Retail sales in Hong Kong dropped by 44%. What caused this decline?

Hong Kong's total retail sales in February fell by more than 40% year-on-year, and the reasons behind it were thought-provoking.

First of all, the retail industry in Hong Kong has been hit hard, which is caused by the unreasonable proportion of industrial structure. In the future, we should be warned to pay attention to the proportion of the national economic structure.

Hong Kong's economy has always relied on the service industry and the financial industry. These two pillar industries are the economic lifeblood of Hong Kong as a whole. In this epidemic, Hong Kong's tourism industry fell by about 40% year-on-year, and the sharp drop in foreign tourists brought heavy losses to Hong Kong's economy. Many people no longer go to Hong Kong to buy related retail products or enjoy services in Hong Kong. This time lasted for a whole month. For Hong Kong, it is undoubtedly worse. In addition, due to the tight global epidemic, the financial industry in the United States has been hit hard, and financial disasters have occurred in other countries. At this time, Hong Kong's financial industry has also fluctuated with the global market, and Hong Kong's economic structure is single. The primary and secondary industries are relatively small, and the growth of retail industry depends on the consumption of foreign tourists. There were not many consumers at this time, and the stock market crashed. Hong Kong has lost two pillars of its economy. Stimulating economic growth and related retail growth is basically unrealistic. Hong Kong's economy is also expected to decline by more than 40%.

In addition, the government's intervention ability is insufficient, and the whole market lacks the determination to help each other in the same boat. In the future, Hong Kong needs to help each other in the same boat and tide over the difficulties.

There are many differences in economic structure and system between Hong Kong and the Mainland. Unlike the mainland, Hong Kong has a strong government regulation and control ability, which can appropriately mitigate the impact of losses in these industries. In Hong Kong, due to the complexity of these industries, the organizational capacity of regional governments is limited, and there is no strong financial support as in the Mainland, so the whole retail industry cannot be mobilized or adjusted as easily as in other regions. This delay has directly caused huge losses to Hong Kong, but it is also a helpless move. In the future, Hong Kong needs people from all over the region. *