This paper uses the concept of risk to frame an analysis of welfare reforms and politics in Hong Kong following the financial crisis. Recently, the government and the public have been increasingly exposed to, and aware of, risk. The old welfare policies were considered ineffective in coping with new risks and were gradually replaced by new strategies, formulated in accordance with risk-led welfare discourse. The new risks and the risk management policies have reconfigured political alignments and power relationships among various stakeholders, who continue to debate risk definitions and appropriate responses. The perception and significance of risk, especially after the financial crisis, in reconfiguring risk politics, reconstituting power among the state and various groups, and constructing welfare discourse and policies will be examined. Even though actual risk has greatly diminished since 2004, risk has been entrenched in government policy.
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