In this Chapter, I want to make a simple hypothesis. Hong Kong under the SAR Government had departed from the long-held recipe of success. The economic decline witnessed till the time of writing was the direct and immediate result of misguided government intervention, particularly in the property market. The nine-point rescue package announced on June 221998, however, showed that the SAR government might have learnt the lesson. In the absence of a full-hearted reversion to the old wisdom of positive nonintervention, however, the Hong Kong economy would continue to decline, and Hong Kong would lose its importance in the global economy and in China.
Ho, L. S. (1998). The rise and fall of the HK economy (CAPS Working Paper Series No.83). Retrieved from Lingnan University website: http://commons.ln.edu.hk/capswp/31
CAPS Working Paper Series No.83 (11/98)