Financial Secretary Paul Chan on Sunday said an expansion of the individual travellers scheme will bring more overnight tourists to the SAR, adding that more will be done to boost spending and attract visitors.

He made the remarks a day after Beijing announced that people from eight more mainland cities – including Hohhot of Inner Mongolia, Lhasa of Tibet, and Urumqi of Xinjiang – will be able to visit Hong Kong without joining tour groups.

This brings the total number of cities under the solo travel scheme to 59.

Writing on his weekly blog, Chan said the move will stimulate the economy and improve cultural ties between the SAR and the mainland.

"The SAR government and residents are deeply grateful to the central government for their support of Hong Kong. The move will encourage more visitors to stay overnight, boosting the local catering, retail, and hotel sectors," he wrote.

"This will help our economy and improve the cultural and people-to-people exchanges between the mainland and Hong Kong."

The finance chief also vowed to do more to lure talent to the city, and bring in more foreign capital.

Despite the external challenges like rising geopolitical tensions and a high interest rate environment, Chan said he’s confident that Hong Kong’s economy will continue to expand with the staunch backing of the central authorities.