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Hong Kong’s retail market faces ‘slow recovery’ Covid-19 cases surge

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Hong Kong’s retail market faces ‘slow recovery’ Covid-19 cases surge

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Hong Kong’s retail market faces ‘slow recovery’ as Covid-19 cases surge

Photo for illustration. AP

New Delhi: The restoration of Hong Kong’s retail market is more likely to be sluggish and unsure as Covid-19 cases surge in mainland China.

According to a report within the South China Morning Post, “Because of the uncertain outlook of the pandemic and high infection numbers in the mainland, cross-border economic activity will be hindered.”

Luxury retail outlets might even see gross sales remaining at a low stage because the three years of lockdown has modified the buying behaviour of mainlanders,” the report added.

Meanwhile, Hong Kong’s well being minister has expressed hope town will elevate extra of its remaining coronavirus curbs after Lunar New Year.

The additional easing of restrictions was set to go forward at the same time as Covid-19 cases had been anticipated to surge after the vacation interval, Secretary for Health Lo Chung-mau stated, explaining town had a “better immunity barrier” towards the virus and a well-equipped healthcare system.

Meanwhile, folks throughout China rang within the Lunar New Year on Sunday with giant household gatherings and crowds visiting temples after the federal government lifted its strict “zero-COVID” coverage, marking the most important festive celebration for the reason that pandemic started three years in the past.

The Lunar New Year is crucial annual vacation in China. Each 12 months is called after one of many 12 indicators of the Chinese zodiac in a repeating cycle, with this 12 months being the Year of the Rabbit. For the previous three years, celebrations had been muted within the shadow of the pandemic.

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