MOTION ON “BOOSTING THE LOCAL CONSUMPTION MARKET TO INJECT IMPETUS INTO ECONOMIC DEVELOPMENT”
President, with the rapid changes in the international economic and trade landscape in recent years, major economies, including our own country, have been attaching greater importance to the role of consumption, especially domestic demand, in driving the economy amid the three major engines for the growth of the Gross Domestic Product (“GDP”), i.e. investment, net exports and consumption. Similarly, Hong Kong also needs to maintain the momentum of consumption and sustain its growth, or at least we should not let consumption become a drag on GDP. For this reason, I speak in support of Mr Adrian Pedro HO’s motion.
I understand that Hong Kong people’s consumption habits have changed dramatically in recent years, resulting in a shrinking local consumption market. Government figures show that private consumption expenditure in the local market has fluctuated since the outbreak of the epidemic, particularly in the two subsectors of food and consumer goods, with the combined share dropping year-on-year from 38.2% in 2021 to 33.8% in 2024, meaning eating less and buying less, as well as eating cheaper and buying cheaper. For this reason, shops selling rice with two sides can also be located in the central business districts. The Government should proactively guide the relevant industries to tap the market potential and revitalize the retail market with targeted and innovative consumption patterns.
The Government should consider how to play the role of coordination and planning. Earlier on, a newspaper editorial has pointed out that Hong Kong’s retail industry lacks a lead department. On the contrary, in Singapore, a committee comprising officials, the business community, academics and the labour sector has been set up to propose post-epidemic development strategies for the retail industry, which have achieved significant results. Hong Kong can also consider assigning the management of such work to a designated department, such as the Commerce and Economic Development Bureau, to consolidate the policies which fall under other departments such as the Culture, Sports and Tourism Bureau and the Environment and Ecology Bureau, so as to create a synergy between the Government and the business sector, thereby helping the retail industry to transform and recover in an orderly and effective manner.
As regards the promotion of local consumption, I think there are three major directions which can be deepened and broadened, as mentioned by many Honourable colleagues just now.
First, the night economy. Hong Kong has a series of measures for the trawl for enterprises, the trawl for talents and tourism. The day economy has a pretty good momentum. However, the consumption habits of the public have indeed changed a lot after the epidemic. Our competitor Singapore, on the contrary, still holds a series of activities to promote the night economy, including F1 night races and concerts, and invites many major football clubs to organize matches, and on‑street cooked food stalls would stay open until late at night. Whilst Hong Kong is also making efforts to develop in this direction, there are still a lot of measures on which restrictions and barriers are yet to be removed.
Another point is that Hong Kong people are very health-conscious, but as they are busy at work during the daytime, they certainly do not have time to do exercise. Therefore, in order to promote the economy, night running is also an activity worthy of consideration. Last year, a total of 671 road running races were held in the Mainland, driving consumption of more than RMB13.3 billion. We have the Avenue of Stars and the running tracks in the Central and Western District. More night running events can also be organized at Victoria Harbour to bring in more business opportunities in respect of catering and sports products. I believe this will help stimulate the consumption of running enthusiasts.
Second, the mega event economy. Attaching great importance to mega event economy, the SAR Government has organized various large-scale summits, as mentioned by some Honourable colleagues earlier. As it happens that the quadrennial National Games will be co-hosted by Guangdong, Hong Kong and Macao this year, I think we can capitalize on this event to create a new round of consumption enthusiasm, since the “ice-and-snow fever” brought by the Olympic Winter Games in the past could ignite the consumption enthusiasm of the public as well. In addition to the competition itself, a series of toys such as mascots could also be launched. Listed toy companies are now very popular, proving that both adults and children like to buy these products. I hope the Government will attach importance to this.
Last but not least, the gourmet economy. As mentioned by many Honourable Members just now, Hong Kong has a very good culinary culture, with such delicacies as egg tart, milk tea, siu mei and cart noodles, which are extremely popular among tourists. I believe that reference can be provided for tourists through interesting activities or rankings to raise their consumer sentiment.
President, to boost local consumption, it is necessary to discern the changes in local consumption habits and demand. The Government should proactively assume more responsibilities to pool together the scattered forces and make concerted efforts with the business enterprises. Only then will it be effective.
I support Mr Adrian Pedro HO’s motion. I so submit.