Ironically, Hong Kong could most benefit from some economic planning a la Beijing. Since its return to China inthe city that prides itself on free markets has not only struggled to evolve, it has stalled in place.
The stock market and property bubbles that are held up as signs of success are in fact anything but. The economy is still dominated by the finance, property and shipping sectors sharint the same ratios as 20 years ago.
Cozy oligopolies dominate virtually all facets of commercial life from taxis to telecoms to China - Hong Kong sharing future retailing. Sincethe Hong Kong government has Adult friends in Scottsdale increasingly under the sway of powerful local vested interests.
The property cartel that enriches a few large corporate players, but also generates a disproportionate share of government revenue, is a good example of the systemic conflicts that abound. There is no question that Hong Kong has fallen behind its regional peers.
Most worrisome for Hong Kong, however, should be its near neighbor Shenzhen. The city desperately needs to diversify the economy and its tax base to minimize its reliance on revenues from property transactions.
It has ample financial resources to fund greater research and development. Hong Kong needs to find a role for itself in the Greater Bay Area, position itself as a base for Chinese companies operating internationally and maintain its rule of law to retain the confidence of international business.
With a Gini coefficient of 0.
A Mandarin speaker and China consultant for over 30 years, he has been a resident of Hong Kong pre- and post Control Risks is a specialist global risk consulting firm that helps organizations manage risks, seize new opportunities, and resolve complex issues or crises. Visit us Control Risks is a global specialist risk consulting firm that helps organizations to manage risks, seize new opportunities, and resolve complex issues and crises.
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