Hong Kong’s business community said that cultural, sports and tourism events are playing a significant role in boosting the city’s economic vitality, as it announced the 10 most influential events of 2024 at a ceremony on Tuesday.

More than 20 chambers of commerce and associations took part in the 17th annual selection, inviting members and the public to vote for the events they deemed most noteworthy.

A package of key tourism initiatives made the list, including the expansion of Hong Kong’s Individual Visit Scheme to 10 additional Chinese mainland cities; the resumption of multientry permits for Shenzhen residents; and the release of the Development Blueprint for Hong Kong’s Tourism Industry 2.0.

The policies are believed to have contributed to significant growth in visitor arrivals, with Hong Kong recording 44.5 million inbound visits in 2024, up 31 percent year-on-year. Mainland visitors accounted for 34 million of those, an increase of 27 percent on a yearly basis.

The city’s expanding giant panda family — with the locally born twins and newly arrived adult pair — was also chosen, as they have become a high-profile tourist attraction and inspired a burgeoning “panda economy” campaign.

The historic achievements of both the Chinese national team and the Hong Kong, China team at the 2024 Paris Olympics were highlighted. Citywide public broadcasts of the Games reportedly increased foot traffic to shopping malls, bars and restaurants, becoming a shot in the arm for the sports and entertainment industries.

Addressing the ceremony, Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui acknowledged the business sector’s growing interest in cultural and tourism events, viewing the results as a vital communication bridge between government, the public, and the business sectors.

She said the central government’s travel policies demonstrated care and support for Hong Kong, while helping the city develop more visitor source markets and creating abundant opportunities for local businesses.

Looking ahead, Law forecast “a year full of anticipation” in 2025, citing the upcoming opening of the Kai Tak Sports Park in March, and the 15th National Games, cohosted by Guangdong province, and the Hong Kong and Macao special administrative regions in November.

Zheng Ercong, director of the Hong Kong Academy of Management, said he is upbeat about Hong Kong’s economic outlook despite volatile global capital markets and local demographic changes.

He outlined potential growth drivers, including the central government’s support, emerging sectors like crypto and green finance, and Guangdong-Hong Kong-Macao Greater Bay Area cooperation.

Other selected events include national security legislation under Article 23 of the Basic Law; the resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China; President Xi Jinping’s important speech at the 25th anniversary of Macao’s return to the motherland; the lifting of all local property-transaction restrictions; the 2024 Policy Address; the stock market performance; and the inauguration of Hong Kong International Airport’s three-runway system.

Top 10 events in 2024 for Hong Kong’s business community

1. The legislation of the Safeguarding National Security Ordinance under Article 23 of the Basic Law.

2. A package of key tourism initiatives: Expansion of the Individual Visit Scheme to 10 more mainland cities; resumption of multi-entry permits for Shenzhen residents; launch of the Development Blueprint for Hong Kong’s Tourism Industry 2.0.

3. The Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization, adopted at the third plenary session of the 20th Central Committee of the Communist Party of China.

4. President Xi Jinping’s important speech on the implementation of the “one country, two systems” principle at the ceremony marking the 25th anniversary of Macao’s return to the motherland.

5. 2024-25 Budget’s removal of all restrictions on property transactions.

6. The 2024 Policy Address, titled “Reform for Enhancing Development and Building Our Future Together”, by chief executive, John Lee Ka-chiu.

7. The Chinese national and the Hong Kong, China teams’ outstanding performance at the 2024 Paris Olympics.

8. Hong Kong and mainland stocks’ spikes driven by central government measures.

9. The growing giant panda family in Hong Kong and the “panda economy” campaign.

10. The inauguration of Hong Kong International Airport’s three-runway system.

Contact the writer at thor_wu@chinadailyhk.com