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Hong Kong housing
Business
Mind the Gap
Peter Guy

Are policies to make Hong Kong liveable too little, too late to restore city’s competitiveness?

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Worshippers pack Wong Tai Sin Temple to pray for good luck and prosperity in the Year of the Rooster on the second day of Lunar New Year on Jan 29. Photo:SCMP / Nora Tam
Peter Guy is a financial writer and former international banker

Now that Hong Kong is perceived to have created its own political prisoners and martyrs, the government will need wisdom and leadership to guide the city through this period of self-inflicted, post-Occupy crisis.

Poor leadership threatens to undermine our stability, geopolitical standing and economic prospects. Hong Kong is a society divided by a class war between the Haves and Have Nots.

Jailing activists does not dispel that fact. The rift only grows wider. Unconstructive tactics like filibustering fester until the government enacts meaningful social policies that favour consumers over the business establishment.

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Beijing wants one aspect of Hong Kong to emulate the apathy, disinterest and distance that so many mainland Chinese have in the political process. But this is difficult to achieve, as few mainland leaders are western educated and don’t understand the dynamics that undergird liberal societies.

The Chinese Communist Party has long controlled media, schooling, penal and other social systems that reinforce its control over thought. However, Hong Kong is already a free society. Like other liberal societies, people and businesses view and demand open and accountable government as their right.

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The Chinese government has mollified mainlanders with recent improvements in material wealth after previous eras of disastrous governance. But, Hong Kong seems to be regressing economically. Many residents recall better times under colonial rule.

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