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| The number of bankruptcies filed at a two-year monthly high |
Things in Hong Kong aren't getting better, with the number of bankruptcies filed at a two-year monthly high.
According to the Official Receiver's Office, 871 people filed for insolvency in May, up from 742 in April, and 783 in March.
May's figure is a 35 percent increase over the 646 recorded last May, and it is the highest monthly figure since April 2022, when 930 bankruptcies were filed.
While economists blame the bankruptcy applications on banks recalling loans, others cited high interest rates these past two years.
But the government doesn't see it that way.
The Financial Services and Treasury Bureau said the figures should be viewed from a macro perspective and "do not actually reflect the overall economic trend and economic reality".
"One cannot accurately assess the actual situation of the Hong Kong economy based soley on the rise and fall of individual monthly figures," the bureau said in a social media post.
"In fact, a comprehensive analysis of various economic indicators shows that the Hong Kong economy is steadily improving and exhibiting a recovery momentum."
The bureau even pointed out the unemployment rate is at 3 percent, and the gross domestic product (GDP) is growing by 2.7 percent year-on-year in the first quarter.
Perhaps that's grasping straws? Hong Kong has always had a low unemployment rate, and even more so with fewer people in the city. Is the GDP really on an uptick because of more mainland Chinese tourists coming to Hong Kong to shop?
That's a lot of luxury handbags if that's true...
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