economy
Before the Covid-19 pandemic, Hong Kong was known as a “shopping paradise.” But since lifting all anti-epidemic measures early last year, the city has struggled to live up to its reputation. Last month, 70 per cent of small and medium enterprises surveyed by the Hong Kong Small and Medium Enterprises Association and Junior Chamber International Hong Kong said their income had dropped below pre-pandemic levels. “Factors such as the rising trend of northbound travel among Hongkongers, international trade disputes, the emigration wave, and labour shortages, have brought a considerable impact to t...
Hong Kong Free Press
Hong Kong’s civil servants are set to see a 3 per cent salary rise, the government has announced, as the city faces a HK$100 billion deficit. The pay rise will be implemented retrospectively starting from April 1. The Executive Council, Chief Executive John Lee’s board of advisors, approved a uniform wage increase for civil servants of different ranks, Secretary for Civil Service Ingrid Yeung told the press on Tuesday after the meeting. The 3 per cent raise was lower than the net pay trend indicators announced last month, which ranged from 4.01 per cent to 5.47 per cent. The pay rise would als...
Hong Kong Free Press
Hong Kong’s economic outlook has been improving, with a marked increase in the city’s property sales and a significant rebound in the stock market, Financial Secretary Paul Chan has said. On his official blog on Sunday, Chan wrote that the total number of residential property sales had bounced back, with sales in April totalling 8,551 – a more than 115 per cent increase from last March’s figures. The price index for private residential properties rose by one per cent in March, according to the Rating and Valuation Department, marking an end to a downward trend that began in May 2022. The rise ...
Hong Kong Free Press
Seventy per cent of Hong Kong’s Small and Medium Enterprises (SME) say their income has dropped below pre-pandemic levels, despite Covid-19 restrictions being lifted a year ago, a survey has found. The Hong Kong Small and Medium Enterprises Association and Junior Chamber International Hong Kong conducted a survey in April, interviewing 568 SMEs from sectors ranging from food and beverage to retail. Results released on Thursday showed only 4.4 per cent of the respondents had reported growth since early 2023. “Factors such as the rising trend of northbound travel among Hongkongers, international...
Hong Kong Free Press
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