HK's Retail Sector Estimated to Recover in 4th Quarter

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Last updated at: (Beijing Time) Thursday, July 17, 2003

HK's Retail Sector Estimated to Recover in 4th Quarter

The retail sector in Hong Kong will recover in the fourth quarter of 2003 or the first quarter of 2004, estimated Yu Pangchun, chairman of the Hong Kong Retailer's Management Association Tuesday.

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The retail sector in Hong Kong will recover in the fourth quarter of 2003 or the first quarter of 2004, estimated Yu Pangchun, chairman of the Hong Kong Retailer's Management Association Tuesday.

Yu told Xinhua although retail sale is still weak, local peoplehave gradually got back normal life and spent again while more tourists have come back to Hong Kong.

"We are more optimistic for the fourth quarter of this year or the first quarter of next year," he said.

Attending a seminar on the Chinese Mainland/HK Closer Economic Partnership Arrangement (CEPA) organized by the Hong Kong General Chamber of Commerce, Yu said the new arrangement of allowing individualized entry of mainland visitors in three Guangdong cities will also help the Hong Kong economy including the retail sector.

He also said CEPA provided good opportunities for the whole retail sector as the lower of entry barriers enable more retailersto enter the Chinese Mainland market and Hong Kong people are allowed to have full ownership in the retail sector in the Mainland market.

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