The Unstoppable Economy Of Hong Kong: The Land Of Billionaires
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- เผยแพร่เมื่อ 24 มิ.ย. 2024
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Hong Kong has done very well for itself as a global-middle-man. And the meteoric rise of its neighboring economy, China, has only strengthened the city’s already-prosperous position.
But, of course, if you follow the news, you probably already know that Hong Kong has seen better days. Global trade tensions, prolonged protests, and good-old-fashioned competition have dramatically impacted its economy in recent years.
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th-cam.com/video/hk4THbOoho0/w-d-xo.html
Hey, great to see your awesome channel being given the right platform to be promoted
Semi Democratic description is OUTDATED. Today it's more like Vichy Hong Kong with Nazi China up North.
👀👁👀 need to choose whether go down as Churchill or useless Chamberlain route when facing #Chinazi.
Hello, where do you get the stock footages in your video?
Souk al manackh 🤣
Answer DashKnow's question! It would be the decent thing to do seeing as EE shouted out your video AND put a link in the description AND then you go ahead and get greedy and put your own link in the comment section!
its a shame Hong Kong isn't a monarchy, cause then their leader would be called King Kong
Good one
hahaha
Well they had a Queen, Queen Elizabeth, but that was before the handover.
@@Alaois it was a joke
🤣
Petition to change the name of this channel to Stonks explained
get this vid to 1 mill views and I will do it. I have the button right here!
You heard him everyone
Put Respek on my Stonk
@@EconomicsExplained I'm talking a screenshot of this
Economics Explained let’s do this
One funny thing in the footage: the 'protesters occupying shopping malls' were actually Phillipino maids sharing their day off together in the space underneath the HSBC building in Central. Made me smile.
Yea lol that was funni
9:43 - that's not protesters. That's Filipino/Indonesian OFWs having a day off on Sunday. They are nice and polite people
Yeah, I saw them all th time in Central back then. Some of the nicest people around, though they can be noisy.
@@noahpolicarpio1530 As an Indonesian with lots of Filipino friends, I can testify for this claim.
Yeah saw that as well.
And that's not a mall lol
I'm 2 mins in, I feel like I should save my time after seeing ur comment. That's every Sunday activity for Filipino workers in HK. Complete ignorance from EE.
" Mecca the name that is used to describe everything except Mecca " - Hasan Minhaj XD
I for one, like to imagine he said the "Mecha" of asia. ;)
@MR. X Google 'Hajj'
MR. X 3rd tallest building is located there.
@MR. X You've asked why it so important, there you go.
The amount of visitors is staggering to look at, thus people use Mecca as a way to describe a place people flock to.
@MR. X we don't worship those black cube😅
I have relatives in Hong Kong living in pathetically small homes and relies on government programs. I also have relatives in Hong Kong working in the lucrative banking sector. Truly bizarre.
Well , I live in Hong Kong so I get see all the bizarre first hand, what I can only say is the Real estate it’s horrifying , with the amount of cash of A Lamborghini or private home with garage and things you can get a apartment in Hong Kong .
资本主义的地区贫富差距大很正常
this is what you get in a gov squish money from the people and does not give back, china being the most capitalist country in the world, and only contribute resource to a selected few, income imbalance happens.
@@WUTONG- like in china , one of the biggest capitalist in the world.
tragedyofwind What are you talking about? How does the government “squish money from the people”? HK has some of the lowest taxes in the developed world, way below the US and Europe. Income imbalance is the natural outcome of capitalism, i.e. it’s always much harder to make your first million than the second. If you’re a billionaire, making another million can take no effort at all.
I am already scared of this comment section
*Hides in bunker...
As you should
The Communist Party wants to know your location.
Bunker is located
Trump 2020!
global fuckin uprising y'all
Last time I was this early Hong Kong housing was affordable
🤣LOL. The protesters are kind of in a catch 22 between protesting and hurting the economy or keeping the economy going but letting China takeover. Found a great video that analyses this, the future of Hong Kong and US-China tensions: th-cam.com/video/uMm67LHxR7M/w-d-xo.html
th-cam.com/video/uMm67LHxR7M/w-d-xo.html
Wew
Oof
Hong Kong is also ranked the 3rd in the world in terms of freedom while the US ranks 17th, despite all the accusations of the CCP taking Hong Kong's freedom away from them. In fact, these rioters are the real ones taking freedom away from Hong Kong and destroying the city. :)
Nice play on words. But if you really think this, you are pretty ignorant of whats going on in Hong Kong.
18:01 Puts "Hong Hong" instead of "Hong Kong"
Worste, instead of worst or worse
I blame the CCP
Free King Kong
Hong Hong oui oui
Welcome to Hong Hong. lol
"This is Hong Kong. A semi-democratic..."
