Hong Kong, with its low taxes and relatively light regulatory touch, has always been a darling of U.S. conservatives. For the last 18 years, the Heritage Foundation has ranked the Chinese territory the most economically free place in the world. When Sarah Palin came to town in 2009, she reportedly declared herself happy to be visiting the “libertarian” part of China.
Yet to Hong Kong residents, such paeans ring hollow in the face of the oligopolistic realities of the local economy. Just two conglomerates–Hutchison Whampoa and Jardine Matheson–dominate Hong Kong’s supermarket, pharmacy, and electronics retail sector, and global discount superstore chains common elsewhere in the region are still absent.
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