From World Journal
April 27, 2002
Suffering from the devastating impact brought by the September
11 attacks, Chinatowns economy has not yet recovered seven
months after the incident, with businesses losing 25 percent of
annual revenues, according to a recent survey by Asian American
Business Development Center (AABDC).
The survey, conducted between March 22 and April 9, also showed
that half of the businesses in Chinatown lost 50 percent of their
customers. Each business lost an average of $58, 463 and was closed
for 17 days. There was an average of two lay-offs per business and
the highest was 25. Now each business employs an average of five
people and only recovered 20 percent.
According to John Wang, AABDCs president, the businesses
that recovered the most are professionals such as lawyers and accountants,
and pharmacies among retail businesses. However, tourism-related
industries, such as restaurants, jewelry and gift shops, are still
down, and many employees in those businesses have been laid off.
The survey also showed that Chinatown businesses received an average
of $2,225 in relief funds but need an additional $20,000. Those
who received aid from the Small Business Administration got $22,000
on average, but still needed a loan of $50,000.
Wang said the survey showed that the aid provided for Chinatown
business is far less than what they lost. Calling for more financial
assistance, Wang also urged the government to increase promotion
for Chinatown to bring back customers. He suggested that city tourism
authorities work with private tourism organizations to better market
Chinatown as a tourist destination.
The survey has been submitted to the Alliance of Downtown New York
and will be used as a reference for rebuilding Chinatown.
Translated from Chinese by Larry Tung
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