DEALING with the DRAGON a YEAR in the NEW HONG KONG Also by Jonathan Fenby

Total Page:16

File Type:pdf, Size:1020Kb

DEALING with the DRAGON a YEAR in the NEW HONG KONG Also by Jonathan Fenby NATHAN FENBY DEALING WITH THE DRAGON A YEAR IN THE NEW HONG KONG Also by Jonathan Fenby ON THE BRINK: THE TROUBLE WITH FRANCE THE INTERNATIONAL NEWS SERVICES PIRACY AND THE PUBLIC THE FALL OF THE HOUSE OF BEAVERBROOK DEALING WITH THE DRAGON A Year in the New Hong Kong JONATHAN FENBY -Ho Spadina 1 Crescent, Rm. Ill* Ibronto, Canada • M5S 1A1 LlTTLE, Brown and Company A Little, Brown Book First published in Great Britain in 2000 by Little, Brown & Company Copyright © 2000 by Jonathan Fenby PICTURE CREDITS 1: Ming/ South China Morning Post; 2, 6, 7, 8, 9, 12, 14, 15: Popperfoto/Reuters; 3, 4, 5, 10, 11, 16: AFP; 17: SCMP The moral right of the author has been asserted. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of the publisher, nor be otherwise circulated in any form of binding or cover other than that in which it is published and without a similar condition including this condition being imposed on the subsequent purchaser. A CIP catalogue record for this book is available from the British Library. ISBN: 316 85415 8 Maps by Neil Hyslop Typeset in Bembo by M Rules Printed and bound in Great Britain by Clays Ltd, St Ives pic Little, Brown & Company (UK) Brettenham House Lancaster Place London WC2E 7EN To Renee Digitized by the Internet Archive in 2010 with funding from Multicultural Canada; University of Toronto Libraries http://www.archive.org/details/dealingwithdragoOOfenb GuewqzJiou Hoh Kom 'Macau S 9 South China Sea Note At the time of writing, currency conversion rates were as follows: £i = HK$i2.50 US$i = HK$7.78 Hong Kong a unique place, long known his is the story of a year in the life of but now also the scene of an unparal- T for its material superlatives the last year of a leled political experiment. It also happens to be unconsidered century in which Hong Kong grew from being a small, house fragment of the predominant empire on the planet to a treasure whose wealth was proportionately greater than that of the colonial it has undergone master on the other side of the globe. More recently, possession of a liberal a unique passage from being the final major power ruled by democracy to becoming the freest city in the last major East and West at the crossroads a Communist party. A meeting place of thousand square of the twenty-first century, this territory of only a product of kilometres and 6.8 million people has a gross domestic exchange reserves. US$175 billion and the world's fourth largest foreign theatre for An accident of history and geography, it has become a major questions of our times, not in theory but in everyday life. the Hong Since British rule ceased at midnight on 30 June 1997, Peoples Republic of Kong Special Administrative Region (SAR) of the biggest devel- China has been the most advanced and richest city in the 1980s and 1990s on the oping nation on earth. As it boomed in the once been dis- back of the opening-up of mainland China, what had Victorian empire-builders missed as a rocky outcrop of little interest to to make it one of attracted international companies in their thousands 2 Dealing Wiih the Dragon the great cosmopolitan metropolises. Apart from its 95 per cent Chinese population and its own dealings with the mainland, it has long been the unofficial capital of the diaspora of 100 million overseas Chinese, who see Hong Kong as a safe haven for their money and as a gateway to the mother country. Going in the other direction, it has been the main conduit for funds coming out of China, legally or illegally, some destined for licit investment, others moving through clandestine chan- nels; and for spectacular criminals moving to and from the mainland. Coming out of a long and deep slump, the SAR still has more bil- lionaires than its former sovereign. Even in the depths of recession, the best-known tycoon, Li Ka-shing, whose empire stretches from property and container ports to supermarkets and mobile telephones, took tenth place in the listing of the world's mega-rich by Forbes magazine. Income tax is a flat 15 per cent, and only a quarter of the population pays it. The wealthy are further comforted by the absence of tax on dividends or capital gains. 