Saturday, May 26, 2012

Week 9 Blog Post

Hong Kong's next leader is Leung Chun-ying. Leung is the son of a policeman and a true man of the people. He is a self made millionaire and was voted by a group of 1,200 political and business aristocrats to be the new leader of Hong Kong. One of the main promises of his election is to help diversify Hong Kong's export dependent economy. An economy based in exports is heavily dependent on the well being of the global economy, which leaves it susceptible to hardship through no fault of its own. This is why Leung has decided that Hong Kong needs to focus on domestic consumption to help to continue their streak of large annual growth rates. He also seeks to strengthen the relationship with Mainland China.

I found this article to be particularly interesting because the research I found for my paper about the effects of the 2008 global financial crisis on Hong Kong were very dependent on these aspects that he is trying to change. A lot of the government action that was taken involved diversifying the economy and strengthening the bond with the PRC, which was incredibly effective. So, it would seem that Leung is on the right track to keeping Hong Kong as one of the economic leaders in the world.

http://online.wsj.com/article/SB10001424052702304840904577423843918689920.html

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