“AmCham calls for firm government leadership to restore sagging business confidence”， 29 July 2019

International businesses are feeling pessimistic about the short-term prospects for Hong Kong as escalating violence and political deadlock take their toll on operations and fuel perceptions that the city is becoming a riskier place, a survey of AmCham members has found. The government should take immediate and tangible actions to address the root causes of recent demonstrations and restore confidence in the city’s status as Asia’s preeminent international business and financial center, members said.

 “AmCham urges the government to stem any further damage and show clear leadership in meeting the expectations of Hong Kong people and in restoring the city’s international reputation for effective governance under the ‘one country, two systems’ framework,” said AmCham President Tara Joseph…

AmCham members representing sectors ranging from financial services to logistics and tech suggested the following ideas for restoring confidence in Hong Kong: To formally and completely withdraw the Extradition Bill in order to remove any room for continued public doubt; to convene an internationally credible independent inquiry into all aspects of recent unrest over the bill, a move that will demonstrate fairness and justice under the rule of law…

… AmCham began surveying members on July 23 to gauge the ongoing impact – if any – on business sentiment. About 12 percent of our membership responded as of midnight on July 25…

The survey found that businesses are already reporting serious consequences from the disruption caused by weeks of mass demonstrations, political paralysis and outbreaks of violence and destructive acts in a city that has won an enviable reputation as one of the world’s safest places.These range from an immediate hit to revenue caused by disruption to supply chains and consumption, to longer term doubts over cancelled events and shelved investments. Respondents also reported a deepening perception within their companies and among overseas customers that Hong Kong has become less safe and a riskier place in which to conduct business…