Hong Kong's secret strength

Chris Burford cburford at gn.apc.org
Mon Jul 20 14:36:32 PDT 1998

At 12:41 PM 7/20/98 -0700, you wrote:

>On a minor point, wasn't the reformer Henry George rather than Herbert?


>I don't know that a raid is not immenient. The stock market has fallen
>dramatically and many of the banks are in a pretty shaky condition
>according to a friend who is a specialist on the East Asian economy. While
>land may not be owned, leases can be quite long (99 years plus) and are
>themselves a commodity. Other reasons that have to be considered is the
>level of diversified (sectorally and regionally) capital that resides in
>HK, the structure of the economy that is less dependent on local
>manufacturing and more in finance and service sector. There may be a lag in
>these sectors but they are already in a crisis - I think we will see them
>drop more and currency may follow.

Well we shall see. As a non-economist I would have thought that raids have already been planned and this domino has not fallen. Which for an economy of a city state, with a number of reasons for vulnerability, is remarkable.

Singapore also I gather, has remnants of the old imperial currency board system.

Chris Burford

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