Horse-racing and stocks, two greatest attraction magnets for Hong Kong
people, have kept their vitality after Hong Kong returned to the motherland 10
years ago.
When talking about the lifestyle of Hong Kong in the 1980s during
negotiations between China and Britain over Hong Kong's return to the Chinese
motherland, Deng said Hong Kong people could continue their horse-racing and
stocks exchanges.
"Hong Kong people can go on horse racing is a promise that visualizes part of
Hong Kong people's life," said Kim Kin-wah Mak, executive director of the
corporate development department of the Hong Kong Jockey Club, referring to the
well-known remarks by late Deng Xiaoping amid celebration preparations for the
upcoming 10th anniversary of Hong Kong's return to China.
"Hong Kong people's love for horse racing has never changed for the past 10
years," Mak said, "Deng's promise to keep the lifestyle in Hong Kong intact has
been upheld."
To put it more specific, horse racing has not only continued to thrill Hong
Kong people since Hong Kong's return to China, but has grown with the support of
the central government and eager horse racing bidders.
During the race season, many race fans in Hong Kong can be seen burying their
heads in newspapers at teahouses studying the odds for their favorable horses.
Horse racing days are held in two racecourses at Happy Valley and Sha Tin on
most Wednesdays and weekends from September to June, attracting about 1.2
million race goers each racing day, according to the Jockey Club's statistics.
The club's betting turnover has already exceeded 16.3 billion HK dollars (2.1
billion U.S. dollars) every fiscal year, contributing 1.3 percent to Hong Kong's
gross domestic product and10 percent of the special administrative region
government's tax revenue.
As one of Hong Kong's top 10 employers, the Jockey Club currently employs
more than 5,000 full-time workers and 20,000 part-time staff on race days.
A major entertainer for Hong Kong people, the Jockey club also serves as the
city's largest charity organization with its charity donation exceeding 10
billion HK dollars (1.3 billion U.S. dollars) during the past years.
Since Hong Kong returned to China in 1997, stock markets, another attraction
magnet for Hong Kong people, also keeps its vitality after tiding over challenge
in the wake of the Asian financial crisis and the outbreak of severe acute
respiratory syndrome (SARS).
The benchmark Hang Seng Index, a barometer for Hong Kong's economy, has
already surpassed 21,000 level in June of 2007 from 15,196 level in July 1997,
with the entire market capitalization totaling more than 1.5 trillion HK dollars
(1,923 billion U.S. dollars).
The H shares, which reflect performance of Chinese mainland state-owned
enterprises listed on the Hong Kong Stock Exchange, also skyrocketed near 12,000
level in June 2007 from 1,015 level at the end of June in 1997.