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In 1843, the British colonial government in Hong Kong designated the northern coast of Hong Kong Island as the City of Victoria. Hindered by natural resource shortages and a poor natural environment, the government had to make use of new construction techniques and infrastructure to solve daily life problems, which included housing, transport facilities, water supply, law and order and public hygiene. The city was managed with two completely differently strategies. The Central District was mainly modelled on what was practised in the West. Commercial activities and trade were conducted in a systematic manner, and the enactment and strict enforcement of laws were key to the implementation of policies. However, the densely populated area of Sheung Wan, located in the western part of the city and inhabited by the Chinese community, was blighted by poor housing and hygiene conditions as well as high crime rates.
Peter A.G. van Bergeijk and Rolph van der Hoeven
Peter van Bergeijk and Rolph van der Hoeven discuss the design and development of the Sustainable Development goals (SDGs) and their strengths and weaknesses. Based on the findings in this edited volume they point out persistent high and/or growing national inequality in different regions in the world. The absence of any concern for inequality in the predecessors of the SDGs, the Millennium Development Goals was a great omission as reducing income inequality is one of the most important challenges countries are facing. Although the SDGs contain a goal to reduce inequality (goal 10) the target related to this goal is wholly insufficient as it relates only to progress of the bottom 40 per cent of the population. There is no sensible indicator to attest the growing importance of the growing cleavage between income of work and income of capital and the income of super rich (the top-1 per cent) which manifest themselves in much more visible form in emerging and in developed countries. The authors argues that concern for income inequality should receive far greater attention in the implementation of the SDGs
Achieving Fiscal Sustainability
Edited by Naoyuki Yoshino and Peter J. Morgan
Achieving Fiscal Sustainability
Peter J. Morgan and Long Q. Trinh
Sustainable and inclusive growth in emerging Asian economies requires continued high levels of public sector investment in areas such as infrastructure, education, health, and social services. These responsibilities, especially with regard to infrastructure investment, need to be devolved increasingly to the regional government level. However, growth of sources of revenue and financing for local governments has not necessarily kept pace, forcing them, in some cases, to increase borrowing or cut spending below needed levels. This chapter reviews alternative models of the relationship between central and local governments, and provides an overview and assessment of different financing mechanisms for local governments, including tax revenues, central government transfers, bank loans, and bond issuance, with a focus on the context of emerging Asian economies. The chapter also reviews financing mechanisms for local governments and mechanisms for maintaining fiscal stability and sustainability at both the central and local government levels. Based upon the evidence on the decentralization process in Asia, it proposes some policy implications for improving central–local government relations and fiscal sustainability.