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Mrs Ho came to Hong Kong
as a migrant from China in the early fifties. She started
her own trading company 10 years ago and has been running
it since.
Came
the Asian economic crisis of 1998 and her business suffered
a huge downturn. As Mrs Ho was very uncertain about
the future of Hong Kong, particularly after 1997 when
sovereignty was returned to China, she came to ask for
guidance - in particular, whether she should continue
with her HK operation or emigrate, again. I decided
on the Three-Card Spread for her and asked her to quiet
her mind and concentrate on her Past, Present and Future
while she drew her cards.
For
her Past, she drew "Pushing Upward". This
picture was compatibile with HK's past economy which
had been on a long upward spiral since 1990. Property
and stocks reached new highs all the way up to mid-1997.
Then the bubble burst.
The
present position was depicted by the picture "Nourishment".
This meant a time for rest, taking stock, planning and
building up momentum for future action. Just after the
change over a sovereignty, many Hong Kongers had to
readjust from living under British colonial rule to
being under that of a special administrative region
(SAR) with high autocracy and independent of interference
from China. This card conforms to the present situation
of HK.
What
was most worrisome was the Future card that she drew:
"Falling Apart". HK's prosperity during the
past 10 years was very much built on an overpriced property
market resting on a bubble economy. Its status as an
international financial center and window to the PRC
is now threatened by competing neighboring cities such
as Singapore and its own sister-city, Shanghai. Their
economies are much broadly based on manufacturing, service
as well as finance. Hong Kong could only boast of being
a financial and service center. With the burst of the
bubble and still carrying high operating expenses, the
overall competitiveness of Hong Kong is fast eroding.
The 1997 handover also presented Hong Kong with new
challenges - both internal and external. Internally
there are underlying causes for dissatisfaction with
the SAR government. Externally, with Hong Kong being
part of China but given the unique one-country-two-systems
rule, the territory is constantly under worldwide scrutiny
whether the whole system would work. Many hurdles await
HK in its bid to maintain its position as a financial
center and a first class international city. More importantly,
in the face of constant change - what will it morph
into and still keep the vibrancy alive?
The actual outcome:
Is still evolving and remains to be seen.
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