If Hong Kong were able to hold a referendum on the Basic Law, Article 5 - which protects the capitalist system and its way of life - would be passed straight away and unanimously.
Recent debates on whether Hong Kong society at large hates the wealthy (for example, land developers) and the powerful (that is, senior officials), and the various interpretations of the values of the elite, are off the mark and out of focus.
Some people said such debates reflect the influence of leftist thought, pointing the finger in particular at the ideas of the League of Social Democrats. This analysis is inaccurate. First, the league does not have the clout to direct such trends. Second, Hongkongers are still emotionally attached to capitalist ideas and the free market.
So what do we actually care about? In fact, what is capitalism or, rather, what is not capitalism?
When one particular group of economic elites gains crucial advantages, becomes too successful, and begins to collude with one another instead of competing, capitalism can easily turn into corporatism. We can call it cronyism, to use a more progressive term, or hegemony, should we wish to use neo-Marxist terminology.
No one doubts that Hong Kong is heading in that direction. The corporatist setting has manifested itself in the parochial installation of functional constituencies in the Legislative Council. Cronyism is apparent in the administration's appointments to statutory committees. Hegemony can be seen everywhere, even without walking into a ParknShop, a Watsons, or other stores.
But corporatism, cronyism and hegemony are not capitalism. Likewise, unbridled capitalism is not capitalism per se. The free market, fair competition and, more importantly, an impartial and bipartisan administration that regulates commercial activities, are the real essence of capitalism.