1997 - 2017

 

July 1, 2017 marks the 20th anniversary of the return of Hong Kong to our Motherland and the establishment of the Hong Kong Special Administrative Region (HKSAR).  Since our return to the Motherland, the principles of "one country, two systems", "Hong Kong people administering Hong Kong" and a high degree of autonomy have been successfully implemented in Hong Kong.  With the staunch support of our country, the concerted efforts of all sectors of the Hong Kong community and the co-operation of the Mainland provinces and municipalities, Hong Kong has made good progress in its social and economic development.

The above is the first and second paragraphs of the foreword message from our Chief Executive C Y LEUNG in the Hong Kong SAR’s 20^th Anniversary website.  In 1997, I was in my early thirties and had been a general practitioner in private practice for a few years.  Memories of that year were unreliable, as the background was blurred, but some unimportant items were in distinct focus.  I had not begun my long journey of postgraduate learning.  I was playing computer games day and night.  Emails were seldom used.  There was no messaging or any other function except making phone calls with expensive and robust mobile phones.  Leon Lai was the best male singer from Commercial Radio.  Faye Wong was the best female singer.  The Best Film Award of the Hong Kong Film Awards went to Comrades: Almost a Love Story (甜蜜蜜).  The soap drama of TVB was Old Time Buddy (難兄難弟).  I had never come across the Medical Registration Ordinance.  I could barely distinguish between HKMA and HKMC.  Doctors seldom wore masks at consultations.  At that time, a newbie general practitioner could afford a small flat.

On July 1, 1997, I sat at home watching TV, as there was nowhere to go with the extremely heavy rain.  I even considered following urges from TV to sing together when the screen showed the song “Tomorrow will be better” in karaoke mode.  Then, 20 years went by.  Were tomorrow and the days after tomorrow really better?

Recently I heard officials putting up the increase in population in Hong Kong as evidence that Hong Kong had flourished.  I found this argument familiar and convincing.  I remembered listing this as the reason for one of the Ming emperors being considered a good guy in an examination in Chinese History and gained one mark for it.  There was no natural disaster.  People could make a living there and thus they did not flee and started to reproduce.  The population in Hong Kong in 1997 was 6.489 million.  It rises to 7.403 million in 2017.  The difference is 0.914 million.  However, immigration is another cause for a rise in population.  If we take into consideration the 150 people per day allowance, we have 150 x 15 x 365 + 150 x 366 x 5 = 1095750, which is roughly 1.096 million.  Whether the officials gained one mark for their illustration is up to readers to decide.

The Hang Seng Index reached its highest at 16673 on August 29, 1997.  It then dropped to its trough at 6660 on August 31, 1998.  The historical peak was at 31638 in October 2007.  The Hang Seng Index closed at 26030 on June 9, 2017.

The Centa-City Index (CCI) is an index created to reflect trends in the property market of Hong Kong.  It is a monthly index based on all transaction records as registered with the Land Registry to reflect property price movements in previous months.  It comprises a number of constituent estates.  July 1997 is used as the base period of the index. The index in the base period equals 100.  So, July 1997 was set as the reference point.  In July 1996, the CCI was 65.74.  In October 1998, the CCI dropped more than half from that of July 1997 to 47.94.  Then in July 2007, the CCI was 55.90.  In June 2017, the CCI reached historical high at 147.24.

The Gini coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation's residents.  It is commonly used to measure inequality.  A Gini coefficient of zero expresses perfect equality, where all values are the same.  A Gini coefficient of 1 expresses maximal inequality among values.  The closer the Gini coefficient is to 1, the more inequality there is.  In Hong Kong, the Gini coefficient is announced every 5 years.  In 1996, the Gini coefficient was 0.518.  In 2016, the Gini coefficient was 0.539.

I am also not sure whether TV will put up the song “Tomorrow will be better” in karaoke version this year. But anyway, tomorrow is another day.

 

(Source: HKMA News June 2017)