Hong Kong and Singapore have revealed differing plans for how to combat rising prices, ageing populations and slowing global growth, setting Asia’s financial centre rivals on divergent economic paths.
The two former British territories have long been known for their low taxes, rising incomes and booming financial services sectors. The World Bank has ranked them as two of the top three places in the world to do business since 2010.
But both have more recently faced the challenges of increased living costs and shifting demographics. This week leaders in the two cities announced their budgets for the coming year, highlighting alternative views on how to tackle those problems.
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