Donald Tsang's take on Singapore as financial centre
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In the 26 March 2007 edition of Time magazine (cover: A Vision for Hong Kong), there was a Q and A in which Tsang was asked,
Q: What city do you benchmark Hong Kong against?
A: As an international financial centre there are only two global benchmarks for Hong Kong: New York and London. Other places cannot compare with us. You look at the basic fundamentals to be an international financial centre. Dubai doesn't come close into the (picture) at all. Singapore doesn't come into it. It still hasn't got the freedoms we enjoy. Benchmarks must be above you, ahead of you.
Source:Yawning bread -
Ouch.Originally posted by kilua:In the 26 March 2007 edition of Time magazine (cover: A Vision for Hong Kong), there was a Q and A in which Tsang was asked,
Q: What city do you benchmark Hong Kong against?
A: As an international financial centre there are only two global benchmarks for Hong Kong: New York and London. Other places cannot compare with us. You look at the basic fundamentals to be an international financial centre. Dubai doesn't come close into the (picture) at all. Singapore doesn't come into it. It still hasn't got the freedoms we enjoy. Benchmarks must be above you, ahead of you.
Source:Yawning bread
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1. the FOREX market
pl read Strait Times 09 march 2007,page H34.
In last April ,SG is behind New York,London and Tokyo.
But some predicts SG may overtake Tokyo.
where is HK?
2.stock market
Bowtie Tsang stressed so much on fund amount managed
by HK and stock market value much higher than SG.
I agree it is true. But limited jobs are created.
3.Dunt count on certain industry/trade
It is foolish to boost no.1 in any trade but on
the whole is bad.
HK people and gov seems just go for high class
services and forget the low class factory jobs.
But there are some factory jobs are high value added! -
So what if Singapore is up there with Paris, London or Tokyo?
Only the elite benefits from it.
Not the majority of ordinary Singaporeans. -
Originally posted by lionnoisy:
HK forex markets arent that well developed. In Asia, Japan is the one with the most developed forex market.
1. [b]the FOREX market
pl read Strait Times 09 march 2007,page H34.
In last April ,SG is behind New York,London and Tokyo.
But some predicts SG may overtake Tokyo.
where is HK?
2.stock market
Bowtie Tsang stressed so much on fund amount managed
by HK and stock market value much higher than SG.
I agree it is true. But limited jobs are created.
3.Dunt count on certain industry/trade
It is foolish to boost no.1 in any trade but on
the whole is bad.
HK people and gov seems just go for high class
services and forget the low class factory jobs.
But there are some factory jobs are high value added![/b]
low class factory jobs has no value, if they had value those factory workers will be paid a nice fat salary. Thats why SIngapore should just focus on high end manfacturing and outsource the low end stuff to china or Vietnam or Indonesia. -
2.ordinary Singaporeans will get jobs ,more or less,if moreOriginally posted by charlize:So what if Singapore is up there with Paris, London or Tokyo?
Only the elite benefits from it.
Not the majority of ordinary Singaporeans.
new jobs created.
One new job save one family.
Dunt let any new job passing SG!!
3.When elites benefits,other also. -
Many aren't aware that sg is oso v gd at laundry services...
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He's right.... stop praising ourselves and work towards ahead of Them~!!Originally posted by kilua:In the 26 March 2007 edition of Time magazine (cover: A Vision for Hong Kong), there was a Q and A in which Tsang was asked,
Q: What city do you benchmark Hong Kong against?
A: Singapore doesn't come into it. It still hasn't got the freedoms we enjoy.
Source:Yawning bread -
And then they turn around and say we don't deserve the benefits because we aren't working hard enough for it.Originally posted by charlize:So what if Singapore is up there with Paris, London or Tokyo?
Only the elite benefits from it.
Not the majority of ordinary Singaporeans. -
What he says only shows that how fiercely we compete with Hong Kong and other cities in Asia. We need radical changes, thats why the govt restructured many industry for the past few years, it was painful for many, but it had to be done.
Why? b cos we either swim or sink, we don't have anything in Singapore, only rains and talent, yet many in this forum only knows how to bash the govt for trying to secure a future for Singapore.
One thing is for sure, we do not have Chinas 1.3 billion peoples wealth to back us. Many do not realise but China will ensure both Shanghai and HK to prosper, not just Shanghai. Beijing understand both is diff, both can cater for diff purpose and both needs to be strong.
Singapore has only lousy neighbours that try to stop selling us water, sand and god knows what else. -
Actually, the industry has been more or less the same... the only thing the Govt did was to bring in pharmaceutical manufacturing to fill in the gap that the Electronics manufacturing did. Between manufacturing and services, services always generates more cash. Plus, what is the point of a low-end manufacturing job if it doesn't bring enough food to the table? Moreover, these days, the only factories we are getting are the high end variety which means smaller labour pool.Originally posted by IIOOII:What he says only shows that how fiercely we compete with Hong Kong and other cities in Asia. We need radical changes, thats why the govt restructured many industry for the past few years, it was painful for many, but it had to be done.
