Al Jazeera English published this video item, entitled “Is this the end of China’s experiment with capitalism? | Counting the Cost” – below is their description.
Since President Xi Jinping became head of the Communist Party in 2012, he has launched an anti-corruption purge, interned millions of Uighurs and crushed the hopes of pro-democracy protesters in Hong Kong.
Now, Xi has got his eye on a huge segment of the economy that has powered economic growth in recent years: billionaires, celebrities, property, gaming and technology companies. He argues the side-effect of growth has been inequality and that it is time for “common prosperity”. Iris Pang, the chief economist for greater China at ING Bank, sheds further light on this.
Plus – why collectors are snapping up second-hand watches during lockdowns, according to the Founder and CEO of A Collected Man Silas Walton.Al Jazeera English YouTube Channel
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
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