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Is Hong Kong still competitive? [Copy link] 中文

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Post time 2019-11-1 11:11:07 |Display all floors
HONG KONG, Oct. 31 -- Chief Executive of China's Hong Kong Special Administrative Region (HKSAR) Carrie Lam said on Thursday that Hong Kong's economy now faces challenges both externally and locally, but its institutional strengths and core competitiveness remain intact.

"The situation we are facing now is obviously very different, more challenging and inevitably distressing. The challenges are complicated, both externally and locally," she said when addressing a joint business community luncheon at the Hong Kong Convention and Exhibition Center.

Lam said the International Monetary Fund revised global economic growth rate forecast for this year to the lowest since 2009 and combining with the uncertainty of Brexit in Britain and tense geopolitical situation in the Middle East, there is downward pressure on the global and Hong Kong economic growth trends.

"While external uncertainties have brought up immense pressure, I would say that the local situation is much more worrying," she stressed, adding that the ongoing extensive conflicts and violence that have plagued Hong Kong for months have spread chaos and fear and seriously disrupted people's daily lives.

Rioters launch attacks and sabotages in an organized and planned way and they doxxed and beat people who have different opinions, committed vandalism and arson to public facilities and hurled petrol bombs at police, she said.

"Surveys showed that local business sentiment has turned extremely pessimistic in recent months. The impact is most obvious in some of the services industry."

Hong Kong's economy only expanded modestly by 0.5 percent in the first half of 2019, marking the weakest economic performance since the recession in 2009, Lam noted.

To tackle those challenges ahead, she said, the financial secretary has announced in three rounds in the past three months "a wide range of initiatives to support enterprises, safeguard jobs, stabilize the economy and strengthen livelihood."

She said the HKSAR government has rolled out a number of measures to help the small- and medium-sized enterprises, or SMEs, covering a broad range of sectors including logistics, retails, catering, tourism, construction, agriculture and fisheries. Subsidies will also be provided to badly-hit industries such as transportation and tourism.

"All the measures with a total sum of around 64 billion (Hong Kong) dollars are expected to provide a 2-percent impetus to our economy," she said.

Lam reiterated the emphasis on the determination of the HKSAR government to stop violence and its commitment to ensure the comprehensive and effective implementation of the "one country, two systems" principle in Hong Kong.

Despite the difficult external and domestic environment, Hong Kong retains its core strengths as an international financial center with an unrivalled geographical location, the rule of law, an independent judiciary, the free flow of information and a wide pool of professional talents, she said.

Lam appealed to leaders in the business community to stand up against violence and restore social order. Once that is achieved, the HKSAR government will work with relevant organizations to carry out promotional work and other measures to rebuild international confidence in Hong Kong, she said.

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Post time 2019-11-1 14:07:51 |Display all floors
HK's economy is going backwards.

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Post time 2019-11-1 14:16:12 |Display all floors
Why would people want to keep money in Hong Kong if Hong Kong cannot access Mainland China? Without Mainland China, Hong Kong will just be like another Isle of Man, British Virgin Islands etc. Even if there is an alternative to enter Mainland China, Hong Kong will easily lose its stature. This is probably why China has kept Hong Kong as it is now prior to the riot.

In terms of education, Mainland China has to adopt a strategy that will produce talent that is at least equivalent to US. Because of this need, smart people from globally all round will choose Mainland China over Hong Kong. If education in the Mainland China does not improve how can China compete with US? The people in Hong Kong produced by their current education system cannot even tell the difference of them being a Chinese or an English - who will want to hire people like that even if they have first class from Ivy Lake Schools? Today they can sell their own nationality out, tomorrow definitely they can sell their companies out.

Medical wise, definitely Mainland China need to be up to date too. First with the population size it has, there will not be short of practice. This will sharpen their skills. In terms of sophistication, can't imagine why Mainland doctors do not want to become world class knowing that they too can attract high value patients globally. Hong Kong? Hong Kong will stress their professionalism. That's true today but its a stupid call. Can one imagine the Chinese sitting down and don't want to catch up on professionalism if it means better competitiveness? Can one imagine a person of sound mind willing to be less than mediocre? That's not how human behave in any country, they have always strived to compete.

Cuisine and couture - with the type of diversity and size, how can China not produce the talent that far outstrips Hong Kong? Maybe in terms of certain fine works, China still has room to improve, but if one assumes they will stay contended being No. 10 or No. 11, then that person doesn't even understand human behavior.

What else can Hong Kong offer? Nothing, not even monetary platform as a financial centre. Why would one go to Hong Kong if the future lies with the Mainland?

Then when India and Indonesia rise, does one really think they will give a damn to Hong Kong? Perhaps they will even want to replace Hong Kong permanently with their own financial centers.

Hong Kong has prided itself as being an open and advance society. With global philosophy easily at their disposal, there is no reason for their current abnormal behavior except for this part of the society wanting to secede from China. Every country has taught about nationality and national integrity - Hong Kong has never? Then why during the 157 years the British didn't teach the right thing to Hong Kong? Selfishness? Anger should be vented at the British then. Even if the British didn't teach then why didn't Hong Kong realise it themselves with access to the world knowledge, when so many countries in this world understand that? There is only one answer - they have developed superiority complex just like their Anglo counterparts. They don't even understand the pride of being Asian.

Finally some of the super rich want to carve out their own fiefdom by owning Hong Kong. That's why some will find so called "legal charitable" means to pay off the Hong Kong people for their votes in future. This sort of opposition will prolong the instability. So who is wrong - obviously those who go against China's sovereign and those who garner foreign support.

Because of Hong Kong people's superiority complex and proudness - a similar trait to Anglos whom they worship, they will prolong the ordeal and as such Hong Kong will decline.

There are smart Hong Kong people with the right attitude and beliefs too, this group should throw their decision and support to their country, China. For this Hong Kong group, they should align with Mainland China to avoid confusion and to stop the current problem quickly.



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Rank: 8Rank: 8

Post time 2019-11-2 11:27:22 |Display all floors
Newtown Post time: 2019-11-1 14:07
HK's economy is going backwards.

Good;
  No better lesson for them RIOT supporters but a total shut down of business and their overseas trips...

    Take a look at S/Korea, they DO support Their Government; not holiday destinations of simple minded university educated retards...

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