Hong Kong risks falling behind closer rivals in China.
Hong Kong risks falling behind closer rivals in China even as it fixes its attention on competition with the Lion City.
US pop star Taylor Swift’s concerts in Singapore, for example, quickly became fodder for Hong Kong lawmakers to lambast their government for a purported lack of savvy in attracting big acts to boost the economy. But what can prove even more harmful for Hong Kong is that these narratives also serve to divert the city’s attention from its closest rivals, and what it could really be doing to level up.
Shenzhen’s strategy to encourage consumption is very targeted. In 2023, it listed six measures in sectors including dining, entertainment and health to woo Hong Kongers specifically to spend on its homeground.Hong Kong consumers – many once reluctant to even step foot on mainland China – now flock in droves to Shenzhen on weekends to dine, shop and even undergo dental treatment.
“It’s not just mainland visitors who aren’t spending much in Hong Kong any more; even Hong Kong people are choosing to spend more in Shenzhen and other Asian cities, instead of in Hong Kong,” economist Simon Lee, an honorary fellow at the Chinese University of Hong Kong’s Asia-Pacific Institute of Business, told The Straits Times.
“For years, Hong Kong used to rank top in competitiveness among all Chinese cities. But Shenzhen and Guangzhou have risen up silently in recent years.”securing major concerts by global stars such as Taylor Swift That year, some of the city’s casino operators raked in record daily earnings from hosting concerts including those of Hong Kong singer Jacky Cheung and South Korean girl group Blackpink, according to US financial firms JP Morgan and Morningstar.
The Avenue of Stars on the Tsim Sha Tsui waterfront in Hong Kong. Even Hong Kong people are choosing to spend more in Shenzhen and other Asian cities, instead of in Hong Kong. ST PHOTO: KELVIN CHNG The latest annual container throughput data released in April placed the mainland cities of Shanghai, Ningbo, Qingdao, Shenzhen, Guangzhou and Tianjin above Hong Kong, which came in 11th, as firms switched to cheaper or smarter ports nearer to their mainland manufacturing bases.
Hainan’s lower retail rents that allow goods and services to be priced more competitively, its greater connectedness to the mainland and relative political stability make it more attractive to mainland consumers than Hong Kong, according to Professor Chen.
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