'Tough times faced by businesses to continue'

Secretary for Commerce and Economic Development, Edward Yau. Photo: RTHK

The Secretary for Commerce and Economic Development, Edward Yau on Sunday said external volatility cannot be blamed for Hong Kong's economic contraction in the second half of this year.



Speaking during an interview with TVB, Yau said domestic issues had dealt a hard blow to many businesses - particularly in the retail and tourism sectors.



He also said the move by protesters to label businesses as either 'blue or yellow' - depending on their political stance - will have little impact on the economy.



Yau said as Hong Kong has always been a free economy, its people will not accept dividing businesses by their politics, adding that doing so won't do anything to mend social rifts.



The minister said he believed the tough times faced by businesses will continue and he hopes all sectors can work together to help each other.