“Do not revel in the methods of the past. It’s a structural change and some have come to realise it and have strategised on promoting the uniqueness of their businesses,” he told a radio programme on Thursday.

Lee said that while authorities would roll out measures to boost local consumption, businesses needed to stay competitive as mainland cities such as Shenzhen had become increasingly popular retail destinations.

“Preventing Hongkongers from leaving the city is not realistic nor appropriate,” he said.

The chief executive said the government would expand the size of local events and set up photo hotspots across the city’s 18 districts, but called on businesses to seize such opportunities and innovate.