Hong Kong’s very first legal election given that Beijing upgraded the city’s electoral procedure marks the start of a “new politics” in the city, an expert informed CNBC.
“We have to wait to see the final results before we know that for certain, but it does look like the pro-establishment candidates — who are focusing more on livelihood issues, social issues — are going to dominate the legislature,” Tim Summers, senior speaking with fellow at Chatham House, informed CNBC’s “Squawk Box Asia” on Monday.
Such problems vary from real estate and hardship to the environment, stated Summers, who included that “we’ll still see a fair amount of contestation and debate about many of the livelihood issues that Hong Kong is facing.”
People get in a ballot station to cast their tallies throughout the Legislative Council election on December 19, 2021 in Hong Kong, China.
Cheng Yongnuo|China News Service|Getty Images
Lau Siu-Kai, vice-president of Beijing- based think tank the China Association of Hong Kong and Macao Studies, echoed those beliefs. He stated the brand-new legislature will concentrate on “practical matters” like the city’s real estate lack, climbing up real-estate costs, and earnings equality.
Political outlook
Summers stated he does not anticipate much development on political reform following the elections, however that’s “part of the plan” from Beijing’s point of view.
“They saw a much greater radicalization of Hong Kong politics over the last five or six years … They wanted to cut that off … after the massive social movements, often violent movements of 2019,” Summers stated.
Voter turnout falls
Voter turnout was up to a record low of 30.2% in Sunday’s surveys, according to Hong Kong’s Electoral Affairs Commission, compared to about 58% in the last election in2016 This year’s electoral overhaul suggested there would be less straight chosen agents and more Beijing- authorized authorities.
Under the brand-new electoral system, the overall variety of seats in the legislature has actually been increased from 70 to90 But the variety of straight chosen agents has actually diminished. Previously, half the Council’s agents were straight chosen by routine HongKongers Under the brand-new guidelines, about a fifth of them will be.
The election had actually been called a “patriots only” one, with leaders in Beijing and Hong Kong freely stating the brand-new system is developed to make sure that just “patriots” hold workplace in HongKong They have actually up until now declined outside criticism of the electoral modifications, identifying the remarks as useless disturbance in domestic affairs.
Still, Lau stated Hong Kong stays “a very attractive place for foreign investors.”
That’s especially so at a time when numerous Chinese companies that sell the United States are under pressure from Beijing to delist from markets stateside and list nearer to house in Hong Kong, Lau informed CNBC’s “Street Signs Asia.”
Chinese ride-hailing giant Didi stated previously this month that it will begin delisting from the New York Stock Exchange and make strategies to list in Hong Kong rather.
— CNBC’s Vivian Kam added to this report.
