Hong Kong: Comment on the Policy Address

Fai Mao has a very elaborated commentary on the Hong Kong SAR Chief Executive's policy address.

2 comments

  • Actually, that post is what I would do if were the CE of Hong Kong. THBT won’t do any of those things. But I am glad people are reading my post

  • Samuel

    According to the 2007-08 Policy Address a key part of Hong Kong economic growth will be through infrastructure project, for example by undertaking the 10 major infrastructure projects, it will add $100b annual cash flow to the economy from commissioning to maturity, and create 250000 additional jobs.

    Furthermore, these projects will increase Hong Kong GDP by 4 to 7% annually plus other sector of economic growth, implies that it is possible for Hong Kong GDP growth in the coming years, be in the range of 6 to 9%. Hong Kong being a mature city and with GDP growth reaching high single digit plus falling interest rate due to the crisis in the US, high inflation will become more apparent when the economy is in full steam and yet our monetary policy does not have the flexibility to reduce money supply by increasing interest rate, beside, what worries me its that after a period of high growth fused by infrastructure project; for example, in the 90s with the airport and other supporting infrastructure project has keep the economy at full stream and high inflation, especially asset inflation; after completion of those project couple with the Asia Financial Crisis, the economy had suddenly turned south, and will history repeat itself in the future?

    Can any one explain, how these $100b annual cash flow are being estimated and for how long will these added value sustain, how the 10 project will be funded, and for the 250000 additional jobs, what sectors are they, will these be mainly construction work, and whether our existing employment pool hold sufficient skills to fill these job?

    I’m intrigue by the policy address, yet I’m being puzzle by these growth figure and its implication to the resident of Hong Kong.

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