Hong Kong’s recovery depends on global trade and will be determined by when the world gets back on its feet, Edward Yau, Hong Kong’s secretary for commerce and economic development, told CNBC on Tuesday.
The Asian financial hub’s economy has been hit hard by consecutive crises over the past year: from the U
Now, the city is faced with a health and economic crisis brought on by the global
“Hong Kong, and in fact the global economy, are fighting a twin battle — one is the fight against the epidemic and the other is in fact fighting to save the economy. The second battle could not be (won) without winning the first one,” said Yau.
Many businesses were hoping the city would return to normal again after nearly one year of social unrest, followed by months of the
Hong Kong’s Secretary for Commerce & Economic Development
Global recovery, intertwined sectors
“We also need to look at the global picture. In this pandemic, no city, no government, no country is being spared, and Hong Kong is a highly international city
“Knowing Hong Kong, how we are closely knit as an international community
Hong Kong’s government has so far given out relief packages worth around $37 billion in total, or representing about 10% of its GDP. In February, Hong Kong’s government had announced more than $15 billion worth of measures to help a battered economy that was already reeling from the impact of those pro-democracy protests.
It’s also making sure that businesses stay afloat through this “bitterly cold winter” by having sufficient cash flow, Yau said. For instance, it has launched a loan scheme for businesses worth up to $123 billion Hong Kong dollars, he said.