Submitted by Taps Coogan on the 28th of February 2020 to The Sounding Line.
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Amid slowing economic dynamism, massive political protests, the threat of further integration into Mainland China, and now the Coronavirus outbreak, Hong Kong is under siege from all sides.
It is not too surprising therefore that a recent Gallup poll found that nearly 79% of Hong Kong citizens now believe that economic conditions are deteriorating. It is part of a trend of accelerating pessimism that has been under way since at least 2006 when 63% of citizens thought that the economy was improving. In other words, an increasing number of Hong Kongers have felt that the economy was worsening for the entire period since the Global Financial Crisis.
While 79% of Hong Kongers remain satisfied with their current standard of living according to the survey, Hong Kong, one of the gems of democratic free market capitalism in Asia, seems convinced that its best days are in the rear view mirror.
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It is difficult to see why anyone would want to invest in Hong Kong. The coronavirus has only highlighted its problems. If you want to call a spade a spade you might even go as far as to say, Hong Kong is doomed. Anyone with a knowledge of how repressive governments work will tell you when you think those in charge have surrendered to the cries of the people victory often turns out to be fleeting. It is logical to think that China has been busy gathering information on its enemies in Hong Kong and even if protests subside China… Read more »