Singapore vs. Hong Kong

| 9 Comments

Here's a nice article from Bloomberg comparing Singapore and Hong Kong. Spontaneous Order has a few recent posts about Hong Kong as well, here and here. I think HK died as a bastion of Laissez-Fair capitalism back during the Asian crisis a decade ago when the government propped up the equity markets( but they made a nice profit!!). It should be noted that the direction the city-states are going in seemingly to be the opposite of each other. Singapore is relaxing rules and regulations while Hong Kong seems to want to continue to meddle in economic affairs. Of course there are different dynamics here as Singapore's relaxing social rules as much as economic ones and HK is more meddling in economics than in social issues. So, it's probably a bit strong to say that they are heading opposite directions.

9 Comments

Singapore seems to be becoming almost a middle ground for companies that cannot decide whether to base their Asian operations in Hong Kong or Shanghai.

Hi, wasn't able to follow the Bloomberg link ...

Hong Kong has not recovered since the handover, and then 1997 and the 2003/2004 SARS. Hong Kong literally died, their famous stars all died, their entire cinema industry died and other Hong Kong residents moved to Shanghai and Beijing. Singapore on the hand has all the top Chinese moving in like Gong Li, Hollywood directors buying apartments or Jet Li buying apartments, and Singapore is booming. Singaporeans are richer than Hong Kongers but Hong Kongers being very old-fashioned and stingy are more cash-rich, Singaporeans are richer in their extravagant lifestyle but depend more on credit like the US economy, but their overall credit levels are lower than Hong Kongers because Hong Kongers stinge on noodles and weird shit like that but pay expensive mortgage interest rates to HSBC Stanchart and other banks for tiny cupboard sized apartments. Hong Kong has also become as polluted, if not more polluted than China, and the Chinese in Hong Kong cannot speak English, cannot write English, cannot speak or write Chinese (Mandarin). This recession will effectively kill off Hong Kong and make it a province of China. Hong Kong has no human rights, no democracy. The Hong Kong of yore is dead. It's now just one China. Singapore has begun to function like the new Hong Kong, raising capital for Chinese IPOs but is too controlled by the Lee dynasty. Most Singaporeans have migrated to the USA, UK and Australia as poorer Chinese from Hong Kong, large numbers from Malaysia, Indonesia, Vietnam, Thailand, as well as Korea and female Japanese (fleeing sex discrimination in Japan) move in.

Folks that say HK is dead are full of sh#@. I have homes and work in both places. SIN s still far far more regulated and taxed than HKG. It is also very heavily censored and controlled by the ruling family. Much more so than HK. I would say SIN is more tightly regulated than mainland China as well. The only reason the US doesn't chase after SIN for censorship and human rights is that it's friendly toward them.

I would say Singapore is less regulated than mainland China, but more than Hong Kong and Macau, or even Taiwan(for those who consider it a part of China, though I'll remain neutral on the issue). But I do agree that in some areas, the government of Singapore interferes too much. Hong Kong definitely has the advantage of being the "gateway to China", though it is culturally quite different from the mainland. And Hong Kong still has a hinterland, while Singapore does not. Just highlight my point, Hong Kong's landscape is 75% rural, while Singapore's is almost completly urbanised. But Singapore's advantage would be that there are more fluent English speakers in Singapore. Singapore's education system uses English as the medium of instruction while Hong Kong's uses Cantonese. Overall, though I'm a Singaporean, I would say that though Singapore does have its strengths, Hong Kong definitely is at an advantage in a bid to become Asia's main financial centre.

I would say Singapore is less regulated than mainland China, but more than Hong Kong and Macau, or even Taiwan(for those who consider it a part of China, though I'll remain neutral on the issue). But I do agree that in some areas, the government of Singapore interferes too much. Hong Kong definitely has the advantage of being the "gateway to China", though it is culturally quite different from the mainland. And Hong Kong still has a hinterland, while Singapore does not. Just highlight my point, Hong Kong's landscape is 75% rural, while Singapore's is almost completly urbanised. But Singapore's advantage would be that there are more fluent English speakers in Singapore. Singapore's education system uses English as the medium of instruction while Hong Kong's uses Cantonese. Overall, though I'm a Singaporean, I would say that though Singapore does have its strengths, Hong Kong definitely is at an advantage in a bid to become Asia's main financial centre.

I don't think people understand the situations of Hong Kong or Singapore unless they have been there. While HK is not blooming like it was in the 80s and early 90s, it is still very stable although less people are attracted to it since China opened up Shanghai. HOWEVER, SG(singapore) is still like a totalitarianism and economic-wise, it is still not on par with HK.
By the way, Hong Kong still tax less then Singapore. Another point is that many companies are trying to break into the Chinese market and clearly Singapore cannot be a consideration. In the near future, it will be a Shanghai versus Hong Kong.

Hong Kong is clearly a more attractive city to base companies in. just think about this... Singapore is totally developed and hong kong still has many places to build upon. kowloon in hong kong in the near future will be where new businesses can base in while Singapore has no place left to build... sorry to be off topic, but for those who believe Dubai will be the future of finance, unless dubai totally developes before their oil runs out, i dont think they stand a chance and the financial crisis hit developing places the hardest (ie. China and Dubai)

H. K. is much more attractive. S' pore city is too small, although it is well known as the most peaceful and safe place, it is kinda lack vigor and therefore it's a good choice for retired people to stay there...

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This page contains a single entry by Bob published on March 14, 2007 5:50 PM.

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