Financial Tsunami Affects Some Enterprises In Hongkong
After the collapse of Hongkong's Tailing electric appliance company, Zhang Jianzong, director of the labour and Welfare Bureau, warned yesterday that the closure of Hongkong enterprises will come one after another, and that the retail and entertainment consumption sectors may be affected, and the unemployment rate is on the rise. Tang Yingnian, Chief Secretary for administration of Hongkong and Ceng Junhua, the financial secretary, reminded the public to be prepared for challenges.
When Tang Yingnian attended the radio program, he said that under the financial tsunami, businesses may contract business or even go bankrupt. There might be layoffs. He is not optimistic about the unemployment rate in Hong Kong. Faced with the possibility of a rise in unemployment, he said that the government will do its best to revitalize the economy and create jobs. Ceng Junhua said that the financial turmoil had an impact on the whole economy and individual companies. But he believed that the overall problem was not big, and stressed the good economic tone and sound system of the economy, and urged the people of Hong Kong to have confidence in meeting these challenges.
Zhang Jianzong said he was highly concerned about the recent business failures. He warned that the collapse of enterprises has come in succession. The rise of unemployment rate may be affected by the peripheral economy, but it is believed that the rate of increase will not be too fast. He reminded the public to be psychologically prepared, but there was no need to worry too much. He believed that the government had enough experience to face the economic cycle. He believes that retail and entertainment industries may be affected, but refuse to predict when the unemployment peak will occur.
He stressed that there were thousands of retail vacancies in the labour department and $one billion three hundred and seventy million in the protection of wages on Insolvency Fund. If the company is closed, the labour department will also set up special registration in real time to assist the affected employees.
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