Why? b cos we either swim or sink, we don't have anything in Singapore, only rains and talent, yet many in this forum only knows how to bash the govt for trying to secure a future for Singapore.
One thing is for sure, we do not have Chinas 1.3 billion peoples wealth to back us. Many do not realise but China will ensure both Shanghai and HK to prosper, not just Shanghai. Beijing understand both is diff, both can cater for diff purpose and both needs to be strong.
Singapore has only lousy neighbours that try to stop selling us water, sand and god knows what else.
If there is something that I don't quite get, is why there are certain industries that are getting a lack of labour. Is it because they don't advertise themselves? (Singaporean companies seem to have very very bad advertising.) Or is because the Govt has done its extolling of select industries that no one even knows they exist?
And our so called "lousy neighbours" are slowly catching up, or has everyone forgotten PTP?
As for our financial centre, our stock market value pales in comparison to any of the top end stock markets. We still have a lot to go to catch up on Hong Kong in terms of sophistication of the market itself. Other than that... well, we will definitely trail behind London and NY when it comes to financial centres. -
"radical changes" for whom? Themselves and their cronies or Singaporeans?Originally posted by IIOOII:What he says only shows that how fiercely we compete with Hong Kong and other cities in Asia. We need radical changes, thats why the govt restructured many industry for the past few years, it was painful for many, but it had to be done.
Why? b cos we either swim or sink, we don't have anything in Singapore, only rains and talent, yet many in this forum only knows how to bash the govt for trying to secure a future for Singapore.
One thing is for sure, we do not have Chinas 1.3 billion peoples wealth to back us. Many do not realise but China will ensure both Shanghai and HK to prosper, not just Shanghai. Beijing understand both is diff, both can cater for diff purpose and both needs to be strong.
Singapore has only lousy neighbours that try to stop selling us water, sand and god knows what else.
Raise GST so that they can pay themselves GREED salaries and call that raising GST to help the poor.
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speaks like a true chinese goverment functionary ... he didn't mention tokyo too .... -
i think tokyo has never been too interested in becoming anything international...the japs are inward looking and not opened to things overseas...given that they have a self-sustaining economic, their priorities are pretty much keeping the citizens happy....Originally posted by Fatum:speaks like a true chinese goverment functionary ... he didn't mention tokyo too ....
i think hk will do far more forex biz when china decides to float the yuan......sg is too pre-occupied with things superficial i feel....hubs are everywhere but the content remains dubious..... -
So I wonder...hmmmm do the government really needs 2 billions SGD from the GST hikes to help the poor?Originally posted by IIOOII:What he says only shows that how fiercely we compete with Hong Kong and other cities in Asia. We need radical changes, thats why the govt restructured many industry for the past few years, it was painful for many, but it had to be done.
Why? b cos we either swim or sink, we don't have anything in Singapore, only rains and talent, yet many in this forum only knows how to bash the govt for trying to secure a future for Singapore.
One thing is for sure, we do not have Chinas 1.3 billion peoples wealth to back us. Many do not realise but China will ensure both Shanghai and HK to prosper, not just Shanghai. Beijing understand both is diff, both can cater for diff purpose and both needs to be strong.
Singapore has only lousy neighbours that try to stop selling us water, sand and god knows what else. -
Come on lor. Extra 5m (or is it 50?) they also dont want to fork out to help the old...
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As what i have predicted, there are alot of people out there that only knows how to ask, what can the govt do for me? what is the govt doing for me? What have the govt done in the past few years? If you ask yourself these question you should move to another country where you have to pay 40% tax to support a welfare state.
If you live in Singapore and because of our position regionally and globally, you must be prepared and have the mentality to work until you cannot work and upgrade yourself for the rest of your life.
To me, it is not fair to compalint on 2%GST when there is many years of 5% or more GDP growth and wage increase. -
you are not seeing the real picture are you....you can whine about the 40% tax for welfare elsewhere but have you compared the supposed subsidised housing elsewhere too. the main reason why saving for old age is difficult is due mainly to the high repayment incurred in owning a hdb flat....the govt has indeed been efficient most case but effectiveness remains elusive for most...they're distributing much of the nation's resource disproportionately to the elite few...while a chain is only as strong as its weakest link, a nation is also as rich as its poorest citizen....Originally posted by IIOOII:As what i have predicted, there are alot of people out there that only knows how to ask, what can the govt do for me? what is the govt doing for me? What have the govt done in the past few years? If you ask yourself these question you should move to another country where you have to pay 40% tax to support a welfare state.
If you live in Singapore and because of our position regionally and globally, you must be prepared and have the mentality to work until you cannot work and upgrade yourself for the rest of your life.
To me, it is not fair to compalint on 2%GST when there is many years of 5% or more GDP growth and wage increase. -
if you want to compare poor citizens, which country do you want to compared with in the world?
