To Hong Kong now, where revised government data showed on Friday that the city's economy shrank 0.4-percent in the April to June period from the previous quarter. That's slightly worse than the previous estimate. On a yearly basis, the economy expanded half a percent in Q2 marking its slowest pace of growth since the global financial crisis. The city's government also cut its full-year 2019 growth forecast to a range of 0-to-1 percent from the previous estimate of 2 to 3 percent. The gloomier outlook comes as continued unrest in the city is scaring off tourists and biting into retail sales. A stimulus package is on the way to boost the local economy. But will it help? CGTN reporter Ge Yunfei finds out.  

Gripped by violence and protests, Hong Kong's economic growth falls to its lowest level in a decade. A stimulus package of 19 billion Hong Kong dollars, about 2.4 billion US dollars will be injected into the Hong Kong economy. It's comprised of a series of relief measures aimed at boosting growth.

PAUL CHAN, FINANCIAL SECRETARY HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT "We have seen a rather sharp slowdown of our economy in recent months. We expect that the situation will get worse in the coming months." 

The city government announced the stimulus measures after Hong Kong's economic growth forecast in 2019 fell to a new low, zero-to-one percent.

PAUL CHAN, FINANCIAL SECRETARY HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT "People might ask whether these measures are in response to political pressure as a result of the extradition bill incident. I can tell you that it is very clear that these two things are not related at all. These measures are planned as a result of our assessment of the economic situation." 

GE YUNFEI HONG KONG "Hong Kong's economy is at stake. Some critics say the government's stimulus package aims to ease the social unrest by giving out sweeteners and waivers. But if the city's economy continues to slide, 2019 may turn in a negative growth rate for the year."

RAYMUND CHAO CHAIRMAN OF ASIA PACIFIC & GREATER CHINA, PWC "I think the timing is absolutely correct. We're under a lot of pressure in terms of economic development. The violent activities that we've seen in the last two months are adding to that pressure."

While some say the package is only aimed at short-term interests, Chao disagrees.

RAYMUND CHAO CHAIRMAN OF ASIA PACIFIC & GREATER CHINA, PWC "If you can generate the short-term results, it will lead to long-term benefits. If people's confidence in consuming and investing is back, it will lead to long-term benefits."

Chao calls for an end to the violence to prevent Hong Kong from sinking into a recession.

RAYMUND CHAO CHAIRMAN OF ASIA PACIFIC & GREATER CHINA, PWC "I think you'll see potentially even worse statistics in the third quarter. It's significant that we stop and control all the violent activities at this moment."

He hopes Hong Kong returns to its normal path of law and order as soon as possible. Ge Yunfei, CGTN, Hong Kong.