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Chapter 15
Travel and Tourism
Hong Kong's reputation as a preferred travel destination was given a strong boost by its co-hosting of the Beijing Olympic and Paralympic Equestrian Events. Tens of thousands of visitors converged on the city for a ringside seat to watch the contests, while millions others watched the action on television. Hong Kong benefited hugely from this exposure and shone as a dynamic, modern world city and as a great place to visit.
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Riding on 2007's good performance and boosted by the co-hosting of the Beijing Olympic and Paralympic Games, Hong Kong's tourism industry chalked up a strong 8.9 per cent growth in visitor arrivals in the first half of 2008, compared to the same period in the previous year. But the surge began slowing in September following the onset of the global financial crisis. Nevertheless, Hong Kong received 29.5 million visitors by year's end, a modest 4.7 per cent rise over 2007. The Mainland continued to be the largest source of visitors. A total of 16.9 million Mainlanders visited Hong Kong in 2008, a jump of 8.9 per cent over 2007.
High fuel costs in the first half of 2008, followed by the global financial slump in the second half, dealt a blow to long-haul travel, triggering a 1.2 per cent fall in visitors arriving by air. However, emerging source markets continued to perform well. Russia and India for example recorded double-digit growth.
Major Tourism Developments
Special attention was paid in 2008 to developing high-yield market segments such as MICE (meetings, incentive travel, conventions and exhibitions) and cruises. Emphasis was also placed on providing richer offerings to visitors.
MICE
Hong Kong's MICE sector grew at a steady pace in tandem with the city's growth as a hub for trade, business services, aviation and finance, as well as a world city.
Hong Kong's strategic location at the doorstep of the Mainland, one of the world's fastest growing economies, as well as its diversified offerings to visitors make it a preferred destination for MICE events.