Hong Kong, Aug 4 (IANS): Hong Kong will continue to expand its market reach in the second half of this year to deepen ties with investors in Europe, the US, Australia, and the Middle East, Hong Kong Special Administrative Region Financial Secretary Paul Chan said on Sunday.

Hong Kong's overall economic situation is stable, with a 3.3 per cent year-on-year growth in GDP in the second quarter, Chan noted in his blog, Xinhua news agency reported.

While changes in consumer spending patterns and a relatively strong Hong Kong dollar put some pressure on private consumption, companies can meet the challenges and seize new opportunities by creating new business models and promoting high-quality products and services, he said.

In the first half of this year, about 700,000 of the 21 million visitors to Hong Kong were MICE (Meetings, Incentives, Conferences and Exhibitions) overnight visitors, recovering to 80 per cent of the pre-pandemic level, the fastest recovery among all overnight visitors, Chan noted, adding that the group stayed in Hong Kong longer and spent 20 to 30 per cent more per capita than overall visitors.

The Hong Kong Tourism Board has secured and bid for more than 60 major international conventions and exhibitions to be held in Hong Kong from this year to 2026, expected to attract at least 220,000 participants, Chan said.

"Hong Kong has outstanding international advantages and extensive business and personal connections with different places. It has always played a unique role in international trade and economics. Hong Kong should make good use of this advantage and function, and continue to contribute to the country and achieve better development for itself," Chan said.