Hong Kong economy
Breaking news and analysis on Hong Kong's economy and the companies that operate in the city, including its GDP, economic outlook, impact of the coronavirus outbreak, macroeconomic indicators, the loc
Hong Kong’s Ocean Park was forced to close for a second time as the city struggles to fight its third wave of Covid-19 infections. Park employees that look after animals at the attraction say there has been little impact on the standard of care they get. But the intensifying global health crisis is keeping away guests that Ocean Park relies on, deepening its financial woes and leaving the animals’ long-term fate up in the air.
Aug 28, 2020
Foreign companies operating in Hong Kong are facing a delicate decision as they digest the details of the city’s controversial new national security law: abide by the rules or support US sanctions against China for imposing the legislation. Company insiders and diplomatic sources said it was too early to assess the impact of the law on business in the financial hub. But its vague language and broad provisions have stoked fears and may result in “huge insecurity” for foreign firms – particularly a clause stating any person or organization that imposes sanctions could be punished. They said the legislation could be a wake-up call for businesses to re-evaluate their engagement with China, and i
Jul 08, 2020
China has unveiled plans to turn its southern island of Hainan into the mainland’s answer to Hong Kong or Singapore, as it tries to dampen the risk of decoupling with the United States. Beijing on Monday outlined a package of special policies to make the tropical island a free-trade port by lowering the income tax rate for selected individuals and companies, scrapping import duties and relaxing visa requirements for tourists and business travelers. The island province of 9.5 million people will also enjoy freedoms in terms of trade, investment and the movement of people and data, according to the plans. The project to create a regional trade, shopping and shipping center in Hainan – which at
Jun 03, 2020
Antte Alatalo had a surprise when he first walked around Seoul at night. There wasn’t anything to fear. The Finnish exchange student, 23, said the experience was in contrast to European cities, which were often unnerving after dark. “I have never felt isolated walking alone in Seoul as there are always other people strolling around in almost any part of the city, even late at night,” he said, adding “I have never seen a fight breaking out since I came here.” Among Alatalo and other international visitors, Seoul’s reputation as a safe city has been steadily gaining for years. The bi-yearly Safe Cities Index by The Economist Intelligence Unit ranked it the eighth safest city in the world in 2
Jan 24, 2020
Hong Kong has been ranked yet again as the world’s least affordable housing market with social unrest failing to make any meaningful dent on home prices for most of 2019. It is the 10th straight year the city has held that dubious honor and is unlikely to be toppled in the near future. A family in the city would need to save up for 20.8 years to afford a home in the city, according to the annual Demographia International Housing Affordability Study, which ranks 92 major markets across the world based on median affordability scores. That has barely changed from 20.9 years in 2018. Vancouver came in a distant second at 11.9 while Sydney took third place at 11. Melbourne at 9.5 and Los Angeles
Jan 21, 2020
Months of violent protests have landed a heavy blow to businesses in Hong Kong. But for Clement Lai, a former elite bodyguard, the unrest has been a boon. His private security firm has been in high demand as the anti-government demonstrations in Hong Kong have intensified, underscoring the increased volatility of the unrest and fears of violence in the Asian financial center. Formerly a close protection officer in the Hong Kong Police Force’s VIP protection unit, Lai was responsible for the personal safety of visiting Chinese leaders including President Jiang Zemin and then Vice-President Hu Jintao, as well as overseas dignitaries such as US President Bill Clinton. He set up Clement Shield i
Jan 02, 2020
Macau-born graphic designer Cheang Chi-wai remembers starting high school after the Portuguese colony was returned to China on December 20, 1999. The 31-year-old was taught the Chinese national anthem, attended regular flag-raising ceremonies, and was reminded constantly that he was Chinese and had to learn to love the motherland. “Before the handover, I had absolutely no sense of my identity,” Cheang said. The Portuguese were in control of Macau since 1557, but acted mainly as administrators in the decades before the city’s return to China. Their colonial rule had been weakened significantly by a communist-fomented riot in December 1966, which left real political power largely in the hands
Dec 17, 2019
“City of Darkness” is an exhibition exploring the long gone Walled City of Kowloon in Hong Kong as photographed by Greg Girard and Ian Lambot. Lambot and Girard set about photographing the Walled City shortly before its demolition in 1994 due to a deep fascination with the site. Nearly 30 years on from the Walled City’s demolition, this project offers a unique insight into the remarkable community, home to an estimated 50,000 people at its peak, and by far the most densely populated neighborhood the world had ever known.
Nov 25, 2019
A good friend was waiting at a bus stop in Wanchai, Hong Kong the other day while crowds of people milled past on their way to lunch. Listening to the chatter around him, he made an interesting observation. All the older people were talking about the crazy rioters and how they had wreaked terrible and unnecessary destruction on public property in Hong Kong. In the cold light of day, the senseless devastation is reminiscent of a war zone. The younger commuters were chatting about the many videoed instances of dazed demonstrators lying on the ground being kicked in the head by a reinforced police boot and the government’s lack of support for Hong Kong people. It has been a battle between a ra
Nov 22, 2019
The Hong Kong dollar has fallen to 7.85 per US dollar, its weakest level in 35 years. It touched the lower limit of the range of its peg to the US dollar. The Hong Kong dollar was pegged at 7.8 per US dollar since October 1983, and in 2005 a trading band of 7.75 to 7.85 was introduced. The city’s de facto central bank, the Hong Kong Monetary Authority, said that it will intervene to support the currency only if Hong Kong’s banks request it. But why is the HKD pegged to the USD? Watch our video to find out.
Apr 12, 2018