Young rioters pushing HK into long-term economic recession: Wu of Maxim’s

By Chen Qingqing and Bai Yunyi Source:Global Times Published: 2019/11/2 22:19:02 Last Updated: 2019/11/3 1:15:24

 Annie Wu Suk-ching Photo: Chen Qingqing/GT

With brainwashed young demonstrators working against interest of their motherland, Hong Kong will experience economic downward pressure for at least three years due to the ongoing riots, warned Annie Wu Suk-ching, a predominant businesswoman speaking to the Global Times on Saturday. 

Months of anti-government protests, which have become increasingly violent, have been heavily weighing on the city's prospects, taking a toll on sectors such as tourism, retail and services. Its GDP in the third quarter shrank by 2.9 percent year-on-year, dragging Hong Kong into recession. 

A Starbucks store vandalized by rioteres in Hong Kong Photo: web


Radical protesters time and again illegally occupied streets, vandalized stores and shops, attacked police officers with offensive weapons such as Molotov cocktail and bricks, forcing many businesses to cease operation in the city. "The fourth quarter's economic performance would be even worse, so would be the outlook of earlier 2020," Annie Wu Suk-ching, daughter of James Tak Wu, founder of Maxim's Catering, told the Global Times on the sidelines of the 6th China Inbound-Outbound Forum 2019, organized by the Center for China and Globalization. 

There has been growing fear on Hong Kong's safety condition, scaring away foreign investors, she noted. "When the economic condition deteriorates, it would take a long time to recover," Wu said. 

Maxim's, a major Hong Kong restaurant conglomerate, was targeted by rioters who vandalized stores run by the company that included Starbucks outlet and some grocery chains. The attack was triggered by Wu's criticism of the protesters and her support for the government.  

"The government has never looked into the problem of educating young people, [to understand] the national identity, and respect the country," Wu said, noting that with economic problems, young people have been brainwashed by social media to be anti-government, anti-establishment and anti-China. 

She noted that this is not an easy problem to be solved, and "I think we lost two generations of young people now," Wu added. 


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