Effects of Hong Kong protest on their economy and business.
The protest swept across Hong kong continual the 10th week consecutive. it is against china’s rules.
That makes a big pressure on a business. if it continues, it will be a threat to the hong kong economy.
Hong Kong was known as a popular destination for firms. It attracts 1300 USA firms and 85000 USA citizens.
All of this makes Hong kong an attractive city for investment.
This weekend was full of violent acts against the protesters, that police firing tears gas to dissipation the protesters.
This made the situation harder, that affect the tourism and retail sector and visitors cancel trips, also the stores close.
Moreover, 22 countries have advisors issue about travell to hong kong, also America and Australia upgrade the advisor level.
The government said that the territory welcomes both tourists and investors and remains a safe place for travelers from around the world.
Multinational and financial companies are making further plans for unrest, and the employees work for home on unrest time.
The businessmen are worried about continuous the protest, the impacts on business and economy.
We’re a Hong Kong business, and like all businesses that are based here, we’re feeling the impact of local political unrest,” John Slosar, chairman of Hong Kong’s flagship airline Cathay Pacific Ltd., told reporters this week. He said the protests have cut inbound traffic in July and put a dent in future reservations.
In July, the American Chamber of Commerce in Hong Kong said the crisis had hurt member businesses and instilled anxiety about the future. In a poll, a majority of members called on Hong Kong leaders to drop the controversial extradition bill that sparked the protests and meet other protester demands.
The chief executive Carrie Lam speaking at a press conference after meeting with more than 30 businessmen, said that the protest hurting the economy more than the global financial crisis.
Also, she said the unemployment will increase mostly in the retail and tourism sector.
“The negative impact to the economy will not go away in the short term. Some people say it’s like a tsunami,” Lam told reporters in the city. “Compared to the damage caused by SARS and the financial crisis, I am afraid the situation is worse this time.”
While Carrie lam press conference there was a protest at the hong kong international airport to gain support from international communities.
After all these warnings and worries still the protest and the protesters are sticking to their demands.