Hong Kong faces up to political reality.

(From Insurance Day)

Byline: Edward Ion

HONG Kong's economy is picking up for probably the first time since the former British colony was handed back to China in 1997. It is very good news for the 7m long-suffering citizens and it is also good for the service economy there, of which insurance forms a small but important part.

But Hong Kong is no longer a simple, free-wheeling, capitalist enclave looking into a communist regime to the north. It is now firmly part of China. Being part of China could mean Hong Kong continues to be one of the world's great cities to do business in. No other territory in the world is in a better position to capitalise on China's emergence as a global economic superpower.

But as recent events have shown, it is not quite that simple. For being part of China has brought with it words that were rarely used in the lexicon of Hong Kong language when the British were in charge, such as democracy, accountability and transparency. …