Hong Kong government yesterday announced that the Chinese government has withdrawn the approval of the multiple-entry visa for Shenzhen residents, and is replacing that with a once-per-week entry visa instead.
Credit Suisse thinks that the tourism sector has ceased to be a growth engine of Hong Kong. Impact on the economy is negative, with significant impact on retail sales, employment and potential growth rate over the medium term.
The research house also thinks it is possible for the authorities to introduce more restrictive measures to control the number of Mainland Chinese visitations to Hong Kong if no visible improvement is seen in easing the current tension.
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