This Year's Abolition of China's Labor Day Annual Vacation
Hits Hong Kong Economy Hard
China's decision to abolish the Labor Day annual holiday
in order to curb the spread of the SARS virus is bound
to hit the Hong Kong economy hard, according to economic
experts.
Normally, Chinese tourists travel to Hong Kong over this
holiday to go shopping. The most popular items with tourists
are gold jewelry and watches, which they bring back to
China as gifts for friends and relatives. With the abolition
of the holiday, Hong Kong jewelry and watch businesses
estimate that they will lose HK$2 billion dollars in business.
(Exchange rate is HK$7.8 = US$1).
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