[Watch China, November 8, 2023](Watch interviews and reports by Chinese reporters Liang Lusi and Li Jingyao) The Hong Kong government announced three sets of economic data on October 31, including third-quarter GDP, the number of negative building equity cases, and the first six months of this fiscal year. A deficit of one month, and the results were unsatisfactory. The economic recovery is slow. How can the Hong Kong government stimulate economic growth? “Looking at China” interviewed Hong Kong economist Dr. Law Ka-Cung about this. He said that the problem in Hong Kong is the breakdown of the rule of law. Without the rule of law, no matter how many stimulus packages are implemented, it will be in vain.
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GDP in the third quarter is expected to grow by 4.1% year-on-year, far lower than the expected 5.2%; the number of negative equity cases in buildings surged 2.3 times quarter-to-quarter to 11,000, involving HK$59.3 billion; the deficit in the first six months expanded to 224.3 billion Hong Kong dollars.
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Luo Jiachong said that the data is a cyclical impression, and the direction of the global economic cycle is roughly the same. “Not only is Hong Kong’s finances weakening, the whole world is facing the dilemma of increasing deficits. Hong Kong’s property market is not good, and other countries in the world are also facing the same problem, except the United States, which is better.”
Hong Kong’s economic recovery is slow. How can the Hong Kong government stimulate economic development? Luo Jiachong said that he does not think that economic development requires the government to do much. “If you have a good system and a good platform, people will naturally come. This is a problem of the soil. The current problem is the collapse of the rule of law. Without the rule of law, no matter how many stimulus packages are in place, it will be in vain.”
He said that the Hong Kong government is just acting for itself and will not have good results. The system has been broken for a long time, and its impact will only be seen in the long term. “In the past few years, we have seen many Hong Kong people immigrate, foreign capital withdrawing, and the stock market is dead… but it will take a few years to see the actual impact.”
According to BOC news, 11,000 people in Hong Kong opened digital RMB wallets in September. Does this mean that more and more people are using the RMB in Hong Kong or internationally? In this regard, Luo Jiachong believes that 11,000 people are not too many because there are millions of people in Hong Kong. “In addition, when people open RMB wallets, they may be using RMB and hope to have more channels and more wallets. This does not mean that people who do not use RMB suddenly open a RMB wallet. It (the government) is now trying to use a new platform. Empty the bank and take care of things yourself.”
Many Hong Kong people are worried about the stability of the Hong Kong dollar in the future, whether there will be more and more renminbi in Hong Kong, whether dual currencies will be implemented, and some are even worried that the Hong Kong dollar and the US dollar may be decoupled. In this regard, Luo Jiachong said, “With so many Hong Kong people leaving and mainlanders coming, the number of people using Hong Kong dollars will gradually decrease.” The Hong Kong government’s dual currency is to use the renminbi to “dilute” the Hong Kong dollar and “distance” it from the mainland people. “Light” is the same as Hong Kong people. If most people use RMB, no one will worry about such problems anymore.
Cross-party members of the U.S. Congress proposed a bill on November 1, calling for sanctions against 49 senior Hong Kong officials, judges and prosecutors designated under the National Security Law. Commissioner of Police Siu Chak-yi, Secretary of Justice Lam Ding-kwok, and Secretary-General of the National Security Council Au Chi-kwong were among those present. List.
According to the Hong Kong Sanctions Act, there are 49 people on the sanctions list, including Du Libing, Hu Yawen, Su Huide, Luo Luoquan, Chen Guangchi, Shen Zhihui, Guo Weijian, Zheng Nianci, Chen Zhongheng, etc. Many Department of Justice personnel including Department of Justice Prosecution Commissioner Ms. Yeung Meiki, Deputy Prosecution Commissioner Chow Tin Hang, and Senior Assistant Prosecution Commissioner Ng Shu-Kuan are also on the list.
Asked whether sanctions have any impact on Hong Kong’s economy? Luo Jiachong said: “It has no impact. This is not the first sanction. A group of people have been sanctioned before. This is a sanction targeted at individual individuals, not against Hong Kong institutions or Hong Kong as a whole, so it will not have an impact on the economy.”
The sanctions proposal reflects international distrust in Hong Kong’s rule of law. Will it have any impact on investors? Will it cause many foreign investors to withdraw? Luo Jiachong said that many investors have long seen the bad situation in Hong Kong, and the presence or absence of sanctions will not have a big impact on Hong Kong’s perception. “Because many of the things that were to be withdrawn have been withdrawn. This is not a recent change. But those who are named and sanctioned will feel loss of face.”
Source: Look at China
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Tags: Experts Hong Kongs economic downturn rule law broken amount stimulus packages vain Video Deficit rule law broken Current Affairs Commentary
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