Taxi drivers appeal against violence on a street in Hong Kong, Aug. 23, 2019. (Photo/China News Service)
(ECNS) -- A study by the non-profit Hong Kong General Chamber of Small and Medium Business shows that 72.6 percent of SMEs suffered from slow business during the violence that has disrupted Hong Kong for more than two months.
Nearly 28 percent said their business declined by 10 to 20 percent, 26.5 percent saw a fall of 20 to 30 percent, 10. 5 percent put the range at 40 to 50 percent and over half saw a decrease of 10 percent, according to the data.
Impacts on economy also include a decline in customer spending, long delivery times and overseas customers reluctant to visit Hong Kong for business negotiations.
In the survey, 93.6 percent thought that the violence will shake Hong Kong's image as an international business and financial center as many countries and regions issued travel alerts on the special administrative region of China.
When asked how they will respond if violence continues, over 46 percent said they would suspend investment or expansion until the situation becomes stable. Other moves under consideration by respondents include withdrawing investment or relocation to other regions.
Joe Chau Kwok-ming, president of the chamber, said he’s worried about the possible business closures and massive lay-offs if violence continues. He also called for a solution to the chaos via reasonable, rational talks.