HK rides thewaves of free market

The highly external oriented economy of Hong Kong is said to have taken a heavy blow from the global credit crisis in the past 18 months. But you won't notice any sign of recession if you happen to be visiting Hong Kong, like I did last week.

The upmarket malls in the city center as well as those street side bazaars in the more modest districts are packed with shoppers. Even on weekdays, restaurants, where an average dinner can cost up to HK$300 per head, are turning away guests who have not made a booking.

Take a walk in the central business district or the commercial stripe in Causeway Bay and you'd be surprised that there are more people driving Mercedes and Lexus than Volkswagens or Toyotas.