Lam is the latest in a string of unpopular Hong Kong leaders who neglected stratospheric housing prices and social inequality. She also failed to revive faltering competitiveness in trade and technology. Lam’s claims to fame include setting off a protest movement in 2019 with a clumsy extradition bill and fumbling the response to the Covid-19 Omicron variant despite having two years to prepare. The city’s hope of logging more than 2% GDP growth this year looks a stretch as lockdowns resume.
Even as opposition leaders were jailed and critical newspapers shut after the implementation of a sweeping security law in summer 2020, local markets functioned well. Capital flight was negligible through most of Lam’s tenure. The Hang Seng Index is down 30% from a peak in early 2021, but that’s largely due to Beijing’s crackdowns on Hong Kong-listed technology and real estate giants.Political security has been achieved.
In a recent speech, Chinese Vice Premier Liu He tried to reassure investors about the country’s priorities. The ensuing 22% multi-day relief rally in the HSI reflected some hope that President Xi Jinping wants to restore market confidence after two years of pummelling selected private industries, a pivot that would serve Hong Kong well.
- Hong Kong Chief Secretary John Lee, who oversaw security services that cracked down on widespread anti-government protests in 2019, said on April 6 he had resigned his role and plans to run to become the city's new leader if permitted. - Chief Executive Carrie Lam said on April 4 that she would not seek a second five-year term of office.Editing by Jeffrey Goldfarb and Katrina HamlinOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.Sign up to our investor newsletter to get the latest news and trends in global financial markets.
petesweeneypro John Lee will be everyones Darling as long he can stay clear from sentences such as 'dynamic 0 Covid policy' and ' with staunch support from the Motherland'.
JessiePang0125 petesweeneypro does it matter who the Chief Executive is? Hong Kong has been recolonized with 'one country two system' and 'HK people to rule HK' out of the window
ReutersChina petesweeneypro Go for it ‼️😡🐷🐼🦇🇨🇳 🇯🇵❄️🐰
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