Hong Kong’s first legislative election since Beijing overhauled the town’s electoral procedure marks the start of a “new politics” within the town, an analyst informed CNBC.
“We need to wait to peer the overall effects earlier than we all know that for sure, however it does appear to be the pro-establishment applicants — who’re focusing extra on livelihood problems, social problems — are going to dominate the legislature,” Tim Summers, senior consulting fellow at Chatham Area, informed CNBC’s “Squawk Field Asia” on Monday.
Such problems vary from housing and poverty to the surroundings, stated Summers, who added that “we’re going to nonetheless see a good quantity of contestation and debate about lots of the livelihood problems that Hong Kong is going through.”
Other folks input a polling station to solid their ballots throughout the Legislative Council election on December 19, 2021 in Hong Kong, China.
Cheng Yongnuo | China Information Provider | Getty Pictures
Lau Siu-Kai, vice-president of Beijing-based suppose tank the China Affiliation of Hong Kong and Macao Research, echoed the ones sentiments. He stated the brand new legislature will center of attention on “sensible issues” like the town’s housing scarcity, mountain climbing real-estate costs, and source of revenue equality.
Summers stated he does no longer be expecting a lot growth on political reform following the elections, however that is “a part of the plan” from Beijing’s viewpoint.
“They noticed a miles better radicalization of Hong Kong politics during the last 5 – 6 years … They sought after to chop that off … after the large social actions, frequently violent actions of 2019,” Summers stated.
Voter turnout falls
Voter turnout fell to a file low of 30.2% in Sunday’s polls, consistent with Hong Kong’s Electoral Affairs Fee, in comparison with about 58% within the remaining election in 2016. This yr’s electoral overhaul supposed there could be fewer without delay elected representatives and extra Beijing-approved officers.
Underneath the brand new electoral device, the whole choice of seats within the legislature has been larger from 70 to 90. However the choice of without delay elected representatives has contracted. In the past, part the Council’s representatives had been without delay elected by way of common Hong Kongers. Underneath the brand new regulations, a couple of 5th of them will likely be.
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The election were dubbed a “patriots handiest” one, with leaders in Beijing and Hong Kong overtly announcing the brand new device is designed to make certain that handiest “patriots” cling place of job in Hong Kong. They have got thus far rejected out of doors complaint of the electoral adjustments, characterizing the remarks as fruitless interference in home affairs.
Nonetheless, Lau stated Hong Kong stays “an excessively horny position for overseas buyers.”
That is in particular so at a time when many Chinese language corporations that business in the US are beneath drive from Beijing to delist from markets stateside and checklist closer to house in Hong Kong, Lau informed CNBC’s “Boulevard Indicators Asia.”
Chinese language ride-hailing large Didi stated previous this month that it’ll get started delisting from the New York Inventory Alternate and make plans to checklist in Hong Kong as an alternative.
— CNBC’s Vivian Kam contributed to this document.