Christmas is the season to be merry. It is also a time for reflection - and gratitude. Today, we have more reason for cheer than we did at the same time last year when the world looked set to fall off a precipice. The global economy is not completely out of the woods yet. But, in a year in which virtually every market travelled a wild roller-coaster ride, things are at least looking up.
The world seemingly survived the worst economic crisis in at least two generations. All other developments pale in comparison with this monumental meltdown that arose from a combination of hubris, greed and complacency. This Christmas is, therefore, an appropriate time to rediscover the joy of giving and helping those in need.
We should be thankful that we are, once again, arguing about cutting bankers' bonuses rather than having to prop up their collapsing institutions. Governments around the world have averted economic Armageddon, but most are now worried about having sowed the seeds for the next bubble, and are slowly withdrawing market support. Most major economies are returning to growth.
Emerging markets have performed especially well, and Hong Kong and the mainland have been ahead of the pack. What a difference a year makes on the mainland. Back then, pessimists were warning about street riots and a beleaguered central government. Today, Beijing is worried about asset bubbles building up in the economy.
In Hong Kong, the unemployment rate is steadily dropping and companies are talking about raising wages and offering bonuses. More importantly, they have started hiring again.
Mindful of our good fortune, Christmas is a time to think about others who have not been so lucky. This is a time for goodwill and charity. Hong Kong people have a reputation for being money-hungry, but are also among the world's most generous donors.
