Overview: Survival of the fittest

Mon Mar 23, 2009

According to the standard economic benchmarks, Hong Kong slid into recession in November 2008.

Until now, the signs of recession on the streets have been comparatively muted, but the usual signals have been nonetheless evident. The run-up to Chinese New Year was definitely low key in 2009. There were even some high street sales in the days leading up to Christmas and Chinese New Year. Ostentatious consumption appears to have gone out of fashion early in 2009.

There are other clear indicators of a recessionary climate. The container ships heading along Hong Kong’s waterways out to sea, for example, are fewer and ride higher. The Territory has also been blessed with clearer, more pollution-free weather, suggesting a significant downturn in industrial activity, throughout the bordering areas of mainland China. Ironically, it seems that slower economic activity can also have a beneficial effect on the quality of life, as pollution is...

ISSN: 2151-1845 / CDC10004H

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