Another week has passed and mainland policies aimed at supporting Hong Kong's economic growth have been further eased.
The latest includes mainland business visa holders, who will now be able to stay in or in Macau for 14 days, doubling the current seven days, under the easing of rules that will take effect from May 6. Become. Support is also planned for two special administrative regions. I was welcomed.
This move by the National Immigration Authority is aimed at promoting cross-border business growth and supporting new initiatives in the Greater Bay Area.
In addition, the visa system for mainland talent, which already targets talent living in the Gulf region, will be extended to Beijing and Shanghai.
Business visa duration for Hong Kong and Macau doubles to two weeks per trip for mainland residents
Business visa duration for Hong Kong and Macau doubles to two weeks per trip for mainland residents
The changes could benefit tens of millions of mainland companies and follow measures recently announced by the China Securities Regulatory Commission to facilitate listings in Hong Kong and expand the Stock Connect scheme. .
Chinese President Xi Jinping has made building the city into an international financial center a top priority, and Beijing official Xia Baolong told local officials that policy support was ready.
Tourists have returned to Hong Kong, but business is different than before, with longer stays and spending habits evolving. People from the mainland are taking more day trips and spending less.
With the Hong Kong dollar pegged to the strong US dollar, a weaker yuan will increase prices. Restaurants, for example, fear that the Labor Day “Golden Week” holiday, which starts tomorrow, could see business volumes drop 30% compared to last year.
So if tourists don't spend much money, mainland businessmen with bigger wallets may be able to help. As of the middle of this month, 18,000 people have taken advantage of the human resource visa system that started in February last year.
Bad weather and weak yuan could hit Hong Kong restaurants hard during Golden Week
Bad weather and weak yuan could hit Hong Kong restaurants hard during Golden Week
Doubling the length of stay for business visa holders to two weeks will give them more time for commercial and money-making activities, as well as the weekends or two for which Hong Kong is famous.
Those coming for business purposes are more likely to stay in upscale five-star hotels than budget accommodation, and will have more purchasing power to visit upscale shopping destinations.
Further support is on the horizon, including a proposal to significantly increase the tax-free limit for mainland residents' spending in Hong Kong from 5,000 yuan to 30,000 yuan (HK$32,000).
In light of these developments, Hong Kong will continue to review its policies and preparations to make the most of these measures and make the city more attractive in the areas of commerce and tourism, even for people visiting for just a day. I need to go.
