The Chinese Communist Party (CCP) spent the past two years dismantling freedom and democracy in Hong Kong. Now it’s looking to win over residents with a push to reduce inequality.
Since the United Kingdom turned over control of Hong Kong to China, with some caveats, in 1997, Hong Kong had been among the freest markets in the world. The city had low taxes and few regulations, a combination that led to fabulous wealth, but also large wealth gaps and expensive housing. Now that Beijing has taken over the city and the world no longer recognizes it as economically independent, the CCP is seeking to lessen the wealth gap, The Wall Street Journal reported Tuesday.