Virus Is Hitting Hong Kong Hard, SME Committee Says

The video discusses the impact of the virus on Hong Kong's economy, particularly on SMEs. It highlights challenges faced by the garment industry and the adaptations businesses have made. The discussion includes an evaluation of government support and its limitations. The video also explores the impact on the job market and the potential benefits of closer integration with mainland China, especially through the Greater Bay Area initiative.

What is one of the main challenges faced by Hong Kong's economy due to the virus?

• Lack of local resources

• Overproduction in local industries

• Dependence on external markets

• High inflation rates

How did the garment industry initially respond to the global market changes?

• Expanded to new markets

• Halted orders and closed stores

• Reduced prices

• Increased production

What has the Hong Kong government done to support SMEs during the crisis?

• Reduced import tariffs

• Provided relief packages

• Increased taxes

• Offered free marketing services

What percentage of employment in Hong Kong is accounted for by the SME sector?

• 45%

• 75%

• 25%

• 60%

What is the joblessness rate mentioned in the discussion?

• 3%

• 9%

• 12%

• 6%

What is a potential benefit of Hong Kong's integration with the Greater Bay Area?

• Increased isolation from global markets

• Higher import duties

• Access to new funding and markets

• Reduced government support

What strategy are some SMEs using to adapt to the changing market conditions?

• Ceasing operations temporarily

• Reducing workforce significantly

• Developing domestic sales and branding

• Focusing solely on exports