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
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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?
IMAGE: Protesters demonstrate on a street outside the Hong Kong Police Headquarters in Hong Kong, China. Hong Kong pro-democracy activist, Joshua Wong, said after being released from jail that Chief Executive Carrie Lam must step down as he joined protesters against the controversial extradition bill which would allow suspected criminals to be sent to the mainland and place its citizens at risk of extradition to China. Photograph: Anthony Kwan/Getty Images … [Read more...] about Hong Kong’s battle for freedom is a little too late
"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. 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 … [Read more...] about US, UK, Australia, Canada oppose Beijing’s Hong Kong security law; China warns of tough action
Trump said the administration would begin eliminating the “full range” of agreements that had given Hong Kong a relationship with the U.S. that mainland China lacked, including exemptions from controls on certain exports. “China has replaced its promised formula of one country, two systems, with one country, one system,” he said. … [Read more...] about China says US move to end some trading privileges of Hong Kong ‘doomed to fail’