Economic Impact

Closed retail shops in Mong Kok during the city’s fifth Covid-19 wave earlier this year. Photo; Felix Wong
Hong Kong’s jobless rate rises to 12-month high of 5.4 per cent

Rolling three-month figure from February to April up 0.4 percentage points, with about 206,100 people out of work.

19 May 2022 - 10:21PM
Container vessels queueing around Shanghai and the entrance into the Yangtze River on May 19, 2022. Photo: Bloomberg
Shanghai’s lockdown easing doesn’t mean end of shipping snarls

The world’s supply chains have taken a battering this year from China’s zero-Covid policy, which has hampered the production and delivery of everything from bathroom taps to Apple iPhones.

19 May 2022 - 2:00PM
Customers enjoy a drink at a bar in Lan Kwai Fong. Photo: Yik Yeung-man
Famed Hong Kong nightlife district buzzing again as Covid curbs are eased

As city presses ahead with second stage of eased restrictions, some industry leaders worry about manpower shortages.

20 May 2022 - 1:01AM
Cruise ship Piano Land. Photo: Handout
Chinese ship Piano Land could ‘provide cruises to nowhere in Hong Kong from July’

Piano Land, run by Astro Ocean Cruise, is set to begin operations in the city on July 1, pending local Covid-19 situation, according to sources.

19 May 2022 - 1:48PM
The entrance to a noodle store is locked and sealed in the Jing’an district of western Shanghai on April 4, 2022. Photo: AP
More than 180 companies say they’ve been hit by China’s lockdowns

The list is still growing as more firms report financial results in the days and weeks ahead.

17 May 2022 - 10:08AM
China’s headline jobless rate rose by 0.3 percentage points to 6.1 per cent in April, above the government target. Photo: Xinhua
Zero-Covid ‘uncertainty’ plagues China job market with swift rebound unlikely

Strict coronavirus controls, including lockdowns, have disrupted production and dealt a heavy blow to private firms and the service sector, both major sources of job creation in China.

16 May 2022 - 9:50PM
A customer at a supermarket that reopened in Shanghai on May 16, 2022 amid declining infections. Photo: VCG
Shanghai heads towards June 1 end of lockdown as Covid-19 cases dip

The end is in sight for one of the largest mass population lockdowns ever undertaken in China, after stop works and standstill orders upended daily lives and strained global supply chains close to breaking point.

16 May 2022 - 8:31PM
China has doubled down on its dynamic zero-Covid strategy to contain coronavirus outbreaks, disrupting businesses in a string of Chinese cities. Photo: AFP
‘Save the economy’: China data paints bleak picture of Covid-hit activity

China has doubled down on its dynamic zero-Covid strategy to contain coronavirus outbreaks, disrupting businesses in a string of Chinese cities.

16 May 2022 - 9:41AM
HSBC Life experienced a 38 per cent year-on-year increase in the value of new business in the first three months. Photo: Nora Tam
Hong Kong insurers see sales soar as Omicron raises health awareness

HSBC Life, Manulife and AIA among the major insurance firms reporting strong growth of sales in the first quarter as their digital tools help to boost sales during the fifth wave of Covid-19.

15 May 2022 - 12:30PM
The Comac C919, China’s first single-aisle passenger jet, took off from Pudong International Airport in Shanghai on November 10, 2017. Photo: AFP.
Chinese rival to B737 and A320 jets completes Shanghai flight test

The test showed how Shanghai’s authorities are determined to get business activities back on their feet, after sending the city into lockdown since April 1.

14 May 2022 - 7:35PM
A medical worker in a protective suit collects a swab sample from a chef for nucleic acid testing, during lockdown, amid the coronavirus disease (COVID-19) pandemic, in Shanghai on May 13, 2022. Photo: Reuters
Shanghai closes half of its quarantine sites as Covid-19 cases decline

New infections of the highly transmissible Omicron variant have been declining in Shanghai since April 23, the vast majority of them showing no symptoms.

14 May 2022 - 8:03PM
China’s stringent “dynamic zero” Covid-19 policy is affecting small businesses in the Yangtze River Delta.
How China’s rigid Covid policy paralyses its manufacturing heartland

Stringent Covid-19 controls have disrupted logistics in China’s manufacturing hub, leaving small factories struggling.

14 May 2022 - 10:00AM
Parts of China’s capital Beijing have been locked down since late last month. Photo: Bloomberg
‘In the beginning, we were optimistic’: a Beijing lockdown diary

Some residents in Beijing’s most populous district, Chaoyang, have endured 20 days of lockdown and at least 10 Covid-19 tests since April 25. They have no idea when or under what circumstances they will be freed.

16 May 2022 - 9:16AM
Controversy over the use of houseboats as guest houses was ignited this week when authorities were accused of not doing enough to stop the “rampant illegal business”. Photo: Felix Wong
Hong Kong hoteliers slam ‘inaction over rampant illegal use of leisure boats’

‘Open secret’ that some boats moored at typhoon shelters are being rented out to overnight guests.

14 May 2022 - 4:23PM
The economic outlook for Hong Kong is gloomy.  Photo: Xiaomei Chen
Hong Kong cuts economic forecast after first-quarter GDP shrinks 4 per cent

Combined effects of slower global demand, disruptions in cross-border trade and the pandemic took their toll on city, government economist says.

14 May 2022 - 10:51AM
Shanghai’s government said it is just a step away from bringing the pandemic under control. Photo: AP
Shanghai a week away from containing Covid-19 outbreak, says official

The city is aiming to achieve its ‘societal zero-Covid’ target by May 20, Wu Qing, the city’s executive vice-mayor, told a press briefing on Friday morning.

13 May 2022 - 7:08PM
Beijing’s zero-Covid policy has hammered the tourism sector in China and pushed many small travel companies to the brink of financial ruin. Illustration: Lau Ka-kuen
‘It’s terrifying’: hope dims for China’s travel sector amid latest outbreak

China’s latest coronavirus outbreak and accompanying travel restrictions have dashed hopes of recovery in the tourism sector. Many small businesses are wondering how long they can hang on.

13 May 2022 - 7:00AM
Giga Shanghai churned out 10,757 vehicles in April, according to data from the China Passenger Car Association (CPCA). Photo: AP
Tesla ships first EVs abroad since lockdown halted Shanghai production

Some 4,767 electric cars built at the Gigafactory 3 left for Slovenia on Wednesday, according to Jiefang Daily, as the US carmaker tries to make up lost ground against Chinese rivals who jumped ahead during lockdown.

12 May 2022 - 9:30PM