logo
Hong Kong leader vows to make city 'preferred destination' after 12% surge in tourists

Hong Kong leader vows to make city 'preferred destination' after 12% surge in tourists

Bangkok Post28-07-2025
Hong Kong leader John Lee Ka-chiu has pledged to adopt innovative thinking to make the city a "preferred travel destination", following a 12% increase in tourist arrivals during the first half of the year.
Latest figures by the Hong Kong Tourism Board showed that the city welcomed about 3.48 million visitors in June, bringing the total number from January to June to more than 23.6 million, a 12% year-on-year increase.
Three-quarters of the arrivals, or 17.8 million, came from mainland China.
The board said on Saturday that about 5.84 million visitors arrived from the rest of the world, marking a 17% increase compared with the same period last year.
"Visitors from most short-haul markets, including Taiwan, Japan, South Korea and the Philippines, increased by at least 25% year on year," it said.
"Among long-haul markets, Australia recorded a notable growth of 33% year on year."
In a Facebook post, Lee attributed the tourism boom partly to a string of arts, cultural and sports mega-events. He also pointed to the opening of Kai Tak Sports Park, the city's newest hub for world-class concerts and sporting events.
"Achieving such remarkable results amid fierce competition with neighbouring regions is no small feat, reflecting Hong Kong's appealing 'East-meets-West' tourism elements and its growing attractiveness in the international tourism market," the chief executive said.
Lee also promised that his government would strive to keep its finger on the pulse of the market and adopt more "innovative thinking to make Hong Kong a preferred tourist destination".
"We will keep creating tourist attractions and organising mega-events, offering different activities every day to attract visitors from around the world to Hong Kong," he said.
Last year, Hong Kong received 44.5 million visitors, up 30.9% from 2023.
Roughly 76% of them arrived from the mainland. Those from other short-haul markets, excluding the mainland and Macau, grew by 53.4% year on year, while those from long-haul markets saw a 50.9% year-on-year jump in 2024.
The city welcomed a record 65 million visitors in 2018.
But the tourism sector has since been hit by Covid-19. Although inbound tourism has started to recover since the pandemic, the composition of mainland tourists has changed, with many spending less than before.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Scams and mule accounts a dominant fraud concern
Scams and mule accounts a dominant fraud concern

Bangkok Post

time9 hours ago

  • Bangkok Post

Scams and mule accounts a dominant fraud concern

Scams and mule accounts have become the dominant threat facing banks across Asia Pacific, according to a new survey by the multinational credit data analytics software company FICO. Seven in 10 (69%) senior banking executives identified these forms of criminal activity as their greatest concern, reflecting the continued rise of scams in which victims are tricked into sending money directly to criminals. Unlike traditional fraud, which typically involves unauthorised transactions that banks can detect and block, scams often bypass existing defences because payments are authorised by the victim. Once the money is sent, criminals rely on mule accounts to quickly move funds across institutions and borders, making recovery extremely difficult. The findings echo a growing alarm across the financial ecosystem, as scam-related losses reach historic highs across the region. In 2024 alone, Singapore reported more than S$860 million in scam losses, a 70% surge from the previous year. Thailand saw 60 billion baht in damages, while Malaysia's losses were estimated at a staggering 54 billion ringgit (US$12.8 billion), or nearly 3% of GDP. Similar trends were reported in the Philippines and Indonesia, where scam-related activity now dominates cybercrime reports. Social Media Key Channel The poll found that more than half of banking leaders (52%) view social media platforms as the top external threat vector for scams, followed by messaging apps (35%). In a region with more than 2 billion social media users, platforms such as Facebook, TikTok and Telegram have become key channels for targeting scam victims and recruiting money mules. Criminal syndicates use these platforms to impersonate officials, promote fake investments, or advertise bogus job opportunities. Many victims are lured into schemes that appear legitimate on the surface, while others are convinced to "rent out" their accounts in exchange for quick cash, not realising they are enabling financial crimes. In Thailand, more than 200,000 mule accounts were shut down in a single year. Singapore has introduced legislation that criminalises the supply of mule accounts and gives banks and authorities powers to act in real-time. The poll also found that banks are struggling with internal barriers that limit their ability to detect and respond to scams. The most common issue cited was siloed data (46%), followed by a lack of connected insights across products and channels (28%), and limited real-time integration with third-party systems (13%). "Scam activity is often fast, fluid and fragmented," said Dattu Kompella, managing director of Asia Pacific for FICO. "To respond effectively, banks need connected systems that provide a complete, real-time view of risk. "Without breaking down internal silos and unifying insights across teams, many institutions will remain on the back foot." The poll also explored bank leaders' views on reimbursing scam victims. Just 14% said banks should fully reimburse customers in all scam cases. Half said compensation should only apply when the bank is at fault, while 36% supported a shared responsibility model between banks and customers. FICO conducted the poll during its Asia Pacific Fraud Forum in June 2025, drawing insights from more than 40 fraud and risk executives from financial institutions across the region.

