Page 58 - Preservation for the Documentation of Chinese Christianity

Hong Kong Christian Council

Statement on the Financial Tsunami

The financial tsunami allows us to have shortest time, fueling human greed. Indeed,
a clear vision of the potential risks and crisis the financial disaster is precisely the result of HKCC
under globalization, which are far beyond our this kind of “casino capitalism”，pushing the
understanding, expectation and control. This world to the edge of collapse. The vulnerable
sub-prime mortgage crisis from the United and marginalized in the society supposedly Statement
States triggered a chain attack on the global bear no responsibility for this financial crisis,
financial system. The underlying reasons and even though they are the greatest victims in
process by which it occurred have still not the ever-growing gap between the rich and the
been truthfully revealed to the world. However, poor. In the current crisis, they again are the
this crisis reminds us again that when the most affected group of people regarding their
world globalizes, the risk globalizes too. A daily lives and survival in the society.
few years ago, there was SARS and in recent
As the response of the World Council of
years, the world has discovered constant
Churches to the financial tsunami reminds us:
problems in food safety and the worsening of
“Justice is the heart of the matter.” Facing the
global warming. Now, it comes to the financial
global financial tsunami crisis, it is time for us
tsunami. All these are witnesses that the cycle
to stop and take this opportunity to re-set the
of risk created by modern society has been
important and basic values, to advocate mutual
greatly shortened, causing serious damage
internationally. It is far more serious than the help, to organize the community network and
to promote universal sharing of risk. This is
predicted level and beyond control. More
the fundamental direction that we should go to
importantly, its related impact affects the whole
respond to risk globalization and to establish
world and no one can escape it. Therefore,
a viable society. Therefore, we call for the
one cannot only advocate for personal effort
following:
and diligence to tackle and solve the crisis.

In the past, Hong Kong mainly focused on 1. The Government should not rely on and
developing financial business because of its indulge too much in high return rate business.
high return rate while neglecting local economic Rather, they should actively support diversified
and industrial development. Even government and genuine economic development, helping
policy did not encourage diversified economic establish a mutually beneficial economic
activities. In fact, they have been pursuing the system. Policy-wise, they should face the
financial dream of being part of "Nylonkong needs of districts. Also, they should encourage
- the New York-London-Hong Kong economic and implement non-intervention policy for local
triumvirate. The government has become and sustainable economic development. By
habitually shortsighted and working for supporting development that is responsible
immediate return only. As such, they pursued towards the ecology and community, potential
a robber baron investment strategy in the and abundant local wisdom and synergy
market to rip off the highest reward in the can be released. As for social policy, the

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