Temasek CEO Says Focus on Hong Kong-Singapore Link Misses Point
Temasek CEO Says Focus on Hong Kong-Singapore Link Misses Point
(Bloomberg) -- The focus on Hong Kong people and money moving to Singapore misses the point -- there is an outflow of talent and funds from the city to centers all over the world, Ho Ching, head of the Singapore investment firm Temasek Holdings Pte., said.
“Being obsessed with the movement of some money and people to Singapore -- and ignoring the movement of people and money elsewhere to USA, Canada, Australia, U.K., especially for their professional talents -- just misses the point,” said Ho, who’s married to Singapore’s Prime Minister Lee Hsien Loong.
Hong Kong has been wracked by more than four months of social unrest, sparked by a proposed law to allow extraditions to places including China. Chief Executive Carrie Lam eventually withdrew the bill but protesters expanded their demands to include direct elections for the city’s top job — something Hong Kong has never had.
“Hongkongers can best serve themselves by looking deep within themselves to decide what role they wish to play in and for China,” Ho said in a post on her Facebook page, with a link to a Bloomberg News report published on the South China Morning Post’s website. “Only when they can play a relevant role in and for China, would Hong Kong also find its role in the world too.”
Ho said the example of Singapore -- which has municipal elections for people to look after their own districts, followed by self government in all but defense and foreign affairs -- could hold lessons for Hong Kong in terms of political pathways.
On Oct. 16, Singapore’s prime minister said that protesters in Hong Kong are making unrealistic demands in an effort to take down the government.
Hong Kong may report negative economic growth for the full year because of the ongoing unrest, Financial Secretary Paul Chan said in a blog post on Sunday. The protests’ “blow to our economy is comprehensive,” he said, citing falling visitor arrivals, with the decline turning into an “emergency” in August and September, and dropping hotel occupancy rates.
To contact the reporter on this story: Ranjeetha Pakiam in Singapore at rpakiam@bloomberg.net
To contact the editors responsible for this story: Phoebe Sedgman at psedgman2@bloomberg.net, Stanley James, Siraj Datoo
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