Unlike Hong Kong, Singapore is prioritising social equality

As prosperous and successful Asian cities, Hong Kong and Singapore have often taken each other as bases for comparison across a wide array of measures. Such comparisons have on occasion bordered on controversy, as evidenced by Li Ka-shing's recent remarks on Hong Kong being a "spoilt child" as well as his observation that Singapore is "outpacing" Hong Kong both economically and innovatively.

However, such assessments run the risk of overstating quantifiable similarities and ignoring important qualitative differences in their governance models and future trajectories.

To be sure, Hong Kong and Singapore are similar in several ways. Both have established themselves as leading international financial centres in Asia as well as offshore renminbi centres. They are leading port cities in the region, have a similar approach to economic development, and both are attractive locations for multinational companies to establish their headquarters.

Both were also formerly British colonial outposts and have experienced brief but traumatic periods of Japanese occupation during the second world war. Further, the two share demographic similarities, with their populations relatively small and ageing.

Given these similarities, it becomes almost too easy for observers and analysts to draw comparisons, providing policymakers with a convenient benchmark for policy targets.

However, they often gloss over important differences, and fail to take into account each city's unique governance model and aspirations of its citizens.