Semi-under-control-of-China might be the right words to use
Its rough because the protesters are kind of in a catch 22 between protesting and hurting the economy or keeping the economy going but letting China takeover. Found a great video that analyses this, the future of Hong Kong and US-China tensions: th-cam.com/video/uMm67LHxR7M/w-d-xo.html
th-cam.com/video/uMm67LHxR7M/w-d-xo.html
glass half full
You go find out about how voting is done in Hk. It's not democratic at all. It's more like the City of London.
Hong Kong was a British colony to facilitate the British opium trade, it has never been a democracy.
Well it doesn't help that Hong Kong is basically run as a corporation like what Economics Explained said plus you would hardly call its colonial past of a foreign empire or a city incorporated into a feudal dynasty as democracy either
It's almost 1am here in the Philippines, I was about to sleep, but when I saw you release another video, I get energized
haha 2:50 here in Sydney, sorry for the upload slightly behind schedule.
@@EconomicsExplained HAHAHA, btw your videos about Economics are the best, really simple (well for me) and very informative 👍
Random question, why is Japan sunrise land when Australia and New Zealand get up earlier?
@@livethefuture2492 i guess its in the name "land of the rising sun" though like you said they wake later than most.
When Japan got that nickname Japan was the east-most land China is aware of
As a Hong Konger I really appreciate this deep dive and explanation of the importance of HK. I am proud of my city however the people are undoubtedly suffering under the real estate problem and a government who doesn’t care about its people’s well-being but only that sweet sweet cash. Hongkongers are fighting for their freedom and rights instead of economic prosperity and I think that is really inspiring and honourable in a sense
Couldn't agree more. Best of luck to you!
Can you use TH-cam, Facebook in Hong Kong??
@@shrin210 Yes, Hong Kong is free to use the internet unlike other areas.
God pls help the people of HK🙏
Several HK Chief executives have tried to implement housing policies to build more houses but the opposition parties were against it and got people to protest because they were afraid that by building more houses the value of their existing property would drop hence the policy were dropped as the opposition wouldn't support it so it is not the govt. that didn't care. It is the selfish people, the rich who already owned property coupled with the opposition whose only aim is to go against the govt. in absolutely everything for their own selfish agenda. This is the problem with the so called democratic system the world over. U essentially have 2 parties fighting each other just for the sake of it and nothing gets done, wasting, time, money and resources causing wars and conflict.
HK is ranked 1st in the world for economic freedom and 3rd in the world for overall freedom according to the human freedom index. America is ranked 17th so HK already has more freedom than practically almost anywhere else in the world. It is dishonest to say HK is fighting for freedom. There is nothing in the 5 demand of those rioters which mention anything about the housing problem. At the same time they run amok damaging and destroying HK. Smashing up and destroying the MTR and other public infrastructure. Harassing, beating, burning and killing people. If you want more and better housing then enable the govt. to build more houses. Not voting against it then go on riots and destroy what u already have.
As Beijing continues its grip on Hong Kong, the title of Asia's Financial Capital will go, in my opinion, to Singapore. All the pros of doing business in Hong Kong are going away, quickly.
Completely agree Singapore is going to the be the new Financial Capital.
Singapore and Shanghai. Singapore will expend its roll as SEA's financial capital and Shanghai is always China's financial capital. Then again, China's economy will be so big it can have multiple financial capitals like the US have New York and Chicago
@@Peizxcv China will have national financial capitals, not global financial capitals...for reasons that must be obvious.
@@richardwills-woodward5340 They are the same thing for country with GDP as big as China’s
@@Peizxcv No, they're not. It has nothing to do with size of GDP, but with open economies (China is not), with advanced regulation related to global financial market requirements (China doesn't and is high risk), with open market place for all types of companies to list from around the globe (not just corrupt multi-national banks and every companies for instance), with a sophisticated set of financial and professional services products (China will never allow this), with non-state backed competition with a fair market place for entrepreneurs (China doesn't provide this and now will seize nearly 50% of all companies in China over a certain size). The list goes on. China is hostile state, no matter its size. It is not an open market and no company can operate there without heavy restrictions to trade and on the lives of those that work for them. That will never offer a global financial centre that democratic and free countries can operate in. What China is doing is creating a two tier world. It may be a global financial centre for dictatorships - that is entirely possible, but not for the globe like London or New York (whom are complimentary rather than competing.)
Hi man, I hated all things business until I came across your channel and fell for economics. may not be able to support now but most def will
No worries mate, another person interested in understanding the world of finance and economics is more than good enough for us :)
Economic and finance is now the hottest and most entertaining niche on TH-cam now
Grew up in HK and now live in the UK, just want to add a few things here.
