Chinese visitors drive boom in Hong Kong's retail sales

08/31/2011 | Bloomberg

Hong Kong is teetering toward its second recession in just a few years, but its retail sector is enjoying a sales boom thank mostly to shoppers from China. Hong Kong's statistics department reported a 25% jump in sales for the first seven months of 2011. Chinese tourists are "a crucial lifeline for Hong Kong's economy," according to Hong Kong-based economist Donna Kwok. "Hong Kong shoppers seem immune to inflation and global financial market turmoil."

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