'Here, the money we make, we keep,' as the owner of a big Chinese herbal pill business puts it. When it changed sovereign powers in 1997, Hong Kong made up 20 per cent of China's wealth, with 0.5 per cent of the mainland's pop- ulation. The head of its government earns HK$287,i4i (-£23,000) a month - more than his counterparts in the US, Britain or Japan. His number two, the Chief Secretary for Administration, who heads the civil service, is paid HK$229,7i3 a month, and the Financial Secretary, the equivalent of the Chancellor of the Exchequer, HK$2i7,i49. Dwarfing their pay, the golf-champion boss of the cen- tral bank gets eight times as much as the chairman of the US Federal Reserve Board. Leading barristers can pull in 45 per cent more than their London counterparts. In the 1997 bull market, the stock exchange was the sixth biggest in the world, and membership deben- tures at the main golf club cost £1 million. Despite a poor construction safety record, pollution, and bureau- cratic blunders such as paying China the equivalent of £130 million a year for water which overflows into the sea, Hong Kong is generally a model of urban development. It has a superb infrastructure and a spectacular new airport, reached over the world's longest two-level suspension bridge to the mountainous island of Lantau. The harbour, Hong Kong . 3 which has ranked as the world's most used container terminal in all but three of the last twelve years, is a constantly shifting pattern of slow ferries and fast ferries, jet foils, tugs and container barges, cargo ships, rusting liners that ply up the China coast, sampans, powerboats and yachts, cruise liners, corporate entertainment launches, visiting warships, a big brightly-lit blue and white gambling craft which takes punters on trips out of Hong Kong waters, and the emblematic green and white Star Ferry shuttling endlessly between Hong Kong Island and the Kowloon peninsula. The local anthem is the sound of the pneumatic drill; the national bird should be the crane. Sheer walls of apartment blocks perch on the edge of steep slopes. Plans for new buildings rise a hundred floors up into the sky. Though too many developments are unimaginative con- crete, glass and steel towers designed to make the most money from the allotted plot ratio, there is no finer office building in the world than the triangular masterpiece designed by I. M. Pei for the Bank of China which dominates the Hong Kong skyline. If road traffic is increasingly caught in gridlock in busy areas, the territory's transport network encompasses an underground system to put most others to shame, along with surface trains, trams, minibuses, double-deckers, shuttles, ferries, taxis, three cross-harbour tunnels, three tunnels through the mountains, plus the funicular railway up the Peak tower- ing over Hong Kong Island. Carrying half the territory's population each day, the underground Mass Transit Railway (MTR) is the world's most heavily used people-carrier, and probably the most efficient. As for other means of getting around, taxis are cheap, the flat fare on the tram is 16 pence, and you can cross the harbour on the upper deck of the ferry for only a penny more. Above ground is an amazing array of road bridges, overhead pedestrian walkways and an 800-metre-long escalator system up the slopes above the main business district. The sprawling squatter camps without electricity or running water that once housed refugees and were the scene of massive fires and landslip disasters have long gone. But there are still indigent 'street sleepers' and 'cage homes' occupied by unmarried, unemployed, unskilled men who live in railed-off bunk spaces. The early housing estates with their shared toilets and 4 Dealing With the Dragon communal cooking facilities belong to history. Still, space is often woefully inadequate, with an average of under 500 square feet per home. More than 100,000 people live in temporary accommodation. But the vast blocks of public flats built on what were once rice pad- dies or virgin land have made Hong Kong - for its size - the site of one of the world's major urban housing developments. Though the potential for fast or long driving is severely limited by the small size and steep geography of the place, there are more luxury limousines per head of population here than anywhere else on earth. The owners of the flat on top of the apartment block my wife and I lived in kept a black stretch limousine waiting permanently downstairs but never seemed to use it. The son of the house switched between Porsches and Ferraris with the occasional Maserati thrown in. The last time we visited the home of the leader of one major political group, he had a large Mercedes, a Porsche and a Ferrari in the driveway, and a Rolls inside the garage. Real-estate and textile barons rendezvous in secluded coves in the South China Sea on Sunday afternoons aboard huge, personally designed luxury boats made in Italy, with resident chefs and dining rooms as big as the average flat: one can seat eighteen.
