City BeatWhy is it so difficult for the Hong Kong government to remove property as a pillar industry?
City feels impact of both economic policies formed across border and performance of global markets
One does not have to be an expert to realise that, as an open economy under “one country, two systems”, Hong Kong is more than likely to feel the impact of both economic policies formulated across the border and the performance of global markets.
The meeting of the powerful, 25-member Politburo listed warding off major financial risks, offering poverty relief and fighting pollution as the top three economic priorities for next year.
But just as eye-catching was the decision to further reform the property market to keep China’s economy on a healthy track. Mainland analysts interpreted it as a strong signal that authorities no longer see investment in the sector as an engine for growth, as it has been in recent decades.