People Exchanges Flourish During Spring Festival in Hong Kong Macao

The Spring Festival has ushered in a notable uptick in cross-border travel, significantly enhancing the connectivity between mainland China, Hong Kong, and Macao. Recent data reveals that a growing number of visitors from the mainland chose to spend their holidays in these regions, coupled with an increase in outbound travel by residents of the two special administrative regions.
According to a report from Hong Kong news outlet tkww.hk, visits from the mainland to Hong Kong surged by 13 percent year-on-year, totaling 1.02 million from February 16 to 21. This influx has been a clear indication of the progress in integration between the two SARs and the mainland, particularly within the context of the Greater Bay Area.
The nine-day holiday offered mainland visitors a chance to fully engage with the vibrant atmosphere of Hong Kong, as many took the opportunity to explore shopping malls, local universities, and popular tourist attractions, as highlighted by the Xinhua News Agency.
Paul Chan, the financial secretary of the Hong Kong SAR government, predicted a total of 1.43 million visits during the Spring Festival, essentially marking a 6 percent rise in daily visitor averages. This projection underscores the rebounding travel sector in Hong Kong post-pandemic.
Macao also experienced a remarkable increase in movement between its borders, with data showing a significant rise in two-way flow. The first five days of the holiday period saw 477,000 entries and exits at the Hengqin port along with 49,000 vehicles, reflecting a 30.3 percent year-on-year jump in passenger numbers and a striking 47.7 percent increase in vehicles.
The rising numbers of mainland travelers point to a strong recovery for Hong Kong, which has seen continuous improvement since 2019. As noted by Song Ding, a research fellow at the China Development Institute, this trend signals deepening ties and interactions with the mainland.
Analysts attribute the steady growth in mainland tourism to multiple factors, suggesting that Hong Kong's strategic initiatives to draw in visitors from across the border are bearing fruit. This success reflects the city's ongoing efforts to enhance its appeal as an international hub for finance and trade.
Song Ding also noted the significant potential for more seamless exchanges between residents in the Greater Bay Area, fueled by a conducive environment, increased interest among mainland tourists in the SARs, and advancements in infrastructure development.
Forecasts indicate that tourist visits to Hong Kong may reach as high as 49.9 million by 2025, showing a 12 percent growth compared to the preceding year. This anticipated increase is largely attributed to the resurgence of international travel, as reported by the Hong Kong Tourism Board.
Read These Next

Profit Distribution: Balancing Returns and Compliance
This commentary analyzes the company's recent profit distribution proposal, financial health, and potential risks, emphasizing the broader implications for shareholder relations and governance frameworks.

Singtel and NVIDIA Launch AI Center to Support Businesses
Singtel partners with NVIDIA to create an AI hub, enhancing enterprise tech deployment and boosting Singapore's tech innovation.

Jiangxi Copper Acquires SolGold for Future Growth
Commentary on Jiangxi Copper Company's acquisition offer for SolGold plc, analyzing implications, risks, and market trends.
