Bloomberg When they meet on Sunday, legislators from Chinas rubber-stamp National Peoples Congress are expected to disregard even the most moderate proposals to open up Hong Kongs political system. In all likelihood the decision will provoke street protests, drive moderates into the more radical pro-democracy camp and call into question the former British colonys standing as a global financial center and bastion of free enterprise. And for what? The good of Hong Kong, of course. Compromise proposals supported by moderates would have entailed even less risk. For example, China could have expanded the nominating committee, adding more members directly elected by the public, while lowering the nominating threshold. Thus the choices available to voters would have expanded beyond a tight circle of pro-Beijing cronies without threatening Chinas hold over Hong Kong. However, such proposals would have weakened the influence of Hong Kong tycoons. According to Credit Suisse, a few wealthy businessmen now account for 60 percent of the citys wealth. Those who have prospered most are engaged in sectors such as banking and real estate, where political connections matter. Hong Kong recently topped the Economists crony capitalism index, just ahead of oligarch-ridden Russia. Frustration over Hong Kongs yawning wealth gap is rising dangerously. While gross domestic product has grown about 50 percent in the past decade, median household income has only risen 10 percent.
Posted on: Sat, 30 Aug 2014 10:41:56 +0000
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