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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Hong Kong’s government warned Washington that withdrawing its special US status, which has underpinned the city as a global financial hub, could be a “double-edged sword” and urged the United States to stop interfering in internal affairs. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”
The United States has exited a number of world bodies and multilateral pacts on President Trump’s watch, starting with the Trans-Pacific Partnership in January 2017, the month when he took office. This was followed by departures from the Paris Accord on climate change (2017), UNESCO (2017), Iran deal (2018) and UNHCR (2018). And the president has grumbled about US contributions to NATO and the United Nations and now with the World Health Organization. … [Read more...] about Trump announces end of ties with WHO over virus pandemic, to end special treatment for Hong Kong
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
Indeed, the city presents an existential threat to the legitimacy narrative of Communist Party of China. Hong Kong has not bartered freedom for prosperity. It is comfortable with Western norms without losing its Chinese character. The party’s claim on the monopoly of power is weakened by freewheeling Hong Kong next door. The two systems in the “one country” threaten one another. One has guns and the other has umbrellas. … [Read more...] about Hong Kong’s battle for freedom is a little too late