A recent flooding event which swept away 4 people also highlighted serious bureacratic redtape in the government. The honeymoon period of the new president is very quickly over. In Hong Kong, Mr Tung has taken up the need to manage the media a lot more seriously in recent weeks. But to turn around fundamentally his political problems, some decisive moves have to be undertaken. It is not clear whether he would do that.
More details follow.
Trade numbers for July should be released in the next day or two. Statistic in July suggest that the economy is still in an accelerating mode. Apart from these latest statistics, the broader picture is one of an economy turning forcefully around from a cyclical slowdown which lasted for some 7 years. Consumer confidence has come back and has been a major driving force for the economy. Structural changes are continuing as reform progresses further and further in different aspects.