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This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.
We know very little about variations in urban class and ethnic segregation among nations and even less about differences among cities in different regions of the world. Spatial organization (places and neighbourhoods) matters significantly in some cities in reproducing class relations and ethno-racial hierarchies, but may be much less important in others. The degree and the impact of segregation depend upon contextual diversity. By emphasizing the importance of contextual diversity in the study of urban residential segregation, the book questions currently popular urban theories such as global city, neoliberal urbanism, and gentrification. These theories tend to dissociate cities from their national and regional context and thus ignore their history, culture, politics and institutions. The aim of this book is to introduce the significantly different urban experiences in social and spatial segregation patterns and rationales which exist among the world's regions and to demonstrate that urban theory needs to draw systematically upon this wide range of experiences. The cities selected (Athens, Beijing, Budapest, Copenhagen, Hong Kong, Madrid, Paris, São Paulo, Taipei, and Tokyo) were chosen in order to achieve geographical spread, to maximise the diversity of types of socioeconomic regulation.This volume is thus able to avoid the interpretative limitations and misconstructions resulting from universalizing the Anglo-American experience.