Latest news with #CommerceandEconomicDevelopment
RTHK
4 days ago
- Business
- RTHK
'Shopping festival can help boost silver consumption'
'Shopping festival can help boost silver consumption' Commerce chief Algernon Yau says a shopping festival in the city will be a good chance for retailers to grasp the silver economy. Photo: RTHK Annie Yau Tse says retailers must embrace new technology to break through the extreme challenges facing the industry. Photo: RTHK Secretary for Commerce and Economic Development Algernon Yau on Wednesday called on retailers to take the opportunity of a shopping festival later this year to boost consumption for silver-haired residents. His remark came after authorities last week rolled out 30 measures to tap into the "silver economy" to spur growth, of which half were related to boosting consumption for senior residents. Speaking at the Hong Kong Retail Summit 2025, Yau said the third edition of the Hong Kong Shopping Festival in the third quarter will be a good chance to put the measures into practice. "I encourage the business community to take this opportunity to offer exclusive discounts, products, as well as a combination of services for the elderly, to create a pleasant silver consumption atmosphere in the market, and to attract more silver-haired consumers," he told summit participants, many of them retail professionals. "I also hope that retailers such as supermarkets, department stores, pharmacies and personal care stores will classify the products clearly and concisely at their physical stores, and to place some common and popular silver products at places that are easy to access, so as to enhance the consumption experiences for them and their families and caregivers," he added. The commerce chief also said the government will ramp up certifications for relevant products and services to ensure their reliability. Echoing Yau, Annie Yau Tse, chairwomen of the Hong Kong Retail Management Association (HKRMA), said local retailers must embrace new technology and channels to break through the extreme challenges facing the sector. "New retail must embrace the artificial intelligence and innovative technologies, attach importance to the consumer experience, and seize the development opportunities in different fields, such as the mega event economy, low-altitude economy and silver economy, to break through the limitations of our Hong Kong retailers and open a new chapter," she said. "Hong Kong brands still have unique advantages, and we can look around and explore new markets, such as first establishing themselves in the Greater Bay Area market, before tapping into markets of other provinces and cities on the mainland." The retail veteran's remarks came as the city's retail sales fell for the 14th month in a row, dropping by 2.3 percent year on year last month to HK$28.9 billion, as changing consumption patterns continued to weigh on the industry. Yau Tse earlier estimated that the sector will see flat growth for this year, saying she hopes the April data "reached a bottom" and that the industry will stabilise in the coming months.
RTHK
28-05-2025
- Business
- RTHK
Elderly 'key to taking economy to next level'
Elderly 'key to taking economy to next level' Algernon Yau says it is crucial to attract the silver-haired population to spend locally. File photo: RTHK. Secretary for Commerce and Economic Development Algernon Yau said on Wednesday it is crucial to make it appealing for the silver-haired population to spend locally. Yau made the remarks a day after the government announced 30 measures to further develop Hong Kong's silver economy, such as having restaurants roll out dishes that suit the needs of the elderly and offering them exclusive discounts at expos. Speaking on an RTHK radio programme, he said the SAR has to actively tackle the challenges brought about by its ageing population in ways that will also lead to opportunities. With Hong Kong facing a need to restructure its economy, Yau said this demographic offers new stimulus capable of boosting overall economic development. "We hope that industries will develop more products for the silver market, so elderly people can have a comfortable living environment in Hong Kong," he said. "So when they go out, the places they go to will have the products they want and the food they may want to eat" Yau added that as caretakers and families of the elderly will also have certain requirements, he hopes further developments of the silver economy will also get them to spend more. For his part, Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, said many eateries have already offered discounts to the elderly even before the latest attempt take development of the silver economy to the next level. He believes more than 100 eateries will join the government's "Friends & Flavours" campaign, which will see restaurants offering meal options suitable for the elderly. This is because these options have been made available in recent months and become very popular among older consumers, Wong added.
RTHK
25-05-2025
- Business
- RTHK
Hong Kong hoping for RCEP breakthrough this year
Hong Kong hoping for RCEP breakthrough this year Algernon Yau hopes the admission procedures for Hong Kong to join RCEP will be completed in September. File photo: RTHK Secretary for Commerce and Economic Development Algernon Yau on Sunday said he expects procedures for Hong Kong to join the Regional Comprehensive Economic Partnership (RCEP) to be completed this year. On a TVB programme, Yau said various countries, including New Zealand and Japan, expressed support for Hong Kong joining RCEP when he met counterparts at a recent Apec trade ministers gathering in Korea. "I hope that in September this year, RCEP will complete the accession procedures," he said. "We hope that we can join the working group and implement the accession work as soon as possible. It will take time and the estimates might not be that accurate. But it is now underway, and it's quite positive." The government submitted the accession request three years ago. On a separate note, Yau said he believes increased US tariffs on various countries provide opportunities for Hong Kong and he expects an increase in trade with the SAR. Yau said a recent Hong Kong delegation to Kuwait and Qatar secured even better results than expected, with scores of collaboration agreements signed, and Central Europe and Central Asia will become a future focus for cooperation.
