Impact of the recent financial crisis on subjective perceptions of the economy: Fingdings from Hong Kong, Guangdong, and Beijing

Abstract

This article documents the impact of the recent financial crisis on subjective well-being in three Chinese metropolitan areas in tandem with public perceptions of the economy. Using e-mail and telephone calls, 1,255 respondents were interviewed in Hong Kong, 84 in Guangdong, and 69 in Beijing. As an international financial center, more than 90 percent of Hong Kong's economy relies on the service sector. Guangdong is the world's industrial center with a large proportion of its economy dedicated to industrial and manufacturing pursuits. Beijing is the political and cultural capital of China. Some argue that China's economic restrictions have served as a firewall against the harmful effects of the global financial crisis. Comparing data from the three areas of focus, this article found that Hong Kong and Guangdong exhibit similar patterns of subjective perceptions about the economy in sharp contrast to those observed in Beijing.