Opinion | Accountable government behind call for Hong Kong democracy
- Beijing addresses the population’s dissatisfactions, why cannot Hong Kong’s government do the same
I will argue that demand for democracy is a simplified catchphrase; what lies beneath is a call for a more representative government accountable for improving the general population’s livelihood in Hong Kong.
The Beijing government, despite being a one-party ruler, has demonstrated its ability to address major dissatisfactions of its population. It launched a massive campaign against party corruption, reined in highly polluting heavy industries to improve air quality and imposed price caps on real estate and limited foreigners’ ability to buy properties in China to improve affordability of housing. In contrast, the Hong Kong government has done little to lighten the economic and social woes faced by its citizens.
Similar to other developed economies, since the 2008 financial crisis, Hong Kong has seen an astronomical increase in asset prices. Property prices have increased at a compound annual growth rate of about 12 per cent from 2008 to 2018. GDP, by contrast, has increased at a rate of only 4 per cent during that time.
People born during or before the 1970s have enjoyed good career opportunities and have managed to buy property before prices took off after 2008, whereas it has become difficult for people born in the 80s and almost impossible for those born in the 90s to buy a home. And, for the last 10-plus years, only the financial sector has seen significant growth.
Yet most of the coveted financial jobs have gone to immigrants from the mainland. Young Hong Kong locals face less promising career prospects than previous generations.