Hong Kong Cash Giveaway Seen as Misguided

While much of the world worries about economic recession, Hong Kong's fiscal situation is one to envy. The former British colony, which reverted to China's control in 1997, remains a booming port of capitalism. Second quarter GDP growth this year was just below 10 percent. Unemployment is under 3.5 percent. There is so much money in the government coffers that next month, it will begin giving some it away. All 6.1 million adult permanent residents are to receive 6,000 Hong Kong dollars (about $700 U.S.). But not all of the prospective recipients are rejoicing.