1. HK Government has nearly no debt. Around 2-3 years ago, HK government owned 1 Trillion US dollar of foreign reserve at the highest point, which is 1/3 of entire Chinese reserve. I'm not sure about today's figure, only know it's lower
2. You keep saying it's special economic zone, while it's true, irl it works more like a client state of China. E.g. member of WTO, WHO, own Olympic team, border check between HK and China, HKers cannot join Chinese military, HKers even have their own passport and most of the people don't identify as Chinese
3. To China, Shanghai is THE onshore financial centre, HK is offshore. Both are irreplaceable to China (70-80% of foreign investment to China come from HK)
4. HK may be good on the numbers even compared with Nordic countries, but it's a living hellhole in reality
5. the US just cancelled HK special status, it may or may not be able to continue to attract foreign investment. We'll see
Edit: According to wiki, HK currently has 442 billion US dollar of reserve, 8th in the world, more than UK and Germany combined
Yes, this channel makes interesting videos, except when you dig more into the topic. Then you realize a lot of details have been forgotten and a lot was seen under a very neo-classical magnifying glass :(
Hey, what do you think about the UK's offer to give citizenship to 3 million hong kongers? do you think any would actually move to the UK if china assumed full control over hong kong like they are trying?
Very good analysis. Let me add some more just to show how much China is dependent on HK.
HK is the fourth biggest importer of chinese goods after USA, EU, and ASEAN. How much can a population of only 7.5 million import that it can compare with those places with hundreds of millions each? The answer is tht HK is a free trade zone with the lowest tariffs in the world so Chinese manufacturers send their goods to HK to ship to the rest of the world to avoid tariffs.
Next, Sensitive technology quotas exist for china but not for HK, once again because it is a free trade zone. So a lot of high technology that china needs is gained through Hong Kong.
@@sausagejockyGaming they are not offering citizenship yet
@@sausagejockyGaming those 3 million are already having a career in HK and are in mid-age middle class already which made them hard to just give up everything they worked for and move. I'll think at most 1 million (still a lot...)
most importantly, the 3 million we are talking is at least 23 years old. Anyone younger than that can't move and they're the one contributing to the HK democracy movement the most.
One thing that many people seem to gloss over (this video included) is the strength of the Hong Kong legal system, built on the foundations of the UK common law system. It is the strength of its legal systems that give investors the courage to invest money into China through Hong Kong.
As an aspiring law student who has had countless classmates tell me that the legal industry in hk is failing and I should consider leaving, this is an assuring comment 😄 I’ve spoke to numerous solicitors and barristers in financial litigation and they tell me practicing in hk is still the way to go
And it's gone. We are ruled by man.
How is legal system strength measured or what does it even mean to have strong legal system?
Being a HKer, I'd say that the industries we have are quite limited and the government does not show any sign of incentivising scientific research such as agriculture and the production of drinkable water which are the achilles' heels of HK.The dependence on China also severely restricts the influence of HK which I'd argue is a political move.
It doesn’t have ample land why would it has a thriving agricultural research lol these kind of research only thrive in big places like Queensland where the agricultural research is world class
"The UK is the center of EU finance"
Brexit has entered the chat
He said Europe not EU. UK will still be in Europe after this is over.
@@respectedgentleman4322 Yes but the question is if Europe will still use the UK for finances if there is a hard trade barrier.
The capital flight to London and Wall Street this decade is going to be staggering
@@macdom24 London was the financial capital of Europe before it joined the EU, and there really isn't any alternative. Frankfurt is often cited as the go to alternative, but it physically cannot handle the influx from London.
Zontar genuinely curious, why couldn’t Frankfurt handle the influx from London? Given that - to my knowledge - there are only around 300K people who work in the City of London
It's wonderful you gave Hong Kong an 8.8 because in Cantonese eight is a homonym for a phrase meaning "get rich" and as such 8 is seen as lucky number in Hong Kong (and the rest of China) and is associated with wealth.
Great video! Would be cool to see an episode on Macau - HK's closest former colony neighbor - and compare and contrast the two economies, e.g. Macau's wealth has enabled them to pay its residents monthly stipends.
Thanks so much fellow Aussie for sending my mother city MUCH LOVE ! KEEP THE HKD GOING FOR ETERNITY! ❤️❤️❤️💪💪💪
Companies like Lukin Coffee have shown that even if a Chinese company is listed in a reputable stock exchange there is no guarantee of the transparency that investors expect
I grew up in HK and living in the states now. I love Hong Kong despite its many flaws. I believe in the tenacity of Hong Kong people. Hong Kong people are one of the hardest working people in the world. They will find a way I'm sure.
What made you move to the States?
@@noahpolicarpio1530 it really wasnt my decision. My parents moved when i was 15. I am too used to the open spaces now so its hard for me to move back. But i have many fond memories.
@@inexplicable01 where do you live in the states now? If you don’t mind my asking. Thanks.
@@inexplicable01 So you wouldnt want to move back to congested HK. Says it all.
@@inexplicable01 Yeah, making money is good in HK but, comes at the expense of sanity and life.
