Hong Kong projects HK$4.3 billion economic boost from ‘mega events’ in 2024

Hong Kong expects to bring in some HK$4.3 billion to the local economy from “mega events” this year, the city’s deputy finance chief has said as he announced 106 events for the latter half of the year.

In all, this year’s 210 events are expected to attract some 1.7 million visitors and HK$7.2 billion in spending, which would amount to some HK$4.3 billion in economic value to the economy, deputy financial secretary Michael Wong said at a press conference on Tuesday.

Of the 106 “mega events” for the second half of the year announced on Tuesday, 15 are new to the city, including the “Kungfu x Dance Carnival 2024,” “Hong Kong Performing Arts Expo,” and the annual crypto and Web3 event “SmartCon 2024.”

Wong told reporters that upcoming events will include art and culture events, sports competitions, conferences and exhibitions, and financial summits.

The government is also in talks with producers of the local martial arts film Twilight of the Warriors: Walled In to put together an exhibition of the film’s sets, he said.

The film, about the Kowloon Walled City, achieved Hong Kong’s second-biggest box office opening ever. It received a 10-minute standing ovation during its premiere at the 77th Cannes Film Festival.

A retrospective exhibition of Chinese-American architect I.M. Pei’s work will be held from the end of June to January next year at the M+ museum, featuring exhibits on display for the first time, Wong said.

The city will also hold a slate of fashion events, including the Hong Kong Fashion Design Week in October.

Hong Kong will also host two world-class sports events, the 2024 Women’s U20 Championship in August, and the WBSC Baseball5 World Cup in October.

Earlier on Tuesday, Chief Executive John Lee said at his weekly press briefing that one “mega event” would be held every two days with the addition of new events.

‘Mega events’ economy

Asked whether the government would have measures in place to prevent another debacle similar to football star Lionel Messi’s no-show at an exhibition match earlier this year, Secretary for Culture, Sports and Tourism Kevin Yeung said the government would not be deterred.

“No matter what happened in the past, it won’t stop us from trying to bid for more events,” Yeung said, adding that it would be up to organisers to insure themselves against mishaps.

Tourism Board Executive Director Dane Cheng, also speaking at the press conference, said that an office set up to attract “mega events” to the city had received many inquiries, including those from organisers of major sporting events that had not previously set foot in Hong Kong or Asia.