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John Lee: Economic Transformation Accompanied by 'Big Reshuffling'; Rise in Vacant Shops Linked to E-commerce
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Hong Kong's Chief Executive John Lee attended a radio program this morning (18th), during which some listeners phoned in expressing their concerns over the city's sluggish economy. In response, Lee stressed that Hong Kong's economy still recorded a growth of around 2-3%. While industrial restructuring is a normal process, he said that the government hopes to offer timely support with a total of 11 favorable measures targeting small- and medium-sized companies. Lee also admitted that the transformation process would have a reshuffling effect, under which some companies may need to increase their workforce, while others would close down, forcing employees to switch jobs. That being said, industrial restructuring will make Hong Kong more resilient amid economic fluctuations and even bigger storms in the future. Regarding the high vacancy rate of storefronts, Lee attributed it to economic transformation and the rise of e-commerce. As many people now shop online, a decline in physical stores' turnover becomes inevitable. Once people recognize this as the new normal and adjust their mindset, the market will eventually stabilize through this reshuffling process. AAStocks Financial News |
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