Peter Levesque of Modern Terminals discusses how Hong Kong's months of political unrest have impacted businesses and revealed the next generation disenfranchised by its "one country, two systems" policy.

Kowloon City District

Business leaders in Hong Kong are calling for a clear government plan to address the city's ongoing economic and reputational challenges, which have been exacerbated by recent protests. They note that while previous generations benefited from the 'one country, two systems' framework, many young people now feel excluded from wealth opportunities and political participation, particularly in the property market and universal suffrage.

The protests have also had a significant impact on Hong Kong's economy, affecting consumer confidence, tourism, and exports. Although Hong Kong primarily serves as a transshipment hub, trade tensions between China and the United States have further strained business activity. Business representatives emphasize the need for proactive leadership to restore confidence and address the concerns of the younger generation.

Hong Kong protests reveal youth generation that feels 'left behind'

Well, I think the business community here, whether American or otherwise, is looking for some kind of plan from the government, some kind of way forward, so that we can get out of this rut that we're in, both reputationally and business economics, economic-wise, and try to move forward. The question is, how do you do that? And can it be done by, you know, trying to lead through Facebook? Or is it something that needs a much more proactive, out-front type of leadership? And I think business is looking for some kind of plan, something that we can all get behind, so that we can resolve the issues that need to be resolved, they're important issues, and somehow move forward and rebuild Hong Kong's reputation, particularly in the business area, and confidence. Isn't it challenging for Carrie Lam and the leadership to do that? And arguably, Peter, aren't their hands tied, because, let's face it, they take their lead from Beijing. Well, look, I think what we've all realized here over the last six, seven, eight months is that, really, it's been a tale of two cities here. We've had the development of one country, two systems, and I think what we've recognized, at least my generation, is that one country, two systems maybe did well for us and for our parents and grandparents, but it's sort of left the next generation behind, where we've seen tremendous wealth generation. There's also been the establishment of a massive wealth gap, where we've seen a property boom. We've also seen now a property market, which the next generation will probably never be able to participate in. And then around the area of universal suffrage, I think the next generation is looking at the very real possibility that they'll never have a vote. So these are things that the government can fix, and I think that's the good news. The question is, what's the plan, and how will these issues be addressed? We've seen the impact of the anti-government protest on the consumer space, on the tourism sector. Can you talk us through how it's impacted exports? We've seen the numbers continue to fall, the most recent reading, November exports in Hong Kong down 1.4 percent annually. Well, I think it's important to remember Hong Kong is really a trend shipment hub, so there's very little being actually exported from here that's actually manufactured in Hong Kong. We're taking business, we're moving shipments through China, through Hong Kong to the rest of the world, and then in the opposite direction through Hong Kong back into China. So it's really the trend shipment business that makes up the most of Hong Kong's business, about 80 percent. Only about 14, 15 percent of that business is trans-Pacific to the United States, so it's a relatively small percentage overall. But look, what we found is in trade wars, when China and the United States aren't agreeing with each other, it actually impacts all markets. And that's just something that we hope will rebound with the implementation of phase one.

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