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Hong Kong's New Leader Seeks Growth
Keywords:
Tags: Current Focus, China,
Hong Kong's new chief executive, Leung Chun-ying, is intervewed by the WSJ's Te-Ping Chen, Jeffrey Ng, and Robert Thomson. He was elected by 1200 business and political leaders in 2012. The term ends in 2017, by which time China says it will hold direct elections with universal suffrage in Hong Kong. Leung plans pro-growth policies and says Hong Kong's growth rate of about 4% for the last two decades lags too far behind Singapore's over 6% growth rate. No action is planned to reduce property prices by providing new land supply. He sees more room for growth in maritime insurance and ship financing services to complement Hong Kong's development as a global shipping center, citing London as an example. To improve the problem of cramped housing space and small apartments he is looking at ways to build new towns in the New Territories, which are on the border with mainland China. Leung will not change Hong Kong's flat tax structure, and is not going to follow Singapore's example in granting tax holidays. Growth in China will be about 7% in 2012, and future growth will depend on how fast China shifts from export led growth to domestic consumption.
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Hong Kong's new Chief Executive, Mr Leung, was elected by some 1200 business and political leaders. China has said Hong Kong will have universal suffrage and direct elections starting in 2017. This makes it likely Leung will have to govern with a view to winning public support. Leung plans pro-growth policies and says the growth rate of about 4% lags too far behind the over 6% in Singapore, in an interview with the Wall Street Journal in 2012. In August 2014 Leung's outspoken support for the Chinese government's decision to go back on the spirit of the Basic Law -and promises made for no prescreening of candidates in 2017 "one man, one vote" elections- made him hugely unpopular. Protestors demanded his resignation in September 2014.
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Hong Kong's New Leader Is Sworn In
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Wall Street Journal 07/02/2014
Why Hong Kong’s protests are a very big deal - The Washington Post
Washington Post 09/30/2014
China President Xi Jinping Faces Stark Choices Over Hong Kong Protests
Wall Street Journal 09/30/2014
Squeezed by Protesters and Beijing, Leader Tries to Save His Job
New York Times 10/01/2014
New York Times 10/23/2014
The World Bank and the Development Research Center (DRC) Report "China: 2030"
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Linked Articles
Hong Kong's New Leader Is Sworn In
Wall Street Journal 07/01/2012
Hong Kong's New Leader Seeks Growth
Wall Street Journal 05/25/2012
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