Vol 17 (2020) - Issue 5

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Hong Kong’s Economic Challenges and Renewed Interest in a Corporate Rescue Scheme

Hong Kong recorded the first recession in the July to September period of 2019. This was the first for the territory in a decade. The US-China trade war that began in 2018 took a toll on Hong Kong's exports a year later. Adding to this, heightened political tensions and social unrest with large scale protests prompted by the introduction of the extradition bill earlier last year, Hong Kong's economy had suffered from considerable contraction. Then with the outbreak of COVID-19 around February this year a further plummet in tourist numbers and in the following months the introduction of border controls compounded to the territory's economic woes.