Hong Kong protests reflect growing income gap

Global Business

Hong Kong is seen as a divided city where public discontent is at its highest in years. Rising income inequality, the lack of serious competition within its public service and corporations, along with the high cost of living, are partly to blame. CCTV America’s Cathy Yang reports.

Hong Kong’s capitalist system, rooted in British colonialism, has helped the city become affluent. Following the handover to China, the city grew closer to the mainland which has brought more wealth to the city’s finance, trade, retail, and real estate industries.

But amidst all this growth, the wealth gap has also widened. Average wage growth in the city has barely budged for years, while the cost of housing and daily goods has risen.

“This is a global thing, and this is something very much on the agenda of some of the global groups. It’s not just something that can be dealt with at a micro level in one part of the world like Hong Kong,” said Mark Konyn, the CEO of Cathay Conning Asset Management Limited.

According to Forbes, the city’s 10 richest people, who corner huge interests in Hong Kong real estate, boast a combined fortune of around $130 billion, but that wealth is not being spread.

Hong Kong protests reflect growing income gap

Hong Kong protests reflect growing income gap

Hong Kong is seen as a divided city where public discontent is at its highest in years. Rising income inequality, the lack of serious competition within its public service and corporations, along with the high cost of living, are partly to blame. CCTV America’s Cathy Yang reports.

For more on the Hong Kong protests and China’s economy, CCTV America spoke to Douglas Paal, vice president for studies at the Carnegie Endowment for International Peace.

Expert analyzes the economic factors behind the HK protests

Expert analyzes the economic factors behind the HK protests

For more on the Hong Kong protests and China’s economy, CCTV America spoke to Douglas Paal, vice president for studies at the Carnegie Endowment for International Peace.