KI-Media would like to thank Dr Lao Mong Hay for pointing out this Hong Kong's success story. Dr Lao Mong hay hopes that this story "could inspire further our Cambodian visionary leaders, if we have any such leader. One economist pointed at the contributing factors to this success: 'One of the strong advantages of Hong Kong has always been the institution. So the likes of rule of law, the independent judiciary, the strong governance system, the accounting system.'"
Friday, June 29, 2007
By Kate Woodsome
Marketplace
American Public Media (USA)
Hong Kong skyline at night (Getty Images)When Britain ceded control of its former colony in 1997, there were predictions that communist China would kill the golden goose. But this anniversary finds Hong Kong doing just fine, thank you. Kate Woodsome reports.
Lisa Napoli: Happy anniversary to Hong Kong — on Sunday, the territory holds a big party to celebrate 10 years of Chinese rule.
Traits from the British years still dominate: a capitalist economy, free press, an independent judicial system... Some expected that to be bad for business in Hong Kong. But Kate Woodsome says the formula has surprised even the biggest skeptics.
Kate Woodsome: Two years before Britain gave up its last major colony, Fortune magazine ran a story titled "The Death of Hong Kong." It predicted China's communist system would choke Hong Kong's capitalist economy.
Hong Kong largely has China to thank. Mainland Chinese make up more than half of Hong Kong's 25 million tourists. Loads of tourists line up every day for the bus to Ocean Park. They go for the pandas and gondolas.
Shishi Wong came from Shanghai to see how Hong Kong merged its two identities.
Tai Hui, an economist for Standard Chartered bank, says investors stay in Hong Kong because it's the closest you can get to China and still enjoy international business standards.
In Hong Kong, I'm Kate Woodsome for Marketplace.
Lisa Napoli: Happy anniversary to Hong Kong — on Sunday, the territory holds a big party to celebrate 10 years of Chinese rule.
Traits from the British years still dominate: a capitalist economy, free press, an independent judicial system... Some expected that to be bad for business in Hong Kong. But Kate Woodsome says the formula has surprised even the biggest skeptics.
Kate Woodsome: Two years before Britain gave up its last major colony, Fortune magazine ran a story titled "The Death of Hong Kong." It predicted China's communist system would choke Hong Kong's capitalist economy.
Christopher Hammerbeck: That to me was totally bizarre, frankly.That's Christopher Hammerbeck of the British Chamber of Commerce here. He says the obituary was a bit premature.
Hammerbeck: The one thing that is quite sure about history is that trade relationships far outlast uncomfortable diplomatic relationships.After the 1997 Asian financial crisis, Hong Kong's economy did suffer badly. But it has rebounded, and is experiencing its fastest growth since the late 1980s.
Hong Kong largely has China to thank. Mainland Chinese make up more than half of Hong Kong's 25 million tourists. Loads of tourists line up every day for the bus to Ocean Park. They go for the pandas and gondolas.
Shishi Wong came from Shanghai to see how Hong Kong merged its two identities.
Shishi Wong: I just felt it's such an efficient place that everybody just knows exactly what to do. But at the same time, you can see like how the Chinese culture is here. It's amazing.Investors feel the same. Last year, so many mainland companies listed on the Hong Kong exchange that the territory rivals London as the world's biggest IPOs market. Its GDP reached $189 billion last year, and is expected to grow about six percent this year.
Tai Hui, an economist for Standard Chartered bank, says investors stay in Hong Kong because it's the closest you can get to China and still enjoy international business standards.
Tai Hui: One of the strong advantages of Hong Kong has always been the institution. So the likes of rule of law, the independent judiciary, the strong governance system, the accounting system.But Hong Kong is looking over its shoulder. Chinese cities like Shanghai are cleaning up their markets, and that's attracting investors.
In Hong Kong, I'm Kate Woodsome for Marketplace.
7 comments:
Dear Lao Mong Hay,
Actually all Cambodian People love that
life style ; like USA,England ,New zealand ,Australia
French& Hong Kong.
But unfortunate the CCP 's leaders are cave men
those animal from monkey and pig mix together
some of them they like morning grow (trokuorn)
The father side yiek nam ,some of them they like
bananas (cousin) Myanmar and cousin Lao
they do not know the civilization except the caves
and jungle,they will kill all the democratic people for
that dumb CCP.
But that one thing the Cambodian do not understand
these monkey know how to steal Cambodia 's donation
money worth $$$$$$$ millions& millions in dollar.
Koun Khmer Anukbal
Do not worry my friends,
If you believe in Buddha, you will have alot of hope for prosperity.
In this world there is absolutely nothing is perminent.
Anything that go up, will come down.
Before the information super high way (internet), leaders can oppress their own citizen, but now they can do so at their own peril as people now more aware of democracy.
True democracy is the way to go.
What about letting the Western countries establish their colonial or imperialistic administrations in Cambodia. For instance, the inception of the establishment of the FBI (Federal Bureau of Investigation) from the Department of Justice it is a start.
Let face it, it would be better for Cambodia to become another province of the United States of America (or perhaps European province, preferably not the socialist ‘France’), rather than becoming Vietnamese or Chinese province in a not-too-distant future.
I think it is very good to be part of the USA, since most of us living in the US and seeing their rule of laws very enforced. I must give a thumb up. Please do not choose Vietnam, China and etc. Better of under the most civilize nations such as Australia, UK, Canada USA etc. With these thought if our leaders think and care for our people.
Dear my friends,
If you look at the countries around us you will notice that: the countries that were governed by the English speaking countries are more mdern/developed than the counties that were governed by the French.
we must keep a close tie with china, if Cambodia wants to stop our land from shringkage, i.e. stolen by our greedy immediate neighbour.
Australian government is very smart, She make an allie with the states to prevent/ or discourage the indonesian from invading the country. Australia is a big country, but small population (ONLY 19 MILLIONS).
Think smart!
We scare the Vietnamese,
The Vietnamese scare the
Chinese, so make an allie with Chinese to keep the Vietnamese at bay.
you guys are fuckup! sele your mother instead!
Hong Kong had 99 years of democratic experimentations under the British's rule for all their success! What about Cambodia? Does Cambodia have 99 years of democratic experimentation?
Cambodia can't just go around copying other people! What Cambodia needs is a good leader and a leader who has vision of a bright future for all Cambodian people!
The current Cambodian leaders always want to live under somebody armpit, kiss people ass, kill their own people over some stupid ideologies, intoxicate with useless power, self-serving, corrupted, want to look important...it is no wonder that Cambodia is going nowhere!
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