John Lee’s Policy Address Must Tackle Hong Kong’s Poverty and Inequality Issues

Urgent Challenges Facing Hong Kong’s Economy

As Hong Kong's Chief Executive John Lee prepares to deliver his third policy address, it is essential that this address tackles the critical issues of poverty and inequality. Following nearly four years of hardship, the sentiment among many residents is one of skepticism regarding economic prospects. Despite slight improvements in retail sales, shop vacancies persist at alarming rates, indicating underlying vulnerabilities in the economic landscape.

Poverty Statistics That Demand Attention

According to an Oxfam report, the poorest 10% of households in Hong Kong survive on about HK$1,600 monthly, while the wealthiest 10% earn an average of HK$131,000. This remarkable income inequality should send a strong message to policymakers emphasizing the need for direct intervention.

Examining Retail Trends and Bankruptcies

• August retail sales slightly increased to HK$29.18 billion but remain lower than previous years.
• Shop closures are on the rise, with major brands shutting down outlets across the city.
• Despite low bankruptcy levels, businesses report a lack of recovery from pre-pandemic operations.

Taking Action to Improve Lives

John Lee's priorities include enhancing living standards and maintaining Hong Kong's competitiveness. The challenge lies in effectively translating these objectives into tangible support for a struggling economy. The ongoing challenges related to retail uncertainties and public sentiment call for immediate consideration during his address.