Many things in this video do not stand well with even a little bit of time. For those of you curious, late June and early July 2020 saw Hong Kong fall almost entirely into the direct control of the Chinese government. In terms of basic human rights, this is uniquely bad.
Past: Housing is expensive.
Present: Cell room is unaffordable!
4:22 oh yes Goldman Sachs is quite “respected”
😂😂😂
"but this prosperity is now under threat" and after that unskipable add of huawei pops up.......
Intresting
"9/10 for Stability & Confidence"
You sound like a used car salesman mate.
You can fit so many billionares in this bad boy.
how can you give HK a 9/10 in stability when they have all those riots and the chinese army arresting and dissapearing people
I guess it’s about economy not social distress
@@budgetgaming6938 At least someone knows what channel they're on. Well done! Some people are so unaware.
@@xandercorp6175 yes but riots and social unrest can hurt the economy.
I find it hilarious that every video on the commonwealth nations has a title like 'the unstoppable economy of...' apart from the UK which is just described as 'unremarkable'
The economy of Israel please
It shall be done soon :)
@@EconomicsExplained this is probably how answering a prayer feels
That country doesn’t exist
@@DaniG.German883 *Alright boys we did it israel is no more*
@Jamar same for Palestine
Thank you for your services Economics Explained.
Our pleasure!
Great video, really enjoyed it! A small video detail nitpick: at 9:43 you mention protests, but show video of what actually looks like a large groups of SE Asians maids relaxing in a mall on their day off. Thought that was funny
They were actually relaxing on the open ground floor of the HSBC building.
Jeremy Armand - yes, you are correct. At 9:43 the people shown are domestic helpers/workers who use the public space under the HSBC building at 1 Queens Road, Central each Sunday to socialise, picnic, etc. They are mostly from the Philippines so there is a lot of Tagalog spoken here. It’s a lovely, peaceful environment each Sunday, definitely not protesting or occupying. (We worked in the building for many years.)
noticed that too, haha
Charles Madre I couldn’t tell the exact location, thanks!
Nice video, though I would argue that the problem with Hong Kong is not its protests, but the government decisions that led to the protests. As this channel stressed over and over again, stability and confidence is key in developing an economy. Hong Kong is a financial centre not only because it attracts Chinese companies, in fact, Hong Kong was already doing great before Chinese companies swamped the Hong Kong stock exchange. Hong Kong succeeded because it upheld the rule of law and provided a level playing field for all businesses. Businesses trusted Hong Kong with their money. The Extradition Bill pushed forward by the government last year and the National Security legislation being implemented now completely shatters the confidence businesses have on the city. Both bills would allow the Chinese government to prosecute people using mainland Chinese laws, which means that Hong Kong no longer provides a safe space for businesses, and anyone who speaks out against the government, even on non-political issues such as making a negative stock market prediction or uncover financial fraud, might face arrests. If Hong Kong loses its independent judiciary, there is no way Hong Kong could continue to be a reputable financial center, no way at all. So, in fact, protesters are not the threat to Hong Kong's economy, China is.
Excited for your video! They're so well made and insightful.
Your work is awesome and inspired me to start my own channel
Best of luck!
@@EconomicsExplained thank you :)
This was a truly incredible video. You’re so insightful. I’ve never thought that deeply about some of those questions.
Thank you so much, you upload the best content on all of youtube.
You're very welcome!
Pretty sure Hong kong is no longer the same. As I am from Hong kong myself
"Unstoppable Economy"
communists: allow us to introduce ourselves
Hong Kong was unstoppable b/c it was the gateway for 1.3 billion Chinese to access to Western Products for decades. Don't bite the hand who fatten Hong Kong. Joshua Wong petition USA Congress to sanction Hong Kong last time I check.
Pre-Sanction Hong Kong: "Unstoppable Economy"
Post-Sanction Hong Kong: "Can't Breathe"
Joshua Wong wants freedom for Hong Kong
The current situation in Hong Kong is putting its economic weight at risk. The protesters are kind of in a catch 22 between protesting and the economy. Found a great video that analyses this, the future of Hong Kong and US-China tensions: th-cam.com/video/uMm67LHxR7M/w-d-xo.html
th-cam.com/video/uMm67LHxR7M/w-d-xo.html
@@kevinchen9677 What's the point of having an "unstoppable economy" if basic human rights are lost?
@Wooddog Shiba Inu watching porn on the internet
Wanted to tell you I really enjoy your videos. I attend a top b school, ranked ~30 in the FT rankings. Your content is far more engaging than the lectures I've paid big money for.
This is the best channel I have been subscribed to..keeps me globally updated wrt economics
Last time i was this early Hong Kong was a British Colony
And it was still called Hong Kong 18:00
Semi Democratic description is OUTDATED. Today it's more like Vichy Hong Kong with Nazi China up North.
👀👀👁 need to choose whether go down as Churchill or useless Chamberlain when facing #Chinazi.