Recommended publications
  • Competitiveness Analysis of China's Main Coastal Ports
    2019 International Conference on Economic Development and Management Science (EDMS 2019) Competitiveness analysis of China's main coastal ports Yu Zhua, * School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210000, China; [email protected] *Corresponding author Keywords: China coastal ports above a certain size, competitive power analysis, factor analysis, cluster analysis Abstract: As a big trading power, China's main mode of transportation of international trade goods is sea transportation. Ports play an important role in China's economic development. Therefore, improving the competitiveness of coastal ports is an urgent problem facing the society at present. This paper selects 12 relevant indexes to establish a relatively comprehensive evaluation index system, and uses factor analysis and cluster analysis to evaluate and rank the competitiveness of China's 30 major coastal ports. 1. Introduction Port is the gathering point and hub of water and land transportation, the distribution center of import and export of industrial and agricultural products and foreign trade products, and the important node of logistics. With the continuous innovation of transportation mode and the rapid development of science and technology, ports play an increasingly important role in driving the economy, with increasingly rich functions and more important status and role. Meanwhile, the competition among ports is also increasingly fierce. In recent years, with the rapid development of China's economy and the promotion of "the Belt and Road Initiative", China's coastal ports have also been greatly developed. China has more than 18,000 kilometers of coastline, with superior natural conditions. With the introduction of the policy of reformation and opening, the human conditions are also excellent.
    [Show full text]
  • FOCUS the University of Hong Kong Libraries Biannual Newsletter | April 2019
    FOCUS The University of Hong Kong Libraries Biannual Newsletter | April 2019 TEACHING & LEARNING, RESEARCH & KNOWLEDGE EXCHANGE Message from the LIBRARIAN On February 19, 2019 the long awaited new spaces in the Main Library were officially opened. Based on the Ground and 2nd Floors, these spaces have been met with great enthusiasm. Ground Floor The Think Tank. The centrepiece of the Ground Floor renovation is the Think Tank which is comprised of the Quiet Study area and the adjacent Deep Quiet Study area. The Think Tank lies central on the Ground Floor both geographically and psychologically and provides a contemplative and serious study space. The Seminar Room. Beyond the Think Tank and located within the compact shelving area of the Ground Floor, the Seminar Room is a multipurpose space that accommodates study as well as other learning opportunities such as library workshops, book talks and other special events. Special Collections Joseph Needham Room. This room was officially launched on December 10, 2018 but forms an integral part of the Ground Floor renovation. The room serves as a quiet study space dedicated to the memory of Joseph Needham and serves as recognition of the 2012 endowed chair, the Joseph Needham – Philip Mao Professorship in Chinese History, Science and Civilization. Other spaces. A range of other study spaces can now be found on the Ground Floor ranging from informal, leisurely, collaborative through to semi-formal. Even the Ground Floor ancillary entrance has been revamped and is a well utilised space for informal learning and discussions before entering the Main Library proper. Ingenium Situated on the 2nd floor, this new innovative space consists of a number of distinct yet interrelated structural elements.
    [Show full text]
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • | Oxford Literary Festival
    OXFORD literary Saturday 30 March to festival Sunday 7 April 2019 Kazuo Ishiguro Nobel Prize Winner Dr Mary Robinson Robert Harris Darcey Bussell Mary Beard Ranulph Fiennes Lucy Worsley Ben Okri Michael Morpurgo Jo Brand Ma Jian Joanne Harris Venki Ramakrishnan Val McDermid Simon Schama Nobel Prize Winner pocket guide Box Office 0333 666 3366 • www.oxfordliteraryfestival.org Welcome to your pocket guide to the 2019 Ft Weekend oxFord literary Festival Tickets Tickets can be booked up to one hour before the event. Online: www.oxfordliteraryfestival.org In person: Oxford Visitor Information Centre, Broad Street, Oxford, seven days a week.* Telephone box office: 0333 666 3366* Festival box office: The box office in the Blackwell’s marquee will be open during the festival. Immediately before events: Last-minute tickets are available for purchase from the festival box office in the marquee in the hour leading up to each event. You are strongly advised to book in advance as the box office can get busy in the period before events. * An agents’ booking fee of £1.75 will be added to all sales at the visitor information centre and through the telephone box office. This pocket guide was correct at the time of going to press. Venues are sometimes subject to change, and more events will be added to the programme. For all the latest times and venues, check our website at www.oxfordliteraryfestival.org General enquiries: 07444 318986 Email: [email protected] Ticket enquiries: [email protected] colour denotes children’s and young people’s events Blackwell’s bookshop marquee The festival marquee is located next to the Sheldonian Theatre.
