Advertisement

Hong Kong’s economy needs firing up. Can John Lee deliver with his policy address?

City leader should prioritise tapping into emerging markets, diversifying the economy and amplifying Hong Kong’s attractiveness, observers say

Reading Time:9 minutes
Why you can trust SCMP
25
Illustration: Henry Wong

From serving set meals of HK$500 (US$64) per person to offering HK$58 beef rice, restaurant owner Ken Pong tried everything he could to save his teppanyaki joint in Yuen Long.

Advertisement

He laid off a staff member and kept only one worker to be able to pay his HK$30,000 monthly rent.

But nothing worked. His restaurant survived the pandemic but suffered an 80 per cent dip in takings soon after the border reopened. In August he had to admit defeat and shut down Teppanyaki King Kiosk, his shop of 14 years on Fung Yau Street North.

Recognised by loyal customers for his tall white chef’s hat, Pong served Japanese cuisine cooked on an iron griddle and thought he could be assured of a regular clientele for years to come.

But like many other small businesses in the city, he was unprepared for a sudden and unrelenting shift in spending patterns – many Hongkongers going north or tightening their belts.

Advertisement

“I am willing to change, and where are the people? Many have gone to the mainland,” he said. “Some nights, I had zero customers.”

“It’s disheartening to see lines of Hongkongers waiting at bus stations near my restaurant after work, heading to Shenzhen for dinner.”

Advertisement