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Last updated at: (Beijing Time) Wednesday, January 28, 2004

HK's retail sales to see single-digit growth

Retail sales in Hong Kong will see single-digit growth this year as the economy recovers, according to the Hong Kong Retail Management Association.


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Retail sales in Hong Kong will see single-digit growth this year as the economy recovers, according to the Hong Kong Retail Management Association.

Yu Pang-chun, chairman of the association, was quoted by Wednesday's South China Morning Post as saying that even though the retail industry recorded a 4 percent drop in sales last year because of the SARS outbreak, the business outlook was turning positive.

"The jobless rate has been falling since late last year, while the stock market and the property market have improved. All these factors have helped revive consumer confidence," he said.

With the relaxation of restrictions on individual travelers from Chinese mainland last August and the move allowing them to purchase goods with the yuan credit cards earlier this month, Yu said he expected the industry to record single-digit growth this year.

"Retail prices will go up and I am confident that the deflation problem can be solved soon," he said.

Yu said the sales industry had been experiencing difficulties in recruiting staff since November, but he denied that the manpower shortage was caused by the low salaries on offer.

Thanks to the cold weather, the festive atmosphere and the surge in individual mainland travelers, retail sales were also boosted during the Lunar New Year holiday, which Yu said saw year-on-year double-digit growth.

Source: Xinhua


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