Written by: Ermat

Image Source: epochtimes.com

Before Li Ka-chiu took office, the Hong Kong Liaison Office issued an invitation to foreign businessmen in early June to seek advice on the business challenges they face in Hong Kong and on the mainland, the Epoch Times reported on 26 June. The Hong Kong business community demanded that the control of the epidemic be ended completely and as soon as possible.

The overall economic performance in the first half of 2022 fell into recession. The outlook for Hong Kong’s economic development has been clouded by a significant increase in unemployment over the past period. The first quarter of 2022 saw a sharp contraction in the private consumption, external trade and investment sectors, with gross domestic product (GDP) falling by 4% year-on-year.

Looking ahead, the global trend of the new crown epidemic, international geopolitical tensions and the upward trend in global interest rates will continue to exert significant pressure on Hong Kong’s social and economic development.

The fifth wave of the epidemic and the heightened downside risks to the global economy have caused Hong Kong’s economy to contract. The slowdown in global demand for goods and services and the worsening supply chain and logistics crisis caused by the epidemic have slowed down Hong Kong’s external trade activities. Preventive and control measures also hampered local economic activity and business sentiment was sluggish.

Hong Kong fell two places to fourth in the Global High Life Index this year compared to last year, while Hong Kong ranked second in the world in terms of residential costs among the top five highest cost items in the Global High Life Index.

On 16 June this year, the Hong Kong Government’s Census and Statistics Department announced Hong Kong’s Gross National Income and Gross Domestic Product for the first quarter of 2022. Hong Kong’s Gross National Income at market prices was HK$701.4 billion (approximately US$89.4 billion), down 3.3% from a year earlier.

Mr Guo Wengui said that Hong Kong’s real estate, instead of plummeting immediately, might have a mini-positive spring. The Communist Party must have propped it up because the bridge for the CCP’s money laundering, money saving, and overseas communication is in Hong Kong. Recently they have approached many people from the swamp, financial institutions, including different people in Hong Kong, Singapore and Europe, to discuss how they can revive the Hong Kong and domestic economy. The Chinese Communist Party offered various promises. If one is willing to cooperate, one will be protected by benefits, just like the old policy of three reductions and three exemptions.

The landscape of Hong Kong has long been different. Once it was a colourful Hong Kong, a place where the world’s elite gathered, a place where Hong Kong-style culture influenced the entire Chinese language community. But under the Chinese Communist Party’s clean-up policy, controls, suppression and arrests, foreign capital fled and the exodus or emigration of Hong Kong expatriate employees and Hong Kong people. Today, it still has a night scene with bright lights, it is still that shopping paradise, it still has towering skyscrapers, and it is still a gathering place for fine dining. But is it still the same Hong Kong? Hong Kong has fallen apart, turning into a bleak Mainland Chinese city.

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