Hong Kong has much to celebrate
THERE is really a great deal for Hong Kong to celebrate: It has not only survived negative predictions of its imminent demise after the 1997 handover, but also outperformed most of the rest of the world on many fronts.
Notwithstanding the ups and downs of the global business cycle, Hong Kong’s economy has consistently demonstrated over the past 18 years a vitality which is the envy of the world.
The economy, underpinned by increasingly closer economic ties with the mainland, has been performing well most of the time with a jobless rate, which for years has stayed at slightly over 3%.
This is a level considered by economists to be full employment. This has been achieved at a time when major economies in the world, including the United States and many European countries, are still struggling with low growth and high unemployment in the aftermath of the 2008 global financial crises.
Hong Kong continues to take pride in being the world’s third most important financial centre after New York and London. It is now the second most popular destination for foreign direct investment, on track to lead the world this year in funds raised from initial public offerings.
The city tops the 2015 Index of Economic Freedom — the 21st year it has been ranked as the world’s freest economy.
It also ranks 17th out of 102 economies in the World Justice Project’s 2015 Rule of Law Index.
These achievements speak volumes for the city’s efficient capitalist system, but they also show the success of the “One Country, Two Systems” political design.
For all these great achievements, however, the SAR government and the residents can not afford to be complacent. There is no lack of challenges facing the city.
Social discontent has intensified over the past several years, as have problems, such as a narrow economic base which restricts the upward social mobility of young people, a growing wealth gap and a severe shortage of housing. These have pit members of society against each other.
But the greatest threat to social harmony and economic prosperity are the manoeuvres of radical members of society — particularly self-serving politicians.
They have been trying to politicise these problems as well as virtually every other social issue in their attempt to promote their political agenda in the city.
The result is a more divisive society.
It is hoped that months of divisive political bickering over universal suffrage have helped more Hong Kong residents realise that the solution to the city’s problems lies in further economic development, rather than politicisation.