17:51 - ??? " Hong Hong " ???
hahahaha, oh boi.. this is why you don't edit your video's at 2am in the morning. Throw it in the mistakes of 2020 video...
They did give it an asterisk, so technically they are still fine
16:25 talks about Hong Kong
*shows Suzhou in the background*
EE: Honkong is a country.
China:So you have chosen reeducation camp?
And you could also be a Uyghur.
As Asia continues to grow, I can see Hong Kong challenging New York as the financial center of the world.
Biggest joke of the century!
Not if the CCP gets involved
@@kj6150 If the CCP does get involved it could replace Shanghai but I highly doubt it the citizen's wouldn't allow it
Singapore seems better. There could other competitors for being the future financial center: Shanghai, Dubai, Bangkok and Mumbai.
@@dxelson not a joke. It already did. The HK stock exchange raised the most capital through IPO in 2019, beating Nasdaq. But given the recent instability, we will have to see if foreign capital will stay.
For government debt in Hong Kong, you can thank our former Financial Secretary, John Tsang. He is extremely fiscally conservative, drawing criticism from both pro-Beijing socialists and pro-democracy lawmakers due to his unwillingness to spend money on social programs. At the time of his retirement, the government treasury was stockpiled with loads of reserves. It is thank to him that Hong Kong manage to stay afloat during these 2 years of protests, riots, Chinese encroachment, pandemics, and reckless government spending.
BTW, the government managed to use up half of the reserves during these 2 years, and it took more than 4 years to accumulate that much.
The final thoughts are great. Thank you for making this insightful video.
I'm from Hong Kong and this is 1 of the most accurate non-partisan video about the nature of Hong Kong and the region done by an outsider. Political ideology like "The west" or the evil Communist are always just a gimmick. At the end it's all about the money and making sure the ruling class is in power.
Good to know. "At the end it's all about the money and making sure the ruling class is in power" - well put.
I should add so call fighting for freedom or fighting western Imperialist are just the struggle between the powerfuls who can get what more. And the little guys always pay for it. Growing up in Hong Kong under the British and the Chinese I can't say they've no different relatively speaking but helps me to understand they're just different masters.
香港加油! #海外廣府唐人
Youve started doing ratings for countries, which i find absolutely awesome. However, i do hope you will go back to the videos on countries youve already done to maybe add a score to them as well?
New York, Hongkong, and London, the bedrock of the economy, and also the bedrock of protection from Dormammu
coincidence?
@@user-td8if4fb1v There’s more financial institutions in HK than any other city... All of the western banks and eastern banks are located here.
When I traveled a lot of things in Hong Kong were quite expensive :/
It's a very expensive city for sure.
Hong Kong is a unique place where you can spend widely from a few dollars a meal to a few thousand. The income disparity is if not the highest in the world at least one of the highest.
Loved all the beautiful footage of Hong Kong 💖
I don’t think HK is a Special Economic Zone? weren’t SEZs like China‘s way of emulating Hong Hong (17:52) ?
Yeah, Hong Kong is a special administrative region. Special economic zones in mainland China only have less business regulations, trade restrictions and taxes. HK has an independent judiciary based on UK common law, distinct immigration policy, its own freely traded currency pegged to USD, much greater freedom of speech and internet, own Olympics team, and is a distinct WTO member.
Those kind of youtubes get paid by the government or somebody who wants to fool people into thinking the false information is right.
If you have 450k per average, why are you struggling to make ends meet? This channel is paid by probably by Chinese communist government.
If the young people are protesting and struggling for a bread, all this documentary is false.
Sam LSD if you take into account the crazy cost of living in the city, it makes perfect sense, the housing in Hong Kong for example cost arnd ten thousand usd per square meter at least, and on average around 20k usd per square meter. The rich poor GAP is growing larger and larger by day as well, you have millionaires who can literally afford anything they can possibly want and minimum wage workers who are living paycheck to paycheck.
My therapist: Hong Hong doesn't exist, he can't hurt you!
*Hong Hong* : 18:00
The economy of the yakuza or the triad please :)
Hmm interesting idea.
Or how gangs operate in the modern world
@@EconomicsExplained i will support you with my life!
Thanks as always for watching :D This video was requested by the team over on Patreon. If you want to have your say on what video is produced next please consider supporting the channel.
www.patreon.com/EconomicsExplained
Best part of my day is your uploads!
EE:"Hong Kong has switched hands many times in its history"
Poland, Egypt, Middle East, Alsace-Lorain, Crimea, Turkey, Ireland, India, Gibraltar, Finland, Latam: Am I a Joke to you?
Amazing Episode, We would like to hear your take about Chile's economy. Keep up with the great job!
Talking about HK, showing Shanghai skyscrapers :P
Not remarkable then 7/10. Come on be objective
It's weird that you didn't mention the people in "cage homes" while working out your final ranking.
How many people out of 7 million do you think live in cage homes? It's 50,000. Which is less than 0.8% of the population.
