Shrinking economy
The Yaohan Department Store was shut down in mid-November. After the Tsim Sha Tsui Mitsukoshi, another department store has ended its service. Besides the fact that the public has fewer choices of entertainment at weekends, a most serious impact Yaohan has brought is the continuous shrinking of Hong Kong’s economy. It seems that towards the end of 1997, the slogan “prosperity and stability” conveyed by the SAR Government is no longer quite true for Hong Kong society, at least as far as “prosperity” goes. The slump in the stock market, the pressure experienced by the currency system and the sharp decline in tourism have been a great blow to the region’s economy. Please note that I am not saying the SAR Government is solely responsible for the current situation. What I am worried about is how foreigners view Hong Kong after the handover. The Government should put more effort into building up the confidence of people outside Hong Kong, rather than the locals. In my opinion, more and more Hong Kong people are feeling positive about the future of the region. The political situation so far has not surprised most Hong Kong people. But foreigners outside Hong Kong are still suspicious of the political influences from the Chinese government or a dramatic change in the economical policy by the local government. That is why Japanese tourists hesitate in coming and foreign investment plans to move out of Hong Kong. Therefore, I strongly urge the SAR Government to be more open and more active in stamping out the uncertainties and doubts of other people about Hong Kong and in encouraging foreign investment. Then Hong Kong can really prosper and step into a better future. Let us all show the world that the legend of Hong Kong continues after the handover. Chan Pui Man Tin Shui Wai |
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January 1998
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