Risk of complacency for HK, Macao, Taiwan

The old growth engines of Hong Kong, Macao and Taiwan are decelerating. The new ones are predicated on deeper economic ties with the Chinese mainland.

The governing Kuomintang Party recently suffered a landslide defeat in local elections in Taiwan. As a result, Kuomintang head Ma Ying-jeou resigned as KMT chairman. In Hong Kong, protesters are divided about the future of "Occupy Central", which almost paralyzed Hong Kong's financial district in the fall. As Macao has been preparing for celebrations for the 15th anniversary of its return to the motherland, Macao Chief Executive Fernando Chui Sai-on has to address its dependency on casino revenues.

In the West, these events have been reported as the dissatisfaction of the residents of Taiwan, Hong Kong and Macao with mainland ties. Realities are more nuanced.