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[New Crown Pneumonia] Consumer confidence falls below the financial tsunami

2020-03-26T06:21:28.864Z

The new crown pneumonia (commonly known as "Wuhan pneumonia") epidemic rages around the world and has brought a shock to the global economy. The DAB conducted a survey on consumer confidence in early March and held a press conference today (26th) to announce the results. The survey found that the "Consumer Expectation Index", "Current Condition Index" and "Comprehensive Consumer Sentiment Index" all reached new lows since the 2008 financial tsunami. Member of the Legislative Council of the Democratic Alliance for the Betterment of Hong Kong (DAB), Zhou Haoding, criticized that the pan-democracy behavior of the public has further exposed the public to fierce conditions. A member of the party ’s legislative council Liang Zhixiang pointed out that the government ’s epidemic prevention was not decisive enough to make the citizens lose confidence.



Politics

Written by: Huang Fengyi

2020-03-26 14:10

Last updated: 2020-03-26 14:10

The new crown pneumonia (commonly known as "Wuhan pneumonia") epidemic rages around the world and has brought a shock to the global economy. The DAB conducted a survey on consumer confidence in early March and held a press conference today (26th) to announce the results. The survey found that the "Consumer Expectation Index", "Current Condition Index" and "Comprehensive Consumer Sentiment Index" all reached new lows since the 2008 financial tsunami. Member of the Legislative Council of the Democratic Alliance for the Betterment of Hong Kong (DAB), Zhou Haoding, criticized that the pan-democracy behavior of the public has further exposed the public to fierce conditions. A member of the party ’s legislative council Liang Zhixiang pointed out that the government ’s epidemic prevention was not decisive enough to make the citizens lose confidence.

Affected by the epidemic, citizens have reduced their willingness to go out. (Profile picture / Photo by Zeng Xuewen)

Since 2004, the DAB has conducted regular surveys on the confidence of Hong Kong citizens in the prospects for consumption, and conducted the 33rd survey on 958 citizens from 3 to 9 this month. The survey found that the "General Consumer Sentiment Index" fell to a new low of 52.8 from 63.2 in December last year. The "Current Condition Index" showing recent conditions and the "Consumer Expectation Index" looking to the future also plunged to 54.5 and 51.6. All three broke new lows since the 2008 financial tsunami. Respondents with expectations of worsening financial conditions in the next year have further increased from 44% at the end of last year to 51%, setting a historical high in the survey since 2004.

Zhou Haoding believes that, after experiencing Sino-US trade frictions, anti-revision cases and the epidemic, the public's pessimism about Hong Kong's short- and long-term economic prospects has greatly increased. (Photo by Ou Jiale)

Zhou Haoding believes that under the weight of Sino-US trade frictions, anti-revision cases and epidemic, the public's pessimism about Hong Kong's short-term and long-term economic prospects has greatly increased, and critics of the democratic side have continuously emphasized the concept of "seeking speculation", which has made the people's lives in hot water Among them, it is irresponsible to Hong Kong. Liang Zhixiang pointed out that the government has sent 10,000 yuan to the entire population, but the general public has publicly threatened to oppose it, causing the public to have further concerns about the economic prospects and calling for a concerted effort to make Hong Kong better.

Liang Zhixiang's criticism of the government's epidemic prevention was not decisive enough to make the public lose consumer confidence. (Photo by Ou Jiale)

Liang Zhixiang also pointed out that another reason for the public's loss of confidence is that the government is not decisive in preventing epidemics, and it is difficult to believe that the epidemic will pass. He agreed that the government should control the entry of people to a limited extent, and should not drag on the grounds of reviewing the law, emphasizing that extraordinary measures should be adopted in extraordinary times to target the epidemic as soon as possible. Liang Zhixiang suggested that the government respond to the appeal as soon as possible and set up an unemployment assistance fund to help wage earners overcome difficulties, so as to avoid further economic downturn affecting the public sentiment and even causing turmoil.

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Coronavirus disease

Source: hk1

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