Fully resuming normal travel with SARs propels Hong Kong's economy

BEIJING, Feb. 17, 2023 /PRNewswire/ -- A news report from China.org.cn on the full resumption of normal travels between Hong Kong Special Administrative Region and the Chinese mainland:

Imagine this — waking up in Guangdong province, heading to Hong Kong for school or work, and returning to Guangdong the same night — this was the daily routine of thousands of people until the pandemic disrupted business as usual. On Feb. 6, normal travels between Hong Kong Special Administrative Region (SAR) and the Chinese mainland fully resumed, revitalizing the "one-hour living circle" in the Guangdong-Hong Kong-Macao Greater Bay Area.

Within one week, Hong Kong has seen a consistent climb in its number of arrivals and departures, while tourists are also making a comeback.

This is good news for Hong Kong. Tourism is one of the pillar industries of Hong Kong. The return of tourists would spur the recovery of the city's dining, hotel and retail businesses, further catalyzing the development of exhibition, transportation and trading. One can tell that the full resumption of normal travels can effectively revitalize Hong Kong's tourism, and inject more confidence for future development.

The full resumption also facilitated economic and trade exchanges between the Chinese mainland and Hong Kong. On Feb. 8, Guangdong province hosted an investment and trade policy promotion conference in Hong Kong, inviting over 500 participating international organizations and businesses to Guangdong. Invitations from places including Zhejiang province, Yunnan province and Nanjing also reached Hong Kong one after another, seeking win-win results.

The Chinese mainland is Hong Kong's largest export market. But due to the pandemic, Hong Kong's import and export activity died down over the past three years. Along with the gradual resumption of goods transportation between the Chinese mainland and Hong Kong, the city's export volume will also increase, helping Hong Kong's economy get back on track.

From a long-term view, financial services and technological innovation are typical drivers of Hong Kong's future economic recovery. The high-quality economic development of the Chinese mainland, a greater level of opening-up and the building of the Guangdong-Hong Kong-Macao Greater Bay Area will provide a broader market for Hong Kong's financial services and technological innovation industries. The cross-boundary interconnection of financial data throughout the Greater Bay Area, and the cross-boundary payment of Chinese yuan will in turn consolidate and elevate Hong Kong's position as an international finance hub.

Not long ago, the Hong Kong SAR government promulgated the Hong Kong Innovation and Technology Development Blueprint, in which "To enrich I&T talent resources and develop an international talent hub" is listed as a direction. Three days after full travel resumption, China's National Immigration Administration announced that starting from Feb. 20, mainland cities in the Greater Bay Area will pilot a new policy of issuing endorsements for talents traveling to and from Hong Kong and Macao SAR. This policy, closely following the full resumption, will inject greater impetus into Hong Kong's development.

Twenty years ago, Hong Kong's economy was severely affected by SARS. China launched the Individual Visit Scheme to help boost Hong Kong's economy. After 20 years, in 2023, the Chinese mainland and Hong Kong fully resumed normal travels, which will surely usher in a brighter future for Hong Kong.

China Mosaic

http://www.china.org.cn/video/node_7230027.htm 

Fully resuming normal travel with SARs propels Hong Kong's economy

http://www.china.org.cn/video/2023-02/17/content_85112523.htm

SOURCE China.org.cn