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Bloomberg
Hong Kong could take six months to reverse the economic effects of the novel coronavirus pandemic, financial secretary Paul Chan said, adding that the government will offer “comprehensive†aid to protect businesses and jobs across all industries as the outbreak’s impact spreads through the economy.
The retail and tourism sectors were initially among the hardest hit by the pandemic but the effects have now spread to “virtually all industries,†Chan wrote in his blog on Sunday. He called on landlords and big developers to take on more “social responsibility†by responding to public demands to reduce rents, the main overhead for many companies. Individuals and businesses should make the necessary arrangements to ensure they can endure the next six months, Chan said.
The financial secretary did not provide further details of the government’s next round of relief measures. He said Hong Kong companies’ American and European partners were cancelling orders or falling behind on payments, hurting businesses in the city.
The government will look for ways to relieve pressure on firms burdened with salary payments while their sources of revenue are at risk, according to Chan.