Hong Kong is still “Simply the Best”: The accolades keep rolling in

Mark Pinkstone/Former Chief Information Officer of HK government

Tina Turner’s signature song “Simply the Best,” was used by the Hong Kong Tourism Board some years ago to identify the attributes of Hong Kong, known as the Pearl of the Orient. Today, about 40 years later, it’s still true.

International leisure magazine Time Out has lauded Hong Kong as having the world’s best public transport system world-wide, a view shared by international transport publication Infra journal (published in Milan, Italy) which headlined a story “A world class leader in public transit: here is the Hong Kong model.”

But transport is not our only top ranker in the world economies. Hong Kong was first in Asia as a Global Financial Centre and maintained its placing as third in global rankings in the index. And as far as our prophets of doom are concerned, Hong Kong ranks high in the rule of law index, even surpassing the US.

Yes, we are simply the best and doing better day by day. Hong Kong has a remarkable “can-do” spirit and is always willing to face adversaries head-on. The Steve Roaches (former Asian chairman of JP Morgan) of the world who keep reciting the death of Hong Kong, have kept their heads in the sand during their tenure in the city. They have learned nothing about the resilience of its people. At times we might be down, but never out.

In the rule of law index, Hong Kong was placed 23rd out of 142 jurisdictions, one point above the US. A Hong Kong SAR government said at the time that the city remained high in the overall ranking and continued to be ahead of some European and American countries which “often unreasonably criticise Hong Kong’s rule of law and human rights situation. Hong Kong’s score in respect of Absence of Corruption was higher than the previous year, ranking 10th globally, showing that it remains one of the most corruption-free places in the world.

Hong Kong has long been recognised as the financial hub of Asia and well placed in global rankings. The Global Financial Centres Index assessing some 119 financial centres around the world, picked Hong Kong third globally. A government spokesman said the report recognises Hong Kong’s leading status and strengths as an international trading centre. Hong Kong’s ranking for human capital, infrastructure and financial sector development rose to second in the world while business environment and reputational and general rose to third globally.

As far as public transport is concerned, Hong Kong is second to none. Hong Kong claimed top spot in Time Out magazine’s survey of 18,500 interviews globally. Shanghai was second and Beijing third. Asian cities claimed nine of the 19 spots world-wide. The US didn’t make the grade.
Infra magazine said that in many cities, transport planners dream of a future when most people prefer to use public rather than drive a car. In Hong Kong, the future arrived early.

“Hong Kong’s leadership in public transit is the outcome of government policies, multimodal investments, meticulous planning and a rail plus property business model which foster and sustains high levels of transit usage.” the magazine said, noting that 80 per cent of Hong Kong residents use public transport.

The magazine marvelled at the MTR’s rail plus property model which allows the corporation to build a world-class transit system and operate a self-sustaining entity, unlike most cities where public transport systems require government subsidies. The success of the MTRC has been recognised world-wide. Its expertise and its corporation model now extends beyond Hong Kong with railway-related projects and operations in the mainland, (including lines in Beijing, Shenzhen, Hangzhou), Macao, the United Kingdom (the Elizabeth Line in London), Sweden’s Stockholm Metro, Melbourne and the Sydney Metro North West Line in Australia.

Yes, Hong Kong is a city that never sleeps. The lights in the business commercial district burn relentlessly 24 hours day and the bus services run throughout the day and night taking commuters to their workplace to keep the cogs of Hong Kong churning.
This is how Hong Kong maintains its status as a world-class city.

Mark Pinkstone

** The blog article is the sole responsibility of the author and does not represent the position of our company. **

Academics proclaim that in tariff wars there are no winners, all economies fell. True, but the current “war” is not about economics, as it started out to be, but a personal vendetta by US president Trump against China’s president Xi Jinping.

Trump started the war by imposing trade tariffs against all of its trading partners. There were no exceptions, even for those, like Hong Kong and Australia, who had deficits with the US.

Even though Hong Kong is a member of the World Trade Organisation (WTO) in its own right, Trump lumped Hong Kong under the broader China umbrella and imposed tariff hikes totalling 145 per cent against all products exported to the US. The rest of the world faced a base-line levy of 10 per cent. And this is where Trump’s plan became personal.

Trump’s plan was for the world to kowtow to him and acknowledge that he was the world’s leader. Most did, although there has not been any announcement of any deal being struck anywhere. And then came China’s Xi Jinping, who refused to kowtow, vowing to “fight to the end” and upped the ante of tariffs on US goods imported into the mainland.

Economies were floundering and markets were weak. Trump took advantage of the low market and after announcing exemptions for his billionaire club, while the rest of the population suffered, it appeared that he had made a deliberate gesture to manipulate the stock markets by declaring a 90-day pause in the tariffs. “Be cool” Trump wrote just hours before announcing the pause. “This is a great time to buy!” This was white collar terrorism in plain sight.

Global markets rose rapidly with the Hong Kong Stock Exchange up 51.17 per cent. But that bottomed out the following day amid rumors Trump was to declare martial law to police the southern border with Mexico.

The manoeuvre could have been taken from his book “How to make a deal”. Except it is not his book as he often boasts. The book was written by ghost writer Tony Schwartz who wrote in The New Yorker “Trump’s tweet that he has written bestselling books is one more deceit and delusion. He is incapable of reading a book, much less writing one.”

While Trump sits in the Oval Office contemplating how he can outsmart Xi, the Chinese president has been busy shoring up free trade deals in Vietnam, Malaysia and Cambodia. In all three South East Asian countries he was warmly greeted as a dear friend. Of the three, Vietnam is the hardest hit with a 43 per cent tax on its exports to the US.

Trump’s racist slurs against all things Chinese were compounded during the trade war when he threatened to delist Hong Kong and mainland stocks from all US exchanges – the New York Stock Exchange, Nasdaq and NYSE American. It is estimated there are 286 mainland and Hong Kong stocks with a market capitalization of US$1.1 trillion listed in the US.

And again, Trump has miscalculated his “punishment.” All companies delisted in the US will simply come to Hong Kong as their secondary and dual primary listing to raise funds and boost our Initial Public Offering (IPO) market.

Hong Kong’s financial secretary, Paul Chan Mo Po, is bullish about the outcome of the war, with Hong Kong becoming stronger as a leading fundraising hub and with enhanced trade ties with the Asia-Pacific and Middle East regions.

But Trump is not stopping there and he’s trying every possible means to curtail China’s position on the world stage. After taking over control of the Panama Canal to tax mainland and Hong Kong ships passing through the waterway, he now plans to tax every ship made in China, regardless of its registration, when they visit US ports.

The actions by Trump have done more harm to himself than to the countries he targeted. In the eyes of world leaders, he cannot be trusted and trading with him in the future will be for essentials only. The harm he has done to his country will take years to repair, and those who voted for him will surely be more prudent when the next elections come about. He has failed miserably with his campaign policy to “Make America Great Again.” He has done exactly the opposite.