When lawmaker and Election Committee member Jeffrey Lam Kin-fung declared on an RTHK talk show that should an inexperienced candidate (which presumably means Leung Chun-ying as Lam is a staunch supporter of Henry Tang Ying-yen) get elected as Hong Kong's next chief executive, capital could flee the city, I could not help but chuckle. Here we go again - threats of a capital exodus to bring Hong Kong citizens and the central government to their knees.
This looked like a rerun of a failed strategy some 30 years ago. Then, China and Britain had not yet begun their negotiations on Hong Kong's political future. Fearing there might be a capital flight from China's single biggest source of foreign exchange, Deng Xiaoping specifically asked Murray MacLehose, the then governor of Hong Kong, to tell investors to relax.
In return, local property developers told Beijing they did not have confidence in 'one country, two systems', and fought for a seat at the bargaining table. This demand was categorically rejected as a 'three-legged stool' by Beijing, triggering a sustained outflow of capital and educated manpower for over a decade. Despite that, Hong Kong grew more prosperous and, in the end, most of that capital and personnel returned after the handover.
However, keeping the capitalist system intact is the most fundamental spirit of 'one country, two systems' and China made quite a few accommodations to the business sector in the Basic Law. In the 15 years since the handover, property interests in Hong Kong have enjoyed unprecedented privileges, resulting in gross social injustice and the charge of government-business collusion.
Hong Kong's nurturing of so many rich families is testimony to the degree of exploitation suffered by the 99per cent. This is not a pride of the city, but a great shame.
Unlike the last time, these business tycoons now need Hong Kong and China more than their country and home city need them. Should they choose to treat this city from which they made their fabulous fortunes only as a flea market, wanting to get out in times of difficulty, they are most welcome.