Hong Kong

We believe that Hong Kong's 2012 elections will have no bearing on its business environment, nor on the broader economy. Given that the 1,200-member Election Committee that selects the Chief Executive is likely to be populated by Beijing-backed loyalists, Hong Kong's elections are seen to be more of a formality than the product of a democratic right to vote. We do not foresee any adverse implications on Hong Kong's business environment. The city's free market mechanics are likely to run as smoothly, while the dominance of pro-government and pro-Beijing groups within the legislature means that government-supported policies will be passed

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