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[Forbes News] Hong Kong's Tsang Takes A Long View

2006/10/14镜像同步0 回复

Hong Kong's Tsang Takes A Long View Vivian Wai-yin Kwok, 10.13.06, 4:32 PM ET Hong Kong -Donald Tsang, chief executive of the Hong Kong government, received thumbs-down everywhere in the city this week. Local newspapers criticized his latest policy address as disappointing and lacking vision. Only one-third of the people he governs are satisfied with his blueprints, according to a public opinion poll released by the University of Hong Kong. Tsang unveiled plans costing $13.8 billion Hong Kong ($177 million) of public money in his policy address on Wednesday. Yet, he has no concrete proposals to consolidate and enhance Hong Kong’s position as an international financial center. He did offer a sketchy plan: to amend existing listing rules to enable foreign companies to list on the Hong Kong Stock Exchange. A Financial Reporting Council will come into operation next year to strengthen corporate governance. But in what ways Hong Kong can amend the listing rules, how the market improve corporate governance? He provided no details. Facing a growing trend of companies leaving Hong Kong for Shanghai, Singapore and other Asian destinations, Tsang apparently has no ideas for boosting the competitiveness of the city. The only tangible incentive he offered business was a pledge to do nothing: he ruled out legislation setting a minimum wage in the next two years. But the government will introduce a “wage protection scheme” for security guards and cleaners. To avoid antagonizing Beijing and to pave the road for his re-election in March next year, the 62-year-old Tsang will shower some largesse on motorists and school children. His spending plans include vouchers to help parents pay for preschool education, a $70 million Hong Kong ($8.9 million) grant to help kindergartens buy books and build swings, and $3.2 billion Hong Kong ($410 million) of financial assistance to phase out diesel vehicles and encourage low-emission autos. If you take a sufficiently long view, Tsang’s modest proposals might help the city in the long run. But it will be nearly two decades before those preschoolers and kindergarteners can repay his kindness to them with votes.

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