【明報專訊】THERE have recently been some phenomena and statistics showing that the Hong Kong economy is undergoing an adjustment. Such a situation, if looked at closely, shows that Hong Kong's real estate market is inextricably intertwined with the economy, which has been largely so in the past. It has also exposed the lack of elasticity and generative power of the Hong Kong economy, which explains why the economy has become so stagnant. The adjustment we are faced with well illustrates what the Hong Kong economy needs: the creation of new growth areas, the enhancement of its competitiveness, and even the broadening of the tax base.