Since Hong Kong, a former British colony, returned to Chinese sovereignty in 1997, an elite beholden to the Chinese Communist Party has increasingly dominated the economy and opportunity, as well as politics. Fueling a sense of unfairness, the Communist Party elite and their associates play an increasingly prominent role in the city’s business establishment. Six of the 10 biggest companies on the Hong Kong stock market’s Hang Seng index are Chinese state-owned companies, with chief executives who are appointed by the Communist Party. Critics say Chinese patronage politics has warped the economy, shutting out qualified people and skewing wealth distribution. “It’s not a fair playing field here,” said Bill Tsang, 51, a retired stock market executive who has helped recruit people in the financial sector to support Occupy Central. “Hong Kong nowadays becomes corrupt, and becomes not performance-driven but relationship-driven.” nytimes/2014/06/28/world/asia/hong-kongs-democracy-supporters-chafe-at-inequality-and-beijings-sway.html?hp&action=click&pgtype=Homepage&version=HpSum&module=first-column-region®ion=top-news&WT.nav=top-news
Posted on: Sat, 28 Jun 2014 05:16:06 +0000
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