The statement came as US President Donald Trump is due to announce later on Friday his response to the Chinese parliament’s advancement of national security legislation for Hong Kong, which democracy activists and Western countries fear could erode the city’s freedoms. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”
HONG KONG: Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. If it gets to that stage, Beijing's move will come at a cost for China's economy. WHY DOES CHINA NEED HONG KONG AS IT IS? China still has extensive capital controls and often intervenes in its financial markets and banking system. Hong Kong is one of the world's most open economies and one of the biggest channels for equity and debt financing. The size of Hong Kong's economy may only be the equivalent of 2.7% of mainland China's, down from 18.4% in 1997 when it reverted to Chinese rule, but the territory punches above its weight due to world-class financial and legal systems. As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities. HOW IS THAT CHANGING? Under the 'one country, two systems' formula agreed as part of Britain's handover of the territory … [Read more...] about How important is Hong Kong to China as a free finance hub?
Police waited in vans parked prominently outside the mall but did not attempt to break up the gathering. Hundreds of people had been arrested during recent demonstrations, seeking to revive the momentum of protests which shut down large parts of the city during the second half of last year. … [Read more...] about Hong Kong protest over China security law
As Hong Kong’s stability and prosperity are jeopardised by the new imposition, we call on the Government of China to work with the Hong Kong SAR Government and the people of Hong Kong to find a mutually acceptable accommodation that will honour China’s international obligations under the UN-filed Sino-British Joint Declaration." … [Read more...] about US, UK, Australia, Canada oppose Beijing’s Hong Kong security law; China warns of tough action
“Direct imposition of national security legislation on Hong Kong by the Beijing authorities, rather than through Hong Kong’s own institutions as provided for under Article 23 of the Basic Law, would curtail the Hong Kong people’s liberties, and in doing so, dramatically erode Hong Kong’s autonomy and the system that made it so prosperous”. … [Read more...] about ‘Concerned’ over new China security law, UK plans citizenship to 3.1 lakh Hong Kong residents