    [Show full text]
  • By Wenrui MA
    An Examination of the Application of Power Theory in the Context of the Chinese Seaport Sector by Wenrui MA A Thesis Submitted in Fulfilment of the Requirements for the Degree of Doctor of Philosophy of Cardiff University Logistics and Operations Management Section of Cardiff Business School, Cardiff University December 2016 DECLARATION This work has not been submitted in substance for any other degree or award at this or any other university or place of learning, nor is being submitted concurrently in candidature for any degree or other award. Signed ……… ………………… (candidate) Date …………14/03/2017……… STATEMENT 1 This thesis is being submitted in partial fulfilment of the requirements for the degree of PhD Signed ……… ………………………… (candidate) Date ………14/03/2017…… STATEMENT 2 This thesis is the result of my own independent work/investigation, except where otherwise stated. Other sources are acknowledged by explicit references. The views expressed are my own. Signed ………… ……………………… (candidate) Date …………14/03/2017… STATEMENT 3 I hereby give consent for my thesis, if accepted, to be available for photocopying and for inter-library loan, and for the title and summary to be made available to outside organisations. Signed …………… …………………… (candidate) Date …………14/03/2017… STATEMENT 4: PREVIOUSLY APPROVED BAR ON ACCESS I hereby give consent for my thesis, if accepted, to be available for photocopying and for inter-library loans after expiry of a bar on access previously approved by the Academic Standards & Quality Committee. Signed …………… …………………… (candidate) Date ……14/03/2017……… i Abstract Power is an essential attribute of all social systems. Nonetheless, the study of this topic has been greatly overlooked in the context of the maritime component of international supply chain management.
    [Show full text]
  • Westminster Research
    Westminster Research http://www.westminster.ac.uk/research/westminsterresearch Picturing the World's news: news photography, cultural production, Thomson Reuters and the international process of news making Jonathan Ilan School of Media, Arts and Design This is an electronic version of a PhD thesis awarded by the University of Westminster. © The Author, 2012. This is an exact reproduction of the paper copy held by the University of Westminster library. The WestminsterResearch online digital archive at the University of Westminster aims to make the research output of the University available to a wider audience. Copyright and Moral Rights remain with the authors and/or copyright owners. Users are permitted to download and/or print one copy for non-commercial private study or research. Further distribution and any use of material from within this archive for profit-making enterprises or for commercial gain is strictly forbidden. Whilst further distribution of specific materials from within this archive is forbidden, you may freely distribute the URL of WestminsterResearch: (http://westminsterresearch.wmin.ac.uk/). In case of abuse or copyright appearing without permission e- mail [email protected] Picturing the World’s News: News Photography, Cultural Production, Thomson Reuters and the International Process of News Making Jonathan Ilan A thesis in partial fulfilment of the requirements of the University of Westminster for the degree of Doctor of Philosophy February 2012 Abstract In this research the production process of news pictures at Thomson Reuters international multimedia news agency is examined along its ‘local’ and ‘international’ key moments and sites, and the career of Reuters photographs- from the moment they are conceived as ideas to their purchase- is followed and explored at the ways that at every stage they are used, chosen, sold and processed as 'Reuters' products.
    [Show full text]
  • Work Stress and Problem Gambling Among Chinese Casino Employees in Macau Irene Lai Kuen Wong* and Pui Sze Lam
    Wong and Lam Asian Journal of Gambling Issues and Public Health 2013, 3:7 http://www.ajgiph.com/content/3/1/7 RESEARCH ARTICLE Open Access Work stress and problem gambling among Chinese casino employees in Macau Irene Lai Kuen Wong* and Pui Sze Lam * Correspondence: [email protected] Abstract Department of Applied Social Sciences, Hong Kong Polytechnic The prior literature has suggested that gaming venue employees might be an at-risk University, Hong Kong, Hong Kong group for developing gambling problems. A variety of occupational stressors and workplace factors were uncovered for causing the elevated risk. However, little theory-driven research has been conducted to investigate Asian gaming venue employees’ experience of work stress and gambling behavior. Adopting the transactional theories of stress and coping, this exploratory study examined perceived job satisfaction, work stressors, stress strains, coping responses and gambling behavior among Chinese casino employees in Macau. Semi-structured interviews with fifteen casino employees (9 men and 6 women) were conducted. Many interviewees described working at casino as very stressful. Seven types of workplace stressors were identified. Most were aware of the harmful effects of work stress on their health. They experienced physical and psychological strains despite various coping strategies were employed to alleviate job stress. Many gambled after work to ‘unwind’. Using the DSM-IV criteria, one male employee could be categorized as a pathological gambler, and five men exhibited symptoms of problem gambling. In addition to job stress and male gender, other risk factors for problem gambling were also found. The study results have implication for workplace stress prevention and responsible gambling practices.
