from Wabash Magazine, Fall 1996
excerpt from "An Investor's Perspective"
On Hong Kong and its transition to Chinese control in 1997
In almost all facets of life here, the transition has already occurred. De facto, Hong Kong is controlled by the British; de jour, the Chinese are already involved here. During the last four years, China has been increasingly using Hong Kong’s capital markets to raise money. China needs a strong Hong Kong. China is going to want to show the world they can administer Hong Kong better than the British.
In fact, next year China is hosting the annual meeting of the World Bank not in Shanghai, not in Beijing, but in Hong Kong. So I think for the first three years things will move in the right direction. Thereafter, it’s a little more cloudy…
On political openness in Asia
As people become better educated, a call for accountability is going to occur. People are saying they are grateful for the economic growth, but not they also want a clean and accountable government.
—Ray Jovanovich ’84