budget’s fiscal consolidation programme, which focuses on restoring fiscal balance while fully taking into account the financial constraints of the public and businesses.”
The convenor of the non-official members of the Executive Council (ExCo) Regina Ip said during a media briefing that the theme of this year’s Budget is to be confident about Hong Kong’s future and to grasp the opportunities and to promote high-quality development.
“On the whole, we consider this to be a highly comprehensive and prudent financial budget that will help Hong Kong return to growth and keep public expenditure under control.”
Business chambers in Hong Kong are also supportive towards the latest Budget. Jonathan Choi, chairman of the Chinese General Chamber of Commerce said the Budget accepts a number of recommendations put forward by the committee, including the elimination of cooling measures in the property market, measures to boost business confidence and talent attraction.
He said the optimisation of the development of fintech industries and measures in deepening regional cooperation can help enhance Hong Kong's overall competitiveness and attractiveness.
As the authorities praise this “appropriate and pragmatic” budget, what do players of the advertising and marketing industry think? Let's take a look at what are the views of some of the adland leaders MARKETING-INTERACTIVE reached out to on this year’s Budget.
Jeffrey Hau, co-founder and CEO, Prizm Group Hong Kong
It is truly gratifying to see active and ambitious initiatives aimed at boosting tourism and elevating the energy of our city. However, for example, we need to approach initiatives such as the monthly fireworks and drone show with a clear mind of its cost-effectiveness on multiple levels. Does this align with the palate of our target tourist demographics, as well as whether they would deliberately plan their visits around this monthly event? While an increase in tourist numbers is always welcome, we should focus on attracting the specific group of tourists we are currently short of.
I second the idea of hosting mega business events to attract business travelers. Not only do these events provide economic value to Hong Kong, but they also serve to revitalise the city's image as a world city. However, it's important to recognise that it's not just the event itself that entices participants. The surrounding buzz, activities, after-parties, culinary scene, and available city day tours all contribute to the overall appeal. It's not just about the hardware; the software, such as the experiential offerings, is equally crucial.
Utilising overseas influencers to promote the city is indeed a promising approach. However, success lies in the details. We must carefully select the right influencers and provide them with appropriate guidance and frameworks to ensure that the content they create is genuinely appealing and convincing to the audience, devoid of promotional undertones.
Published by Marketing Interactive on 29 Feburary 2024
