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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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
Hong Kongers are concerned that the proposed extradition law will damage the city’s economic prospects, scaring off investors and even precipitating a financial crisis. As J Kyle Bass, a hedge fund manager, told Yahoo Finance, 'If the law passes, the autonomy of Hong Kong will come into question by the United States. That means that the US is going to treat Hong Kong as China, that is, no more most favoured nation trading status. We will impose tariffs, and when you look at Hong Kong’s trade as a percentage of its GDP, it’s enormous. So if all of a sudden a free trade zone becomes impeded by the US treating them as China, it literally changes the calculus.' … [Read more...] about Hong Kong’s battle for freedom is a little too late
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
The four-country joint statement by Raab, Australian foreign minister Marise Payne, Canadian foreign minister François-Philippe Champagne, and US secretary of state Michael Pompeo said: “Hong Kong has flourished as a bastion of freedom. The international community has a significant and long-standing stake in Hong Kong’s prosperity and stability”. … [Read more...] about ‘Concerned’ over new China security law, UK plans citizenship to 3.1 lakh Hong Kong residents