COUNTRY VIEW
FROM THE ECONOMIST INTELLIGENCE UNIT
OVERVIEW: Hong Kong is gearing up for the Legislative Council (Legco) election that volition be held on September 12th. Pro-democracy politicians are apt(predicate) to do well in the election, making life tear down more uncomfortable for the unpopular chief executive, Tung Chee-hwa. real strong second-quarter figures mean that GDP is likely to expand by 7.4% in 2004 and by 4.7% in 2005. Positive consumer price rising prices has returned to Hong Kong, although consumer prices will however fall by 0.2% in annual average terms this year, before rising by 0.4% in 2005. The current-account surplus will fall from US$16.2bn (10.3% of GDP) in 2003 to US$13.6bn (8.4% of GDP) in 2005.
DOMESTIC POLITICS: On September 12th 2004 Hong Kong residents will cast their votes for a new Legco; directly elected place will account for only one-half of the chamber. The election follows a year that has seen an unprecedented level of political activism in Hong Kong, characterised by an increase in pro-democracy and anti-government sentiment in the territory.
The standing perpetration of the National Peoples Congress (Chinas legislature) has already handed down an recital of Hong Kongs Basic Law (mini-constitution) ruling out both public suffrage for the election of Hong Kongs next chief executive in 2007 and an expansion in the ratio of directly elected pose in the 2008 Legco election. However, this has failed to dampen demands for reform. In a sign that feelings still run high, organisers claimed that 82,000 people attended this years candle-lit vigil in reposition of the June 4th 1989 massacre in the Chinese capital, Beijing, up from the prevalent attendance of 40,000-50,000. More significantly still, on July 1st betwixt 200,000 (according to the police) and 500,000 (estimated by organisers) people joined a pro-democracy march--not far go around of the 500,000-700,000...
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