    [Show full text]
  • Gambling Among the Chinese: a Comprehensive Review
    Clinical Psychology Review 28 (2008) 1152–1166 Contents lists available at ScienceDirect Clinical Psychology Review Gambling among the Chinese: A comprehensive review Jasmine M.Y. Loo a,⁎, Namrata Raylu a,b, Tian Po S. Oei a a School of Psychology, The University of Queensland, Brisbane, Queensland 4072, Australia b Drug, Alcohol, and Gambling Service, Hornsby Hospital, Hornsby, NSW 2077, Australia article info abstract Article history: Despite being a significant issue, there has been a lack of systematic reviews on gambling and problem Received 23 November 2007 gambling (PG) among the Chinese. Thus, this paper attempts to fill this theoretical gap. A literature Received in revised form 26 March 2008 search of social sciences databases (from 1840 to now) yielded 25 articles with a total sample of 12,848 Accepted 2 April 2008 Chinese community participants and 3397 clinical participants. The major findings were: (1) Social gambling is widespread among Chinese communitiesasitisapreferredformofentertainment.(2) Keywords: Prevalence estimates for PG have increased over the years and currently ranged from 2.5% to 4.0%. (3) Gambling Chinese problem gamblers consistently have difficulty admitting their issue and seeking professional Chinese help for fear of losing respect. (4) Theories, assessments, and interventions developed in the West are Ethnicity Problem gambling currently used to explain and treat PG among the Chinese. There is an urgent need for theory-based Culture interventions specifically tailored for Chinese problem gamblers. (5) Cultural differences exist in Addiction patterns of gambling when compared with Western samples; however, evidence is inconsistent. Pathological gambling Methodological considerations in this area of research are highlighted and suggestions for further Review investigation are also included.
    [Show full text]
  • Largest Seaports and Airports with Reported Threats
    Largest Seaports and Airports with Reported Threats Sources: riskmethods (reported threats based on multi-year trends) and Wikipedia (cargo and container traffic, 2017) Ted Stevens Anchorage Intl. Airport Port of Hamburg Port of Rotterdam Port of Antwerp Frankfurt am Main Intl. Airport Port of Tianjin Port of Los Angeles Port of New York Port of Port of Busan Shanghai Pudong Intl. Airport Qingdao Louisville Port of Intl. Airport Port of Shanghai Port of Ningbo-Zhousan Long Beach Memphis Port Guangzhou Intl. Airport Port of Kaohsiung Dubai Intl. Hong Kong Intl. Airport Taiwan Taoyuan Intl. Airport Airport Port of Hong Kong Europe Civil Unrest Disaster at Location Extratropical Storm Industrial Dispute Asia Disaster Earthquake Extratropical Flash Flood Industrial Power Tropical Terrorist at Location Storm Dispute Outage Cyclone Attack Cargo Airports Cargo (in tons) Cargo Airports Cargo (in tons) Frankfurt am Main Intl. Airport, Germany 2.110.670 Hong Kong Intl. Airport, China 4.881.075 Cargo Seaports Container Traffic (in thous. TEUs) Shanghai Pudong Intl. Airport, China 3.703.431 Port of Hamburg, Germany 9.000 Dubai Intl. Airport, UAE 2.651.467 Port of Rotterdam, Netherlands 13.600 Taiwan Taoyuan Intl. Airport, Taiwan 2.233.493 Port of Antwerp, Belgium 10.450 Cargo Seaports Container Traffic (in thous. TEUs) Disaster Earthquake Extratropical Flash Flood Power Tropical Terrorist Tsunami Volcano Americas Industrial Port of Hong Kong, China 20.760 at Location Storm Dispute Outage Cyclone Attack Port of Tianjin, China 15.210 Cargo Airports Cargo (in tons) Port of Ningbo-Zhousan, China 24.610 Memphis Intl. Airport, USA 4.307.050 Port Guangzhou, China 20.370 Louisville Intl.
