The semi-autonomous Chinese city was suffering long before the global pandemic burst out of China thanks to months of debilitating street protests and the knock-on effect of Washington and Beijing’s trade dispute. — Reuters pic
Months of debilitating street protests and the tit-for-tat tariff battle between Washington and Beijing had weighed on the local economy for months before the pandemic helped push the city deeper into recession. “Faced with a collapse in global demand, Hong Kong’s small, open economy is taking a severe hit,” Bloomberg Intelligence economist Qian Wan said in a note to clients ahead of the results.
The financial hub has managed to largely end local transmissions of the disease, with almost all new cases coming from people returning to the city from overseas who are quickly quarantined. There is also little sign of an end to the political uncertainty hanging over Hong Kong in the aftermath of last year’s civil unrest.
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