City BeatNow the Lunar New Year celebration is over, it’s time for a reality check
- The US-China trade war looms large on the horizon, and the stock market has already felt the impact
- Huang Xiangmo case shines light on political taboos facing generous tycoons
Now that the Lunar New Year holiday is over, it’s back to reality. And the biggest reality for Hong Kong, surely, is the ongoing US-China trade war with all its risk and uncertainties, even if it sounds clichéd.
The first trading day in the Year of the Pig could be an indicator. Investors hope for an auspicious start to every year, but stocks this time ended 0.5 per cent down as it emerged that a much anticipated meeting between presidents Donald Trump and Xi Jinping was not going to be held as early as many had expected.
Officiating the opening of trading for the new year was Hong Kong’s own “God of Fortune”, Financial Secretary Paul Chan Mo-po, who reminded companies to be prudent and stay healthy in terms of business development in the face of downward pressure. But he remained confident overall, with last year seeing Hong Kong top all IPO markets in the world.
Chan was stating nothing new, only the reality, which is more about business than good wishes.
During the holiday, many mainland Chinese media outlets happily played up reports of Trump and leaders of other major US allies such as Canada’s Justin Trudeau, Britain’s Theresa May and Japan’s Shinzo Abe sending out Lunar New Year greetings to Chinese all over the world.