(Left) Financial Secretary Henry Tang and HK Disneyland group managing director Don Robinson announce the September 12 opening amid high consumer confidence and record visitor arrivals in Hong Kong

Hong Kong Disneyland is set to open next September amid Hong Kong's rebounding economy, robust tourism sector and positive consumer confidence.

Financial secretary Henry Tang said it will be a driving force for the growth of tourism in Hong Kong and over a period of four decades "will generate economic benefits of HK$148 billion (US$19 billion)."

Hong Kong Disneyland, built in less than six years, is on record as the fastest Disneyland erected around the world. It is set to draw in 5.6 million visitors in its first year. The American theme park could not have opened on a more robust economic outlook.

The latest AC Nielsen global consumer confidence poll found that consumer confidence was high in Hong Kong. About 68 per cent of the respondents were upbeat about Hong Kong's economic outlook for the next 12 months, compared with 62 per cent in a similar survey in May. Hong Kong was also the sixth most confident consumer market in the poll in 28 markets across Asia-Pacific, Europe and the US. The Chinese mainland led the most optimistic market. 

Mainland tourists a key driver

The positive outlook is supported by another report issued by international researcher NTC Research. It found that companies in Hong Kong had recorded their 17th consecutive month of higher output and new orders on hand. The report also said the growth has been driven by private consumption by Chinese mainland tourists and local shoppers returning to shopping malls and dining out.  

Hong Kong's visitor arrivals in October passed the two million mark for the second time in three months. Total arrivals rose to 2.015 million, an increase of nearly 19 per cent from a year ago. Over half the visitors are from the mainland but all market regions except Taiwan recorded double-digit growth in October. Visitors from the US and Australia are on target to reach its highest ever this year.

"We are no longer talking about recovery but about strong growth," said executive director of Hong Kong Tourism Board Clara Chong.

Tourist arrivals surged 47 per cent to nearly 18 million in the first 10 months, prompting HKTB to raise its full-year forecast to 21.36 million.

Air traffic at new heights

Good news also abounds in cargo and passenger traffic, reported the Airport Authority. Hong Kong handled a record 299,000 tonnes of cargo in October driven by robust demand for goods from North America, Europe and the mainland, an increase of nearly 15 per cent from October 2003. The total aircraft movements also surged to cope with the cargo increase, a jump of 18 per cent year on year.  

Passenger figures rose in October with 3.35 million passing through Hong Kong International Airport, up 17 per cent year on year. Hong Kong-based carrier Dragon Airlines soared to new heights setting new records for cargo and passenger in October, up 8.7 per cent and 2.6 per cent respectively compared to September.

Yet another buoyant assessment from the International Monetary Fund Staff Mission (IMF) found that Hong Kong's economy is expected to grow by 7.5 per cent this year amid strong domestic demand and exports. It cautions however that external forces such as oil prices, global trade and monetary issues may have an impact on the city next year.

IMF's upbeat assessment is well supported by a flurry of positive indicators. Hong Kong's economy has been gaining momentum as indicated by the increasing number of foreign companies setting up here in the past twelve months.

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