The FT on China’s ban on wording in stock-market listings prospectuses that ‘disparages the country’s laws and policies, business environment and judicial situation’…
Many bankers acknowledge that the language of offering documents has been toned down. They say they are simply acting in line with local regulations. Others, however, complain that this raises further questions about Hong Kong. A frustrated financier put it this way: If US firms in the city can no longer put prospectus filings together without asking what will be deemed to disparage China, can Hong Kong still be classed as an international financial centre?
More whinging from the tourism industry, demanding looser rules in order to cram more Mainland visitors into Hong Kong.
What the Standard calls ‘financial experts’ – from a ‘Hong Kong Institute of Financial Analysts and Professional Commentators’ – call on officials to use the Exchange Fund to boost the market. The HSI ended at 16,216 yesterday. (Aren’t unprofessional commentators more fun?)
A Regina Ip SCMP op-ed supposedly pleads for a serious rethink of the whole economy, but is mainly handwringing over tourism and property prices, the need for a ‘population policy to attract and retain talent’, plus the same suggestion that the HKMA invest more reserves in the HK stock market. In other words, no re-think.
All these items come after various conferences and initiatives designed to boost the Hong Kong economy through ‘night vibes’, Greater Bay Area links, visas for talent, and assorted bio-engineering, AI and green tech fads. All remind us that the local bureaucrat/business establishment is having a hard time accepting that Hong Kong’s world has changed:
– Low interest rates are over; a housing-affordability ratio of 20 is no longer sustainable.
– Mainland tourists are no longer obsessed with buying vast quantities of luxury tat in Hong Kong. A crowded developed city does not need mass-tourism.
– The days when China’s economy was growing at 8% or 10% a year are history. We will never see the massive uplift of 1990-2015 again.
Maybe in her next op-ed, Regina could advise Hong Kong policy-makers to stop struggling and fighting so hard to make things the way they used to be. If you have no ideas where the economy should go next – and there’s no reason why bureaucrats should – just focus on reducing barriers to entrepreneurs in general and improving the quality of life for the population. And ditch the high-land-revenues/high-wasteful-spending fiscal model.
This assumes no-one can or will address the bigger political shifts in the background. Hong Kong’s role since the 1840s depended on being separate from the Mainland – people could do things here they couldn’t or wouldn’t do over the border. The central government does not seem to highly value that distinctiveness. And then there’s the international climate, with Beijing putting national security ahead of economics, and Western businesses reducing China exposure..
The old Hong Kong is over, but no-one’s noticed.
“The old Hong Kong is over, but no-one’s noticed.”
No one in government policymaking circles, you mean.
“…what sort of city Hong Kong will become in 10 to 20 years’ time.”
Well, in 10 to 20 years’ time Vagina will be dead and buried, so there will be some improvement at least. Yes, my bottle is half full.
I also took out my yellowed copy of the Basic Law to find out (just kidding) where it says that the taxpayers are responsible for the well being of the vultures of the tourism and catering industry. Can’t find a thing. Rats.
RTHK – DAB lawmaker Holden Chow is calling for more facilities in the New Territories, saying green tourism is very popular among mainland visitors.
Umm ……. and this is the party that supports every development plan that involves the trashing and elimination of the natural resources that are unique to Honkers.
The fish ponds at San Tan are a good example, a unique eco system, the abundance of fresh water marshes attract rare migratory birds when they make their annual rounds into Hong Kong. Soon to be history despite the potential to attract hordes of visitors from land locked northern provinces.
With morons in control, what hope is there for the territory?
HK Government needs to wise up – you can either be a free, liberal international hub of finance, business & tourism or you can be a police state with Rule By Law.
You can’t be both.
@Load Toad
“HK Government needs to wise up’
Like Mary said. The morons are in control and morons never wise up. A policeman as puppet leader is as dumb as it gets.
@Mary
The problem of course is that birds don’t pay rent. Holden Chow’s idea of ecotourism is a “glamping” site owned by one of his Kuk buddies with hot showers, air-conditioned tents, and wifi next to a specially planted field of rapeseed flowers for the tourists to take cottagecore selfies in. A painted fence will helpfully conceal the also Kuk-owned scrapyard next door.
As for the alleged business gurus who think they run Hong Kong, didn’t anyone ever tell them not to bet the future on an arbitrage opportunity? It should have been obvious to anyone that Hong Kong wasn’t going to be a duty free shop for 1.3 billion people forever.
@Mark Bradley
I am curious to know if you could provide us with a list of ten national- or provincial-level politicians from anywhere on Earth today (dictators or democratically-elected) who you would rate as excellent leaders. I don’t think you can (I certainly can’t). I am, therefore, more than happy with the SAR’s current CE. Crucially, he provides a safe pair of hands and the yobs are off the street, either in jail or keeping a low profile.
The jobs are still on the street, they’re just not wearing their riot gear. Let’s not forget who started the violence.
ReLoad Toad – you can’t be both. 2,ooo additional CCTV on our streets leaves no doubt as to the chosen option.
Why does anyone allow the troll to get a rise out of them? Frankly, I cannot blame a troll for its nature. For someone like this, edge-lord or idiot, it’s all attention they can’t get elsewhere. Like any cancerous cell, if you cut off its fuel, it will wither.
“…what sort of city Hong Kong will become in 10 to 20 years’ time.”
20 years from now we will be just three years short of the 2047 deadline and it will be clear then what the CCP has decided to do with HK. And it’s almost certainly going to be “ram through full unification”. Everything that’s happened to HK in the last few years has been preparatory to that.