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?
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Equity markets have had difficulty gauging the pandemic’s impact on earnings. But data on Friday showed a record drop in US consumer spending for the second straight month and the highest-ever saving rate, reflecting high levels of economic uncertainty. … [Read more...] about Global stocks rebound on relief at Trump’s response to China over Hong Kong
“Frankly the US government is -- I’ll use the word ‘furious,’ at what China has done in recent days, weeks, and months,” White House economic adviser Larry Kudlow told Fox News earlier on Friday. “They have not behaved well and they have lost the trust, I think, of the whole Western world.” … [Read more...] about Trump moves to revoke Hong Kong’s trade status, stoking China Rift
"We will take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory from the rest of China," Trump said, adding that Washington would also impose sanctions on individuals seen as responsible for "smothering - absolutely smothering - Hong Kong's freedom." … [Read more...] about Trump moves to revoke Hong Kong privileges
This week's session of China's parliament in Beijing has adopted a new national security law for Hong Kong in disregard of public opinion and the opposition of several elected Hong Kong Legislative Council members who were physically ousted from the LegCo last week. … [Read more...] about Why India must protest China’s Hong Kong policy