Financial news
Written by: Zhang Weilun, Lin Leqian
2019-12-02 15:01
Last updated: 2019-12-02 16:06Yu Pinhai, the founder and chief executive officer of "Hong Kong 01" and chairman of the board of directors of the Institute of New Structural Economics of Peking University, said in the "Hong Kong 01" 2019 Economic Summit Forum that the problem in Hong Kong is that income cannot keep up with GDP (GDP) and the rise in assets, it is hoped that after the recent turmoil, Hong Kong can promote greater economic reform.
He mentioned that Shenzhen's economic growth has surpassed Hong Kong in the past decade, mainly due to the local government's promotion of industrial policies, encouraging the development of companies such as Huawei and BYD, and control of property prices with purchase restriction orders. Although Shenzhen's property prices have increased more than Hong Kong's in the past ten years, they have not caused complex housing problems like Hong Kong's, causing people to reflect on the disadvantages of the free market.
"Hong Kong 01" founder Yu Pinhai delivered a speech at "Hong Kong 01 Economic Forum". (Photo by Luo Junhao)
He explained that while China ’s GDP and national income have risen simultaneously, Hong Kong ’s residents ’income has not been able to keep up with the growth rate of GDP and assets. Hong Kong ’s GDP has grown by 120% in the past two decades, but the median income of citizens has increased by 78%. The monthly income of professionals with a professional level by the age of 24 rose by only 18%. He believes that through these numbers, it will begin to understand why so many young people are now on the street.
He used the teacher-student relationship as an analogy, saying that Hong Kong is a primary school teacher in Shenzhen, but Shenzhen is currently a university student and is preparing to study for a master's and doctoral degree. Hong Kong may want to learn from the Mainland.
Yu Pinhai, the founder of "Hong Kong 01", said that "Hong Kong 01" was born after the riots in Mong Kok. At that time, the slogan was "It's time to change." Unfortunately, it still applies today. (Photo by Luo Junhao)
May lead to economic reform after riots
He emphasized that the Occupy Central incident in 2014 led him to start a news media. "Hong Kong 01" was born after the riots in Mong Kok. The slogan was "It's time to change", but it still applies to this day. Some people think that the recent turmoil is a cultural revolution in Hong Kong. He pointed out that after the Cultural Revolution, the Mainland could start reform and opening up. If Hong Kong could experience more turmoil, it would be good to promote economic reform on a larger scale.
He pointed out that the world is constantly changing and progressing, and Mainland China is pursuing change. So far, it has become the world's second largest economy and believes that it will soon become the largest economy. At the same time, the pursuit of Hong Kong for the past 50 years has remained unchanged, and the original meaning of one country, two systems has remained unchanged. However, many people mistakenly believe that it represents the economic system's in situ stepping, which eventually causes superficial sceneries. , Is the world's largest crony capitalist economy.
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Yu Pinhai Hong Kong 012019 Economic Summit