    [Show full text]
  • Pacific Century Cyberworks Limited: the Bid for Cable & Wireless Hkt Limited
    HKU173 SU HAN CHAN KO WANG PACIFIC CENTURY CYBERWORKS LIMITED: THE BID FOR CABLE & WIRELESS HKT LIMITED It was a hastily arranged lunch in late January 2000. Fang Fenglei, Chief Executive of Bank of China International, and two senior executives from China Telecom (Hong Kong), were having serious discussions with a visionary, big-thinking young man in Hong Kong over a proposed merger of equals between Cable & Wireless HKT Limited (“HKT”) and Singapore Telecommunications (“SingTel”). As a Chief Representative of the Chinese state-run bank’s investment banking arm in Hong Kong, Fang was far more than an aggressive deal maker who had successfully managed the initial public offering of China Telecom (Hong Kong) in 1997. He was perceived by the young man as being particularly close to the seat of power in Beijing. Through his peculiar connections, Fang might have known of Beijing’s attitude to SingTel’s bid for HKT. As the group tucked into their soup, Fang prompted the young man to consider launching a rival bid for HKT. He cited what he called ‘the strong negative reaction of the Hong Kong people” to SingTel’s bid for the leading telecommunications company in Hong Kong.1 The young man did not express an opinion, as he thought launching a rival bid “would be too big” for his company.2 The young man was Richard Li Tzar-kai, the 33-year-old son of the property tycoon Li Ka- shing, who controlled two of Hong Kong’s biggest conglomerates, Cheung Kong and Hutchison Whampoa, and was said to collect six cents from every dollar spent in Hong Kong.
    [Show full text]
  • Weekly Watch Asia
    Weekly Watch Asia 13 January 2012 Economic Analysis Though slowing, Asia retains its appeal Even as growth and exports from the region slow due to ongoing weakness in the Eurozone, Asia emerging markets are still luring foreign investors. This is evident in recent successful global bond Stephen Schwartz issues in the Philippines (January 5) and Indonesia (January 9). Both attracted strong investor [email protected] interest for their 25- and 30-year USD bonds, respectively, at record low yields (Chart 1), thanks to Mario Nevares strong fundamentals and recent rating agency upgrades. Meanwhile, in North Asia, political [email protected] developments continue to weigh on sentiment. North Korea dominated headlines in recent weeks. William Fitchett And for now, Taiwan’s Presidential elections scheduled for tomorrow (January 14) are stealing the [email protected] spotlight for their implications on cross-strait ties. A victory by the opposition DPP could dampen Fielding Chen market sentiment if it were to result in a cooling in relations with the Mainland. [email protected] Easing inflation in China paves the way for more policy easing Le Xia [email protected] The most closely watched data release this week came in line with expectations, as China’s inflation eased to 4.1%; y/y (BBVA: 4.1%; consensus: 4.0%) increasing the likelihood of further Zhigang Li [email protected] monetary easing in the months ahead to support growth (Chart 2 and Highlights). Credit growth for December expanded by more than expected (new loans of RMB 640.5 billion vs.
    [Show full text]
  • For Discussion on 20 March 2009 Legislative Council Panel on Home Affairs Implementation of Measures to Address Gambling-Relat
    LC Paper No. CB(2)1090/08-09(02) For discussion on 20 March 2009 Legislative Council Panel on Home Affairs Implementation of measures to address gambling-related problems Purpose This paper gives members an update on the progress of measures implemented to address gambling-related problems. The Ping Wo Fund 2. Home Affairs Bureau (HAB) established the Ping Wo Fund (“the Fund”) in September 2003 to finance preventive and remedial measures to address gambling-related problems. The main objects of the Fund are to finance the following measures - (a) research and studies into problems and issues relating to gambling; (b) public education and other measures to prevent or alleviate problems relating to gambling; and (c) counselling, treatment and other remedial or support services for problem and pathological gamblers and those affected by them. 3. The use and application of the Fund are determined by the Secretary for Home Affairs (SHA). The Ping Wo Fund Advisory Committee (PWFAC) was set up in September 2003 to advise SHA on the management and use of the Fund. Progress of measures 4. HAB and the PWFAC have been implementing various preventive and remedial measures. Major work undertaken is highlighted in paragraphs 5 to 17 below. A. Research on gambling-related issues 5. In December 2007, we commissioned the Hong Kong Polytechnic University (PolyU) to conduct an “Evaluation Study on the Impacts of Gambling Liberalization in Nearby Cities on Hong Kong People’s Participation in Gambling Activities and Development of Counselling and Treatment Services for Problem Gamblers”. 6. Through multiple means of a telephone survey, documentary analysis, interviews with members of the four counselling and treatment centres funded by the Fund (“four Centres”) and focus group discussions with users of the four Centres, the Study - (a) examined the pattern of Hong Kong people taking part in gambling activities, and the prevalence of problem and pathological gambling in Hong Kong; and (b) evaluated the effectiveness of the four Centres.
    [Show full text]