Hong Kong’s once-proud citizens cringe with embarrassment as the city’s Secretary for 
Financial Services drops to his knees and begs the Chinese government not to sign agreements with other financial centres to allow cross-border sales of investment funds. It is as if KK Chan is saying: “We are so pitiful and helpless that we need a monopoly and a free lunch as a big favour from you, oh wise and merciful Beijing.” The correct response to news that Mainland investors could gain access to German-listed funds would be the merest glimpse of a shrug as we get on with all the important things in our lives. In the unlikely event that our local financial products experts can’t compete with their sausage-munching counterparts in some place called Frankfurt, they can become cab-drivers or burger-flippers. No biggie.
There have been occasions when Hong Kong officials have made a big public show of pleading with Beijing for gifts and handouts and privileges. These contrived displays have had a dual purpose: to give cocky and uppity Hongkongers the impression that they and their city are worthless and incapable and must rely on charity, and to cast the Central People’s Government in the role of father-like saviour and protector whom we must adore and not upset. (The concessions themselves are just step-by-step reforms to gradually open up Mainland markets; they are designed to benefit the country as a whole and would happen anyway.) But in this case, KK Chan’s groveling does not seem to have some subliminal message. Otherwise he would say we need special treatment because Occupy Central wrecked our fund management industry, or something. Indeed, it would be less lame and humiliating. As it is, this request is just… pathetic.
So in the end, Josh Wong and friends WON.
Pathetic, sad, inept, sycophantic HK government officials and their bosses, the cartelocrats.
Like the railway into the Guangzhou “countryside”, the bridge to nowhere and the tunnel towards Sha Tau Jiao, my gut feeling was that the less we have to do with mainland stock exchanges, the happier we might be.
But then I saw the photo of KK (say it in French) and I knew in my heart that here is a man that can be trusted with our future.
Equally pathetic was the recent appointment of the Hon. Abraham Shek, GBS, JP etc etc ad nauseum as Chairman of the ESF. A skilled educator he is not.
Rather a vocal proponent of the Real Estate Developers Association (or the Cartel to give it a more descriptive name) in the guise of Functional Constituency seat in the Legislative Council. Why ? Could it be that the ESF has some juicy residential plots in Chung Hom Kok and Shatin which the honourable Mr. Shek can flog to his buddies in REDA in exchange for the Government fixing up Island School. I was under the impression that Island School was quid quo pro for scrapping the subvention ?
According to his official LegCo biography, Shek (or Razack – he doesn’t seem quite sure what his name is) has a Diploma in Education from the University of Sydney. So, that’s all right then…
Close, Stephen, very close.
Once ESF goes private, it will set up JV schools with the more exclusive real estate developments. There will be much washing of
moneyhands by the ESF board and the managers bonuses will soar, along with tuition rates.With his two titles, Mr. Shek-the-Razack, will do very, very nicely wringing gifts from the Developers; and naturally Lufsig will get his cut. If he claims money before he was appointed isn’t buying influence, then watch Lufsig when retires; he’ll claim the timing proves delayed benefits are not a bribe.