Cage homes are not common in Hong Kong. Thinking they are is like thinking everyone in Australia has a pet kangaroo.
The term “semi democratic” in your intro seems very stretched given recent events.
He's made his allegiance quite clear. He will kow-tow to China until the end of time.
@@octaneblue6 only people stuck in the past still don't see the writing in the wall. The world belongs to China from now on. As a Latin American I welcome the new world boss, all the poverty and violence here was caused by the policies of Uncle Sam.
@@hgos7211 The government arresting you for speaking out against it doees.
@@octaneblue6 He's pretty clearly neutral and often inserts slight jabs at China in his scripts. This "if you aren't explicitly with me, then you are against me" nonsense doesn't help anyone.
Well done on the background music! Adds some tension and keeps the attention on a 20min vid.
Came from business casual. Just subbed, this channel is awesome.
a little correction, the government has actually tried on numerous occasions to roll out large housing schemes, however, each Cheif executive that tried was met with huge riots,
1. because that negatively impacts the housing market prices, which means any homeowner has just seen their overall assets going down, as well as
2. the most powerful people in the city, the people who actually run the city instead of the government, the large corporations who own all the lands don't want the land to go down in valve, thus they incite people to stand against the government
like clockwork, every CE who put out some kinda housing scheme to drastically increase the housing supply are faced with large scale riots and protests, and the only CE ever who did NOT receive ANY large scale protest against, is the one who lifted the rental control, meaning now the house owner or landowners can now double triple or quadruple their asking price for rent, and there is now no law against it, and the housing prices skyrocket right after that.
Could you do a video on the “Celtic Tiger” of Ireland?
He'll need about 3 warm-up episodes on the problems with the Eurozone first to make sense of it :P
No corporation tax.
Didn't Visual Politik do something similar?
@Aroxar Monaco is one
@Aroxar Europe as a continent had 6 tigers: Iceland, Ireland, Estonia, Latvia, Lithuania and Slovakia.
I always wondered why Hong Kong was so important and could sustain such high real estate prices. Thanks for the video. Brilliants explanation
I love this channel. You guys single-handedly made me interested in Economics.
I would change your score a bit, though. Stability might need to be down 1 or 2 notches because of the protests going on.
Industry may also need to be 1 or 2 notches down because of over-reliance with Finance and Tourism. They had the chance to diversify in tech but didn't choose to. Shenzhen did that and exceeded HK's GDP in 2018.
Still, I enjoyed your video, Economics Explained.
I got a heart from daddy Economics Explained
Hey EE can you make a video on the economics of China's planned mega city clusters which plans to rival Tokyo bay area, New York tristate area and san Francisco bay. It sounds like a good idea
Yes this would be awesome!
HK looks promising but the average young people don't want to live in HK anymore...
A really informative video; I do have some takeaways while watching even as a Hong Konger, thank you.
Beautiful begining and interesting as per usual
9 stability? I would have thought something like 2.
9:50 Those are filipino domestic workers having a picnic. They have the same type of gathering in singapore as well.
Loved this video, thank you 🙏
You are slowly becoming the best economics channel on youtube.
if that many people are living in practically impoverished conditions, then I don't think there is prosperity.
@anon2k10 the fact that you conflate communism with people not being horrendously improvised and living in cages means capitalism is the source of such things, and thus you make it so I don't even really need to respond
9:43 Protestors? These are Filipina maids on their day off ^^
The protesters are kind of in a catch 22 between protesting and hurting the economy or keeping the economy going but letting China takeover. Found a great video that analyses this, the future of Hong Kong and US-China tensions: th-cam.com/video/uMm67LHxR7M/w-d-xo.html
th-cam.com/video/uMm67LHxR7M/w-d-xo.html
Where do the maids go now with the social distancing?
@@clam4597 They don't, we don't have social distancing in Hong Kong.
This was, as per usual, great and very insightful! I'd like to see HK compared to Singapore, would this be possible at one point?
Speaking of Hong Kong and their economy and not speaking of the conditions of the the Filipino woman maid workers , which is almost slavery for pennies; it's quite disturbing
Do Ireland next I live there and even I don’t know how we got so rich
hahaha it is on the list for sure :)
Weren't you guys like starving a century ago? Something about potatoes...
I think Visual Politik did a video on this already
Economics Explained 😳
Low tax country, which therefore attracts multinational companies to move there profits there to pay lower rates of corporation tax
can you rank some of the economies you covered previously like USA or china?
Loving this rapid release of videos. Keeps me unbored
Another great vid
Glad you enjoyed
"China national offshore company". This made me search it on the internet.
9:42 "The protest have frequently occupied shopping malls..."
Shows domestic workers on their day off sitting in the shade under the HSBC building.
Hi,
Love the video. I keep watching your channel every morning.
I'm from Indonesia and would love to hear about the country economic situation from your perspective, and what we can do to improve.
