Forbes.com reports on China’s new plan to aid Hong Kond in the crisis: “China on Friday unveiled 14 measures of support to help Hong Kong overcome the global financial crisis that has driven its economy into a deepening recession, Chinese media said.” Interestingly enough this report shows a rather optimistic plan wherein the support measures would focus on:
- strengthening economic cooperation between Hong Kong and the mainland;
- strengthening the building of Hong Kong’s basic infrastructure;
- promoting the cooperation of Hong Kong and the Pearl River Delta;
- facilitating Hong Kong investment in mainland industries, especially small and medium sized
- enterprises facing difficulties;
- opening more of the mainland service industry to Hong Kong;
- increasing mainland tourism to Hong Kong;
- ensuring the safe and stable supply of food, water, electricity and natural gas in Hong Kong.
Somebody will have to explain to me how they plan to increase mainland tourism to Hong Kong? Thousands of factories have recently closed in China with hundreds of thousands going out of work. Where will they find these mainland tourists?
And to top it all off the most optimistic prediction of all:
“Hong Kong’s economy is unlikely to emerge from recession until the second half of next year, a Reuters poll showed last week, as rising job insecurity depresses consumption and exports contract amid the global woes.”
It appears Chinese leaders believe they will emerge from this global collapse before the US! (Analysts believe the US will be back on it’s feet by 2010!). Anyone care for a discussion? DebateTheFuture.com!
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