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Articles: Government policy (general)

Healthcare reform in HK
We respond to the HK Government's healthcare reform proposals, focussing on financial aspects. We take you through the issues and our recommended solution, a restructuring of the subsidy to incentivise self-reliance but to cap everyone's annual fees, leaving the Government to cover individual catastrophe risk. With our structural budget surplus and trillion-dollar reserves, there is no need for mandatory insurance or more forced savings, which are just a favour to the banking and insurance sectors, as the MPF scheme was. (13-Jun-08)

Incredibubble!
What else can you call a US$3.2tn market which has gained 358% in 20 months and trades on a historic P/E of over 60, which is probably closer to 80-100 if you take out stock-market and real-estate revaluations from "E". We look at the bubble, the impact on HK, the thru-train, the calls in HK for an A-H arbitrage mechanism, and how the bursting may affect the socio-political system. The absence of a free media is itself contributing to the bubble. (16-Sep-07)

Building a Value Proposition for HK
HK Chief Executive Donald Tsang recently convened an Economic Summit of 33 people, which spawned 4 focus groups, including one on financial services, which in turn produced 3 working groups, one of which, headed by HKEx government-appointed director and Chairman Ronald Arculli, has sought submissions on the markets. This is our submission. (4-Oct-06)

Government Data Security - the IPCC Case
Webb-site.com editor David Webb blew the lid on a huge leak of data on complaints against the Police. More than two weeks on, the silence from the Government and IPCC offers no comfort to the victims, who could sue for injury to their feelings. We recount the discovery and call for an independent panel of inquiry into the bigger issue of data security across all HK Government organisations. (28-Mar-06)

State Securities Above the Law
In another Webb-site.com exclusive, five years after the market intervention, an investor with over HK$87bn of stocks has claimed exemption from the new law which protect investors in Hong Kong, which includes disclosure, insider dealing and market manipulation. The Government claim comes from a written response to questions we raised at the MTRC AGM. We look at the implications. (8-Jun-03)

Listing Chaos
We review a chaotic month on the Government policy front in general and the HKEx in particular, and look at the broader issues surrounding the current proposals, or rather the lack of them. Merging two issuer-dominated Listing Committees together will not address the needs of investors, while the Government ducks the real problem of having a for-profit toothless regulator rather than SFC regulation and statutory backing for the Listing Rules. (28-Jul-02)

Government Rejects HAMS Proposal
In a dark day for corporate governance reforms, the Hong Kong Government has rejected the HAMS Proposal to establish an investor representation group. Without enabling legislation for a levy on investors' trading, there will be no funding and no HAMS. The news comes despite widespread endorsement from market participants who want investor representation, rights enforcement, and a higher quality market. (24-Apr-02)

HAMS - Representing Minority Shareholders
Webb-site.com outlines our proposal for filling the vacuum of shareholder activism in Hong Kong. Investor rights are only of value if shareholders exercise them, and we explain how HAMS - the Hongkong Association of Minority Shareholders, would lobby for those rights, exercise them on members' behalf in quasi-class actions, and through Corporate Governance Ratings, incentivise good governance and deter shareholder abuse. Hong Kong can only maintain its regional financial market status and economic competitiveness if this void is filled. We'll also tell you how you can help. (4-Mar-01, revised 1-Jul-01)

APES at the WEF
So what was it all about? Webb-site.com brings you a delegate's diary of the WEF's Asia-Pacific Economic Summit in Melbourne. We outline some of the issues surrounding globalisation. Next year the summit comes to Hong Kong, where competition regulation should be placed on the agenda. (17-Sep-00)

3G in HK
A fascinating debate is going on in HK about how the Government should dispose of the radio spectrum needed to launch third generation (3G) mobile services. Two arms of the Li family, PCCW and Hutchison, appear on opposite sides of the spectrum debate. Auctioning the licenses could wipe out the budget deficit for several years, without introducing sales taxes or selling off the MTRC - Webb-site.com examines the issues. (9-Jun-00) 

eGovHK.com to Float on GEM  
In an exclusive report, Webb-site.com has learned of a secret government plan to float itself on GEM. We look at the detailed implications of this, the ultimate step in Government privatisation. Investors are already queuing up to apply for shares in the new entity, to be known as eGovHK.com. (1-Apr-00)

The Outdated HSI
We begin our coverage of the Tracker Fund of Hong Kong with a commentary on the outdated Hang Seng Index. We question the relevance of the HSI as a proxy for Hong Kong's market - after reading our article, would you invest your portfolio in this basket? (19-Oct-99)