I hope you get to see this and thank you for your good work 😁.
He has done Indonesia before . :) Also check out visualpolitik
Namaste from India,
R u frm Bali??
@@heinuchung8680 I've seen the visualpolitic about Indonesia. But there are none from this channel, and I've checked. But if you have seen from this channel please send me a link. 😁
@@prashr4075 Namaste.
yes I am. Where are you from?
Love your videos as usual man! Think you could look at CDOs and CLOs later on?
Crazy to think how China was a couple thousand years ago
Or even 50 years ago for that matter
When farming was the only industry China was the richest country on earth
@@tatertots0046 even with industrialization it took the US a century after the industrial Revolution to beat china.
I have been following this channel for long. Really amazing content guys. What about making a video on GDP? I mean not just the definition.but real meaning of it and other nuances? I think it would be really interesting.
Hi EE, I have something to say about the rating on the industry level you gave to Hong Kong, or at least I hope you can make it clear. When you are rating the level for the industry of a country, if you are only considering how profitable that industry is to this country in the history performance, I will totally agree with your decision of rating Hong Kong 9/10.Tourism and Financial industry is truly very profitable for any nation, but if you are to take the reliablity of the industry of that nation into account, Hong Kong really doesn't deserve a score as high as France.
First, Hong Kong's Tourism industry is truly very profitable in prosperous times, but it is heavily relied on the global economy performace, and this fact too, works on all countries that have a toursim industry. But another major drawback for Hong Kong's tourism industry is that , at least before the riot begin last year, was heavily, or a great proportion of it was relied on mainland chinese tourists(50 - 60% of total tourists). This simple fact I think, make Hong Kong's tourism industry very unreliable since last year as mainland chinese tourists refused to go to Hong Kong anymore.
Second, Hong Kong's financial industry shares a similar problem as its tourism industry, that is, it's performance is again heavily relied on other economies, especially mainland China, whose companies contributed a large proportion of Hong Kong financial sector's revenue, and a worsened relationship between mainland China and Hong Kong will definitely unstablised its financial sector.
For the reasons listed above, I will say Hong Kong can only deserve a rating of around 3 or 4 in its industry.
If you want to ask me why I dont mention Hong Kong's other service industry at all, which contributed more than 90 percent of its GDP, I will say almost all of them except tourist and financial services were unable to be exported abroad, this means that the entrie Hong Kong is depended upon its financial service and tourism industry (if you take out property industry into account, which is totally monopolied by Hong Kong's plutocrats). Since these two industries are also strongly depended on global economic performace, I will conclude that the Hong Kong's economy is not reliable and is in a great part, depended on mainland China.
Unlike France, which has high end manufactures like nuclear power station or high reputation luxury good manufacture which help them to build an extremely stable economic in both prosperous times and recession times. Lack of high end manufacture in Hong Kong (which it could have owned it in industries such as semi conductor production in late 1990s if its property plutocrats could managed to control their greediness) makes its economic defendless against China today (3 consecutive quarters of negative GDP growth in Hong Kong already since the riot began last year)
I am still in doubt whether all Hong Kongers have understood the enormous price they would have to pay if they are to divorce with China.
Awesome content as always! Would you do a Lebanon episode?
Last time I was this early, Hong Kong was the land of billionaires
If it is merely projected on the view of the economic situation as well as the market potential, it is a fair judgement. However, I would totally disagree with the position on the aspect of growth. There are more uncertainty ahead than the author suggested.
Firstly, the fair and independent judicial system is under serious threat from the heavy handed policy. Unlike Mainland China, Hong Kong's judicial system runs Common Law instead of Continental Law. Based on this framework, any claim of breaching the law on the defendant shall be proven on the standard of "beyond reasonable doubt". Unfortunately, the new security law does not observe this founding principle. It contains too many abstract definition of criminal elements, such as wordings like collusion, that weakened the impartiality of Common Law system there. Not to mentioned that the verdicts on charges against protestors had steadily and gradually been seen by public and commonwealth countries as politically influenced and disproportional to the gravity of offense. In the future, it is not hard to foresee that, by tagging everything with "security", international corporations doing businesses in Hong Kong will no longer be able to fend off any legal claim against companies hinged on strong political background.
Secondly, China has been losing its momentum to grow that will hinge on economic downturn in Hong Kong. Like many developing economies, China is also facing its own middle income trap that labor cost is rising and the aging population. With increasing labor cost, the labor intensive jobs had been steadily moving away to nearby countries, in particular Vietnam. The decoupling of free world will also deal another blow to the already weakened economy. As China has always been playing the role as the world factory for decades, farmlands had already been turned into either real estate or factories, as well as farmers having permanently abandoned their farmland to become factory workers and city dwellers. Such change has become irreversible. From the perspective that factories always play an important role for keeping the employment level afloat, the loss of international purchase orders from the free world will eventually shrink the industrial scale of Mainland China. Hong Kong, being the only gateway for China to access to the international currency, will likely face its inevitable economic downturn, from which its economy is delicately entangled with Mainland China.