Just walk around the cities in Malaysia, Indonesia even Bangkok, pls see the real picture, how many citizens are rich enought to have a computer at home and complaint about the govt like us? -
The ministers are very poor one. So the 2 billion is there to help them get out of their poverty.Originally posted by Texcoco II:So I wonder...hmmmm do the government really needs 2 billions SGD from the GST hikes to help the poor?
Look, the taxes you pay in these wel**** (it's a bad word, so I'm censoring myself) states, ensures that you dun have to worry about your children's education and your own healthcare needs. Basically, the citizens are happy. Why? Because the you can spend the money you earn this month without worries. Why you can spend it without worries? Because you know there are food on the table for the next few decade, your children's education is looked after and when you are sick (and you will be), your healthcare is taken care of.Originally posted by IIOOII:As what i have predicted, there are alot of people out there that only knows how to ask, what can the govt do for me? what is the govt doing for me? What have the govt done in the past few years? If you ask yourself these question you should move to another country where you have to pay 40% tax to support a welfare state.
If you live in Singapore and because of our position regionally and globally, you must be prepared and have the mentality to work until you cannot work and upgrade yourself for the rest of your life.
To me, it is not fair to compalint on 2%GST when there is many years of 5% or more GDP growth and wage increase.
The wage increase you mentioned. There must be an increment in standard of living. NOT just the money you earn!! Assume that you earned $1000 a few years ago and a loaf of bread costed $1 then, now you earn $1300 and the same loaf of bread by the same manufacturer cost $1.30 (maybe even more) now. Can it be considered as wage increment? -
yes do you want your children to also continue paying 40% or more tax for every dollar they earn? Are you sure that these welfare states gives free education and healthcare in the same standard and quality as in Singapore?
If you think that you are only getting incremental wage increase than you should do something about it yourself and stop complaining, do you really expect to do the same job (same output same quality) and expect a 20-30% wage increase every year? -
Can you promise that taxes will not raise to 40% in Singapore? Who are you to promise that? Are you sure that the education and healthcare service in Singapore is not at all inferior than these welfare state? (I dunno about education, but when it comes to healthcare, I seriously doubt it)Originally posted by IIOOII:yes do you want your children to also continue paying 40% or more tax for every dollar they earn? Are you sure that these welfare states gives free education and healthcare in the same standard and quality as in Singapore?
If you think that you are only getting incremental wage increase than you should do something about it yourself and stop complaining, do you really expect to do the same job (same output same quality) and expect a 20-30% wage increase every year?
I just bought a pencil recently. It is the same pencil (yes, by the same manufacturer) I bought 10 years ago when it cost $0.20. Guess how much I paid for that pencil? $0.70.
A 350% increment in price.
Do you think an average Joe's wage increment can raise it's wage by 350% or more in 10 years' time with all the job hopping and the upgrading of skill? -
Are you sure healthcare services is inferior to those is Welfare countries like Britain? It is a damn failure there. Look at our nearest neighbour to see their Bumiputra system.Originally posted by Hogzilla:Can you promise that taxes will not raise to 40% in Singapore? Who are you to promise that? Are you sure that the education and healthcare service in Singapore is not at all inferior than these welfare state? (I dunno about education, but when it comes to healthcare, I seriously doubt it)
I just bought a pencil recently. It is the same pencil (yes, by the same manufacturer) I bought 10 years ago when it cost $0.20. Guess how much I paid for that pencil? $0.70.
A 350% increment in price.
Do you think an average Joe's wage increment can raise it's wage by 350% or more in 10 years' time with all the job hopping and the upgrading of skill?
British tax is 17.5%. Singapore is only 7 %(coming to be). Their pound is S$1 - to 2.9+pound. So their tax is much higher than ours.
There are even more expensive cities in the world, New York, London and Tokyo as a few examples. As we are a city with few resources, things are bound to be expensive as we import everything in.
You can see in the Granite stoppage and Sand ban by the Indonesia Govt. So everything got to rise. It depend on how we outsource for cheaper and better materials. -
Why the hell are you picking Britain only when the Scandinavian states have it all better? Cherry picking examples again!Originally posted by Urroh:Are you sure healthcare services is inferior to those is Welfare countries like Britain? It is a damn failure there. Look at our nearest neighbour to see their Bumiputra system.
British tax is 17.5%. Singapore is only 7 %(coming to be). Their pound is S$1 - to 2.9+pound. So their tax is much higher than ours.
There are even more expensive cities in the world, New York, London and Tokyo as a few examples. As we are a city with few resources, things are bound to be expensive as we import everything in.
You can see in the Granite stoppage and Sand ban by the Indonesia Govt. So everything got to rise. It depend on how we outsource for cheaper and better materials. -
Why you pick Scandinavian Countries also? When there are more examples to pick on..Originally posted by Fingolfin_Noldor:Why the hell are you picking Britain only when the Scandinavian states have it all better? Cherry picking examples again!
Aint u cherry picking or even compare oranges and apples to Durians?