Brexit's parallels with Trump's tariffs tell a tale
Brexit's parallels with Trump's tariffs tell a tale

Bangkok Post

timea day ago

  • Bangkok Post

Brexit's parallels with Trump's tariffs tell a tale

In figuring out why the US tariff shock hasn't sent the economy or financial world into a tailspin, Britain's exit from the European Union trade bloc provides something of a playbook -- and without a particularly happy ending. Aside from vast differences in economic scale and global reach, the two episodes bear some comparison in how they upended years of deeply integrated free trade and possibly in how business, the economy at large and financial markets reacted. The 2016 Brexit referendum and Mr Trump's tariffs this year were each widely billed as economic shocks that would send the financial world into paroxysms. They didn't, at least not at the outset. To be sure, both were followed by dramatic downward lurches in the two countries' respective currencies. But, to some extent, the steep drop in sterling after the referendum vote and the dollar's plunge on President Donald Trump's tariff plan this year helped offset some of the wider impact -- at least on stock markets that are loaded with global firms with outsized foreign revenue. More broadly, however, the difficulty in isolating their immediate net impact means no "big bang" economic crisis unfolds to prove critics right -- even if their enduring legacy turns out to be a slow burn of economic potential and lost output, often obscured by multiple other crosswinds. In Britain's case, the seismic effects of the Covid-19 pandemic distorted any attempt to easily assess Brexit when it actually happened. Tortuous negotiations with the EU meant the UK's departure eventually occurred on the eve of the health crisis in 2020, and the new trade rules did not come into force until a year later. But in the four years between the referendum surprise and the pandemic, the UK economy never entered a recession nor recorded a negative quarterly GDP print -- confounding pro-EU supporters at the time and bolstering the Brexit lobby. Emerging from the twin hits, however, the economy has almost flatlined since. FTSE 100 stocks, helped by the weaker pound, kept pace with the S&P 500 and world indexes for about a year after the referendum before chronic underperformance set in. Since 2018, the UK market has lagged MSCI's all-country index by some 35%. What's more, it's taken more than eight years for the pound's effective exchange rate to recover its pre-referendum levels. Few mainstream economists now doubt that Brexit has taken a serious toll on the UK economy -- even if blame for that gets sprayed in multiple directions -- and oceans of ink have been spilt trying to disentangle the precise impacts. One academic study by a number of Bank of England economists earlier this year concluded that uncertainty following the referendum resulted in little change in goods exports and imports before the exit was finalised. But after the new rules hit, UK imports fell 3% and overall exports fell 6.4%, largely because of the 13% hit in exports to the EU. While this slump seems relatively modest compared to the official forecasts of the longer-term hit, the pain has been borne disproportionately by small businesses. Additionally, these findings exclude the Brexit hit to services and London's finance sector, which registered a much bigger economic dent. And the cumulative damage to London and the service sector over the next 10 years continues to worry the City. The US tariff story is of a completely different order, of course, as it will reverberate across the world economy. But there are some parallels, not least in certain aspects of the market reactions and the initial resilience. Economists estimate that the tariffs could lop anywhere from 0.5% to 1.0% off US GDP over time. That's a US$150-$300 billion hit, which, though painful, would not be an instant crisis for an economy that's growing at a roughly 2% annualised rate, where imported goods represent just 11% of GDP and where tech and AI trends are generating considerable tailwinds. But as former White House economic adviser Jason Furman pointed out in a New York Times essay last week, the tariff damage is likely not a one-off hit. The loss of 0.5% of GDP, he argued, is "the equivalent of every household in America taking around $1,000 (32,380 baht) and lighting it on fire -- then doing it again every year. Forever". In the end, the main point of the British comparison is to show how extreme partisan arguments on the pros or cons of such giant economic policy changes don't necessarily get resolved cleanly in adaptive, hardy and hyper-complex modern economies. The upshot is there's rarely a big crash to prove a point. And that in itself is unnerving if politically motivated policies then appear workable on the surface and resist instant pushback -- only to act as a drain on the economy over a protracted period. Many observers reasonably argue that sovereign democratic politics should always trump economic conventions and even directions. But do people eventually notice when it goes wrong?

Senate approves eased alcohol rules
Senate approves eased alcohol rules

Bangkok Post

time2 days ago

  • Bangkok Post

Senate approves eased alcohol rules

The Senate has approved the amended Alcohol Control Bill, easing restrictions on alcohol-related communication and offering greater support for local brewers and small-scale producers. The bill, which includes 44 sections, passed its second and third readings on Monday with 104 votes in favour out of 119. It was approved overwhelmingly by the House of Representatives in March. Although approved without changes from the drafting committee, ten sections — including Sections 10, 21, 22 and 32 — were flagged for potential amendments and further comment in a report by the committee. Senator Pornchai Witayalerdpan opposed a provision allowing alcohol business operators or stakeholders to join the Alcohol Control Board. He argued that their inclusion would pose a conflict of interest, potentially enabling the industry to influence regulations that should remain impartial under the principles of good governance and public law. Senator Noraset Pratchayakorn stressed that amendments should strike a balance between economic opportunity and safeguarding public health, particularly for young people. He raised concerns over Section 22, which would allow alcohol sales through vending machines. Chanin Rungtanakiat, a Pheu Thai list-MP and campaigner for reform of the alcohol laws, welcomed the Senate's approval via a Facebook post, highlighting the bill as the result of years of effort and collaboration. He said the new law could open opportunities for community-based alcohol producers. The Craft Beer Trade Association (Thailand) also praised the bill on its Facebook page and provided the public with simplified explanations of key changes to Article 32, specifically regarding advertising. Under the current Article 32, advertising alcoholic beverages is prohibited if it exaggerates benefits or encourages consumption. Images of products or packaging are also restricted. The amended bill introduces several new sub-articles:

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store