Thirdly, the uncertainty will lead to another wave of brain and wealth drain from the place. Even in the time of instability like last year, the judicial system was never been threatened as much as new security law in effect. Hong Kong was used to play the role as the free and open society for all walks of life. It is the in-principle the neutrality and diversity that helped this place to thrive. Policy making decisions were made generally by consensus of the stakeholders and professionals as check and balance, to ensure every façade of the impacts had been catered for. However, this status quo had been perpetually changed due to the gazette of the new security law. The law making process went through no public consultation, no observance to the principle of Common Law, and no involvement of local lawmakers. It was drafted and then passed unanimously by CCP members with 60days before its full enforcement. This marked the beginning of every incidents of political persecutions, in example, the disqualification of elected members in opposition party in legislative council, the mini-parliament in Hong Kong, due to being "non-patriot"; the cut-throat reformation of the education system to instill "correct" mindset into younger generation. Professionals as well as wealthy and riches are no fool to such situations. They all saw the endgame. With no shortage of open door policy for these tangible and intangible assets by commonwealth counties, it is not hard to imagine that the city's vitality will eventually be drained without them.
Lastly, what will happen next? Simply imagine Hong Kong as a pie, it will be cut and shared by nearby regions, amongst places that are more compatible to the free world, such as Singapore, Taipei or Tokyo. It is heartbreaking to see a place as glamourous as Hong Kong to fall from grace. But, all good families are alike, whereas miserable families are bad in different way, right? You need all good factors to make a relationship great, but only one single bad influence to make things miserable. City is no different.
History always repeats itself, as powerful as Venetien Republic will fall under the banter of the Turks. The whole Hong Kong incident shall, at least, serve as an alarming signal to the world of the wrath of the dragon.
could you do a video on the affect on british economy of 3 million hong kongers moving to UK?
I would suggest making a video about ranking countries that already had their videos.
Hong Hong: exist
Comment Section: angry brrrrr noises
Brrrrrrr
I mean ,you told me to say so.
*angry riot noise*
Excellent video! I loved your overall balanced analysis that shows how HK still has a lot going for it due to some good fundamentals. It's true that a lot of it now is due to China's overall rise, but I hope that doesn't end up completely nerfing what makes HK special. If I were an investor or a startup I would still pick HK over Shanghai due to those fundamentals.
I also think another thing that makes HK unique especially pre-1997 is how well they have exported their culture and made a name for themselves back from the 70s-90s. Things like Pop music and movies like Hard Boiled that showed creativity and expressiveness that you don't see in Mainland China where it's not allowed in the same vein. Particularly in their movies, HK was up there with Japan and South Korea as places in Asia that people all around the world wanted to visit and live in purely on cultural outputs and how foreigners can integrate. To me that's extremely important.
for most foreign investor that don't understand a speck of chinese HK is the english speaking gate to introduce translator for mainland business.
I lived in Mainland China for several years and travelled to Hong Kong a dozen times. I do have a point of correction. Hong Kong isn’t a Special economic zone like say Shanghai is on the mainland. It is an autonomous region. When you enter Hong Kong, you go through customs and must present your passport . The same is true for mainland citizens. Hong Kong is more like Taiwan’s political status. The world treats Taiwan as a separate nation while the mainland treats it as “non mainland China”.Since 97 when the British released Hong Kong back to the Mainland, It has operated functionally like its own country with Mainland control only in certain political issues. The British released Hong Kong under the condition that it would be autonomous for 50 years. All the protest are related to the mainland trying undermine this autonomy and incorporate it back into the mainland early. The real success for Hong Kong is it being the freest economy on earth up to recently. We can all take note of what happens when you have low taxes, virtually no government debt and low regulations. It should definitely release pressure on its real estate market by opening up more useable land. This is a government created issue. The is the same problem in San Francisco where they amount of useable land is restricted driving up the price land making that place to one of the most expensive real estate markets in world. Good for thought .
Thanks to the patreon who made this possible.
Everywhere the British went they left behind them wealth.
Rather than French that instead left poverty
EE: The Unstoppable Economy of Hong Kong
China Communist Party: i'm about to end this man's whole career
ahh man, why you gotta be like this?
@UCHYnHz9vjnpO4JucMIVEO3Q theyre not even communist anymore, they have brought 1 billion out of poverty including hong kong
@Luke-Technically yes but they are still ruled by the Chinese COMMUNIST party
@@Valencetheshireman927 Just as the Democratic People's Republic of Korea is a democracy, very good logic indeed.
@@lukecarroll4080 umm... so factually, Hong Kong brought China out of poverty, not the other way around.
In retrospect, that 9/10 stability and confidence rating really should have been lower.