Slowly opening entry restrictions have left the city suffering from enterprises' exodus and struggling to recover quickly, says a business industry veteran.
Foreign companies moving out from Hong Kong would be seen as hard to return in the short term, George Leung Siu-Kay, CEO of the Hong Kong General Chamber of Commerce, claimed on a radio programme today.
"A survey of the Chamber showed that 30 percent of large enterprises in the first half of this year considered leaving Hong Kong or have done so, among which 10 percent were permanently moved," Leung declared, describing the city facing a "very critical" situation.
He added that even if the entry restrictions are completely lifted this month, the economy will not see a significant recovery in the fourth quarter as it would take at least a month or two to prepare for cross-border business activities.
Leung noted that Singapore is now an equal rival to Hong Kong, but Hong Kong has more disadvantages due to the Covid policies.
He said that the city's economy would still suffer in the fourth quarter of this year, and it would take until next year to see a recovery.
Faced with the impact of local epidemic prevention curbs, the external economic environment, and even the factor of the war, Hong Kong "has no chance to deploy anything for improving its current economy," Leung said.
"A survey of the Chamber showed that 30 percent of large enterprises in the first half of this year considered leaving Hong Kong or have done so, among which 10 percent were permanently moved," Leung declared, describing the city facing a "very critical" situation.
He added that even if the entry restrictions are completely lifted this month, the economy will not see a significant recovery in the fourth quarter as it would take at least a month or two to prepare for cross-border business activities.
Leung noted that Singapore is now an equal rival to Hong Kong, but Hong Kong has more disadvantages due to the Covid policies.
He said that the city's economy would still suffer in the fourth quarter of this year, and it would take until next year to see a recovery.
Faced with the impact of local epidemic prevention curbs, the external economic environment, and even the factor of the war, Hong Kong "has no chance to deploy anything for improving its current economy," Leung said.