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Contemporary Hong Kong PoliticsGovernance in the Post-1997 Era$
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Wai-man Lam, Percy Luen-tim Lui, and Ian Holliday

Print publication date: 2007

Print ISBN-13: 9789622098299

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789622098299.001.0001

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Economic Policy

Economic Policy

(p.181) 10 Economic Policy
Contemporary Hong Kong Politics

Wilson Wong

Sabrina Luk

Hong Kong University Press

This chapter first approaches economic policy from a macro perspective to examine the public finance system of Hong Kong, including its monetary policy and fiscal policy, the revenue, and expenditure systems. Attention is drawn to how, and the extent to which, its public finance system is structured and constrained by the power distribution through which political inequality is often translated into fiscal inequity. The chapter then moves to the economic policy from a more micro perspective to explore the policies of the Hong Kong Special Administrative Region (HKSAR) government targeting specific industries and the political difficulties it has faced in restructuring the economy to keep Hong Kong competitive in the global economy. It specifically emphasizes the interaction between politics and economics in which political concerns and factors have exerted a major influence in moulding the economic policy of Hong Kong as well as constraining the pace, content, and extent to which reforms can be taken. It is often argued by both the HKSAR government and the Chinese central government that Hong Kong should be an economic city, not a political city, focusing mainly on economic development in lieu of political development.

Keywords:   economic policy, finance, Hong Kong, global economy, politics, reforms, Chinese government

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