Letters | What Hong Kong needs is socialism with Hong Kong characteristics

Hong Kong needs socialism with its own characteristics to improve the living conditions for the majority of its citizens. Hong Kong’s current economic system – unrestricted capitalism – isn’t sustainable and is causing further resentment among the middle class. Hong Kong has followed the worst form of American-style neoliberalism, which makes life unliveable for many.

Many here are either in denial or are barking up the wrong tree, that is, blaming a lack of freedom and democracy instead. Like in the United States, socialism seems to scare many in Hong Kong, who think that their freedoms and wealth will be taken away or redistributed. For them, China’s system – socialism with Chinese characteristics – seems to be less desirable.

However, it’s the vested interest groups that have caused immense sufferings for many. The the insurance and financial services sector has made the Hong Kong government privatise retirement savings plans (Mandatory Provident Fund) and promote the private health care sector; whereas more progressive and caring governments and countries, such as Japan and the Nordic European countries, have universal pension and health care systems managed by their governments – with redistributive and socialist welfare systems.

Without government involvement, for-profit business cannot be relied on to deliver the best outcome for society, evident in our substandard housing highlighted by the spread of Covid-19 in dilapidated residential areas.

Private developers and insurance companies become richer under the pretext that Hong Kong is a free market and the promise of further economic integration with China. Allowing, for example, rich mainland buyers to snap up our housing, which locals can’t afford, creates envy and resentment towards mainland people.