HKFP
22-05-2025
- Business
- HKFP
Hong Kong liquor imports increase 15% since tax cut, commerce minister says
Liquor imports have increased by more than 15 per cent since the government slashed liquor tax last year, Hong Kong's commerce minister has said. In the six and a half months since liquor duty was reduced last year, the volume of liquor imports in litres rose by more than 15 per cent, compared with the preceding six and a half months, Secretary for Commerce and Economic Development Algernon Yau told lawmakers on Wednesday. Meanwhile, trade volume went up by nearly 60 per cent, 'reflecting that the two-tier system introduced by the government is effective in boosting high-end liquor trading,' Yau said in a written response to lawmaker Jimmy Ng. At his Policy Address in October, Chief Executive John Lee announced a tax cut on liquor with an import price of over HK$200 – from 100 per cent to 10 per cent – for the portion above that price threshold. The cut applies to alcoholic beverages with an alcoholic strength of more than 30 per cent. Other 'high-value' sectors Citing official data, Yau said there were around 2,130 establishments in the alcoholic beverages industry as of the end of 2024, representing an increase of 110 from the previous year, and 6,720 people in the industry last year, marking a decrease of 270 from 2023. The industry also capitalised on the tax cut by organising wine and spirits fairs, during which the proportion of liquor on sale increased, Yau said. Some traders also lowered the prices of liquor, he added. Echoing Lee's speech last year, Yau said that the purpose of the tax cut was to encourage trading in high-end liquor, 'thereby giving impetus to the development of other high value-added sectors such as logistics and storage, tourism, as well as high-end food and beverage consumption.' 'At the same time, we are also mindful of the need to avoid increasing liquor consumption among the public as a result of reducing liquor duty, thereby leading to other problems,' Yau added. Prior to Lee's policy announcement last year, industry associations reported that most bar owners experienced 20 to 30 per cent drops in revenue compared with pre-pandemic levels. The Hong Kong Bar & Club Association attributed the slowdown to Hongkongers heading to mainland China during holidays and the migration of wealthy residents.
RTHK
08-05-2025
- Business
- RTHK
HK 'has the fibre to lead in wireless technology'
HK 'has the fibre to lead in wireless technology' Secretary for Commerce and Economic Development Algernon Yau says Hong Kong is leading the way in preparing for 6G deployment. File photo: RTHK Secretary for Commerce and Economic Development Algernon Yau said on Thursday Hong Kong is striving to lead the world in developing wireless technology. Yau made the remarks at the opening of the 6G Global Summit at Hopewell Hotel in Wan Chai – the first time it is held in Hong Kong and in the Asia-Pacific region. Addressing more than 600 participants from all over the world, including regulators, telecom operators, experts and scholars, he highlighted the city's robust telecommunications infrastructure, saying it provides a strong foundation for 6G development. 'Hong Kong has already achieved territory-wide 5G coverage with about eight million users, representing over 105 percent of the population last year," Yau said. "Our 5G availability ranks first in the Asia-Pacific region. 'With our extensive network infrastructure, our fibre-to-the-home or building penetration rate is around 90 percent, placing us in the top five globally according to a report issued by FTTH Council Europe in March 2025.' Hong Kong is also the first city in the world to auction radio spectrum in the 6 and 7 GHz band, Yau noted, which is crucial in paving the way for the deployment of 6G mobile communication services. Delivering a speech via a video link, Masanori Kondo from Asia-Pacific Telecommunity – an intergovernmental organisation – said the summit comes at a critical time and stressed the need for more regional cooperation. 'This is about more than technology," Kondo said. "It is about transforming how we live, work and connect. "The Asia-Pacific region is leading this shift. 'Countries such as China, Japan and the Republic of Korea are not only expanding 5G but also actively shaping 6G research and development. "Thanks to both investment and forward-looking policies, our region is setting the pace for global innovation.' The annual tech summit brings together top-level industry and policy representatives to explore challenges and opportunities in 6G technology development and adoption.
