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The Hong Kong economy: Opportunities out of the crisis?

1999; Routledge; Volume: 8; Issue: 20 Linguagem: Inglês

10.1080/10670569908724334

1469-9400

Tsang Shu-ki,

Housing, Finance, and Neoliberalism

The Hong Kong economy has been heavily influenced by the ‘China factor’ and an imbalance in the property sector. Down the path of ‘Manhattanization’, a lopsided economic structure emerged in the pre‐1997 era, which would be inconsistent with the framework of ‘one country, two systems‘. While transition politics resulted in a lack of effective responses by the last colonial government, after the take‐over the SAR Chief Executive Tung Chee Hwa unveiled a partial reform package with long‐term targets. His attempt met with the unanticipated consequences of the bursting of the local economic bubble and the East Asian financial crisis. The prospect of a structural reform for the Hong Kong economy is hanging in the balance. This paper looks at the factors that have been shaping the Hong Kong economy and speculates about the direction in which it may be heading in a time of global turbulence.