Hong Kong’s first legislative election since Beijing overhauled the city’s electoral course of marks the start of a “new politics” within the metropolis, an analyst informed CNBC.
“We have to attend to see the ultimate outcomes earlier than we all know that for sure, however it does seem like the pro-establishment candidates — who’re focusing extra on livelihood points, social points — are going to dominate the legislature,” Tim Summers, senior consulting fellow at Chatham House, informed CNBC’s “Squawk Box Asia” on Monday.
Such points vary from housing and poverty to the surroundings, mentioned Summers, who added that “we’ll nonetheless see a good quantity of contestation and debate about lots of the livelihood points that Hong Kong is dealing with.”
People enter a polling station to solid their ballots 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 suppose tank the China Association of Hong Kong and Macao Studies, echoed these sentiments. He mentioned the brand new legislature will give attention to “sensible issues” just like the city’s housing scarcity, climbing real-estate costs, and revenue equality.
Political outlook
Summers mentioned he doesn’t count on a lot progress on political reform following the elections, however that is “a part of the plan” from Beijing’s perspective.
“They noticed a a lot larger radicalization of Hong Kong politics during the last 5 – 6 years … They wished to chop that off … after the large social actions, typically violent actions of 2019,” Summers mentioned.
Voter turnout falls
Voter turnout fell to a record low of 30.2% in Sunday’s polls, according to Hong Kong’s Electoral Affairs Commission, in contrast with about 58% within the final election in 2016. This yr’s electoral overhaul meant there could be fewer immediately elected representatives and extra Beijing-approved officers.
Under the brand new electoral system, the entire variety of seats within the legislature has been elevated from 70 to 90. But the variety of immediately elected representatives has shrunk. Previously, half the Council’s representatives have been immediately elected by common Hong Kongers. Under the brand new guidelines, about a fifth of them will be.
The election had been dubbed a “patriots solely” one, with leaders in Beijing and Hong Kong brazenly saying the brand new system is designed to make sure that solely “patriots” hold office in Hong Kong. They have up to now rejected outdoors criticism of the electoral modifications, characterizing the remarks as fruitless interference in domestic affairs.
Still, Lau mentioned Hong Kong stays “a really engaging place for overseas traders.”
That’s notably so at a time when many Chinese companies that commerce within the United States are below stress from Beijing to delist from markets stateside and listing nearer to residence in Hong Kong, Lau informed CNBC’s “Street Signs Asia.”
Chinese ride-hailing giant Didi said earlier this month that it’s going to begin delisting from the New York Stock Exchange and make plans to listing in Hong Kong as an alternative.
— CNBC’s Vivian Kam contributed to this report.