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Many international companies and brands are considering moving out of Hong Kong and relocating their branches elsewhere.
The movement, which began in Hong Kong as a peaceful mass march five months ago, has currently turned into the city’s biggest political crisis. Constant protests over the government and China’s policies have caused widespread disruption. Being a global financial center, the continuing volatility in Hong Kong has started to affect the business worldwide. Many international companies and brands are considering moving out of Hong Kong and relocating their branches elsewhere. Investment is beginning to weaken. There has been a significant decrease in the number of tourists.
Five months of violence and nuisance have caused huge damage to the city’s economy. Hong Kong is caught in recession.
There has been a steep decline in retail trade and the number of tourists visiting the city. People are losing their jobs, and are forced to close small businesses. In May this year, 59 lakh tourists reduced to 31 lakh in September.
Hong Kong is a global financial center, so even the slightest injury to its economy affects trade worldwide. Many economic experts have warned that if the unrest persists, international companies may exit Hong Kong and relocate their branches elsewhere.
Experts believe that such action could be disastrous for Hong Kong if China deployed its forces to the city. The stock market will collapse. This will also affect the entire global economy. Large-scale migration from the city will begin and the number of migrants from Hong Kong to other countries will increase. As a legacy of 1997, many Hong Kongers have foreign passports and it is easy for them to go abroad.
Many brands and international companies are stuck between pro-China and anti-China protesters. Brands and companies that are sympathetic to protesters face Chinese nuisance and financial deadlock and those who try to be sympathetic to China have to face protesters.
For example, the NBA team had to apologize due to Chinese pressure when the general manager of the NBA team tweeted in support of the protests. The General Manager then reaffirmed his support for freedom of expression. This enraged China and severed its partnership with the NBA. Lost valuable Chinese partnership. Basketball stars such as Le Bron James and O’Neill also spoke on the issue. Brands such as Vans, Nike, Versace, Coach, and Givenchy are also in China or the target of protesters.
Both the protesters and the government are not ready to back down at the moment. In such a situation it is difficult to say when or how the conflict may end.
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