That China has been making such preparations for tight control over Hong Kong affairs was reflected in the new appointments early this year for the administrative body, the Hong Kong and Macao Affairs Office with Luo Huining in January and Xia Baolong in February as the head. … [Read more...] about Why India must protest China’s Hong Kong policy
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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?
But Beijing might not lose too much sleep over the loss. From the perspective of China’s leaders, keeping Hong Kong under their political thumb is more important. That is why Chief Executive Carrie Lam’s administration tried to brazen it out, tone deaf to overwhelming popular opinion. For Beijing, putting the extradition bill on the back burner is merely a tactical concession to contain the protests. … [Read more...] about Hong Kong’s battle for freedom is a little too late
Beijing: The United States, United Kingdom, Australia and Canada on Friday (May 29) gave a joint statement in response to China’s proposed new security law for Hong Kong. The countries said that imposing a new security law on Hong Kong would threaten freedom and breach a 1984 Sino-British agreement on the autonomy of the former colony. … [Read more...] about US, UK, Australia, Canada oppose Beijing’s Hong Kong security law; China warns of tough action
She also criticized the U.S., saying “any other state that tries to use coercion or whatever means with a view to interfering with the sovereign right of a state to pass its own national security law is arguably infringing on the principle of non-intervention under public international law, and that is not acceptable.” … [Read more...] about China says US move to end some trading privileges of Hong Kong ‘doomed to fail’