英譯概念：Hongkongers heading north to spend money
【明報專訊】Translated by Odyssey Langs
■News summary
According to sznews.com, 5.35 million Hong Kong people travelled to Shenzhen in October 2023. They spent 3.6 billion yuan (approximately HK$4 billion), translating into per capita consumption of approximately 673 yuan (approximately HK$730). In the same month, the total retail sales value of Hong Kong was provisionally estimated at HK$33.8 billion, with sales of electrical appliances and other unclassified durable consumer goods falling by 12.5% year-on-year, and supermarket goods, by 5.8%. In other words, the money spent by Hongkongers in Shenzhen is equivalent to over 10% of the consumption amount in Hong Kong during the same period.
In the “Several Measures of Shenzhen to Promote Consumption” (《深圳市關於促進消費的若干措施》) published by the Shenzhen Municipal Development and Reform Commission in August 2023, the government proposed issuing travel consumption vouchers to tourists from Hong Kong and Macao and improving cross-border payments. The latter included expanding the use of electronic wallets such as WeChat PayHK and Alipay Hong Kong in Shenzhen.
Peter Shiu Ka-fai, Legislative Council member representing the wholesale and retail sector, says that Hong Kong is still competitive in terms of its duty-free status and as an international city. Many large brands still prefer to launch new products in Hong Kong first.
Mock examination question
With the help of the source and your own knowledge, explain a challenge and an opportunity the retail industry in Hong Kong is facing. (4 points)
■Suggested answer
Challenge
In addition to local competition, Hong Kong's retail industry also faces challenges posed by the retail market in the Greater Bay Area.
As shown in the source, more and more Hong Kong people are traveling northward to spend money. In October 2023, there were 5.35 million Hong Kong people visited Shenzhen, where they spent 3.6 billion yuan (about HK$4 billion). The Shenzhen Municipal Development and Reform Commission has announced a number of policies to encourage Hong Kong people to consume. Facing price competition, Hong Kong's retail industry needs to continuously improve its competitiveness.
Opportunity
As an international city, Hong Kong attracts brands and companies from all over the world. This gives the local retail industry abundant opportunities to reach consumers from different countries and regions. As mentioned in the source, Hong Kong remains competitive in terms of its duty-free status. Even though the number of mainland tourists visiting Hong Kong has fallen, Hong Kong remains one of Asia's most popular tourist destinations. To international tourists, it holds a unique allure with its culture, food, shopping and entertainment, providing opportunities for the retail industry.
(本網發表的作品若提出批評，旨在指出相關制度、政策或措施存在錯誤或缺點，目的是促使矯正或消除這些錯誤或缺點，循合法途徑予以改善，絕無意圖煽動他人對政府或其他社群產生憎恨、不滿或敵意。)
[智學公民 第094期]
