The China-Hong Kong Nexus Again: Another Look at the Twelfth Five Year Plan
Richard Wong - Professor of Economics and the Philip Wong Kennedy Wong Professor in Political Economy, The University of Hong Kong
After 30 years of hyper growth, China’s 12th Five-Year Plan (2011-2015) outlined new economic targets for growth and reform to face slower global economic growth and structural imbalances within its own economy. It calls for a slower pace of economic growth; more rapid increases in wages and consumption spending; a shift towards high value added manufacturing and services; development of affordable housing and social pensions; and deepening market reforms. The new targets appear to be a change of development strategy. This talk considers change and continuity in China’s development strategy in the past 60 years. It also considers the role of Hong Kong in the development of some aspects of China’s reform strategy. Dr. Yue Chim Richard Wong (AB, AM, PhD in Economics, Chicago) is Professor of Economics and the Philip Wong Kennedy Wong Professor in Political Economy at The University of Hong Kong. He was Founding Director of the School of Business, Founding Dean of the Faculty of Business and Economics, and Deputy Vice-Chancellor and Provost. His current research focuses are public housing in Hong Kong, the political economy of laissez faire in Hong Kong, and regional economic development in China. His research on public housing studies the welfare effects of the government public housing strategy and recommends the sale of public housing units to improve efficiency and equity. He is studying the political economy for the economic success in Hong Kong during the post-war period focusing on the policy of positive non-interventionism. It includes a detailed analysis of all major facets of the Hong Kong economy and society. Structural transformations of Hong Kong’s economy and the new division of labour have given rise to numerous highly vocal special interest groups. The research is devoted to the articulation of the challenges and opportunities presented by the opening of China, the integration of Hong Kong with China under one-country two-system, the rising competition from our neighbors amidst rapid structural transformation of the Hong Kong economy, and the globalization of world markets, with special emphasis on the mobility of human resources. He has led pioneering efforts in studying regional economic development in the Pearl River Delta and Yangzi River Delta regions following China’s economic transformation. His research has revealed the critical role of Hong Kong in regional and national economic development from the perspective of institutional change and innovation. His recent publications include The Fifth Dragon: Emergence of the Pearl River Delta (co-author), Port Facilities and Container Handling Services (co-author), On Privatizing Public Housing, Made in PRD – The Changing Face of HK Manufacturers (co-author), Retaking Economic Center Stage, and Made in PRD: Challenges & Opportunities for HK Industry. He had served on a number of public bodies, including the Exchange Fund Advisory Committee, Housing Authority, Chief Executive’s Commission on Innovation and Technology, Hospital Authority. He is currently an independent non-executive director of a number of publicly listed companies: Sun Hung Kai Properties Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Orient Overseas (International) Ltd., The Link REIT, and Hong Kong Mercantile Exchange; He was also a member on the Management Board of the Kowloon-Canton Railway Ltd. He was awarded the Silver Bauhinia Star in 1999 by the Government of the Hong Kong Special Administrative Region in recognition of his contributions to education, housing, and industry and technology development. He was appointed a Justice of the Peace in 2000. He writes a weekly political economy column for the Hong Kong Economic Journal and maintains a blog at http://www.wangyujian.com/.