Retail sales in July sank by the most since February 2016 amid the anti-government protests that have gripped the Chinese-ruled city for more than three months.
Chan said the social unrest had severely damaged the image of Hong Kong as a safe international city and a hub for trade, aviation and finance.in districts across Hong Kong in support of anti-government protesters after another weekend of clashes in the Chinese-ruled city. Metro stations that had closed on Sunday amid confrontations reopened.
Chan said that repeated violent conflicts, the blocking of roads, underground railways and the airport had obstructed people from going to work and school and led to the cancellation or rescheduling of"many" international conferences and exhibitions. Total export fell 5.7 per cent year-on-year in July, while re-export value to the United States from China via Hong Kong declined 15.2 per cent from a year earlier, he said.
Global credit rating agency Fitch Ratings on Friday downgraded Hong Kong's long-term foreign currency issuer default rating to"AA" from"AA+", and said it expects public discontent will likely persist.
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