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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The statement came as US President Donald Trump is due to announce later on Friday his response to the Chinese parliament’s advancement of national security legislation for Hong Kong, which democracy activists and Western countries fear could erode the city’s freedoms. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”
In recent weeks, Borrell has been forced twice to deny that the External Action Service — the EU’s equivalent of a foreign office —has bowed to Chinese pressure to water down a report on fake news linked to the coronavirus and a newspaper op-ed referencing the disease’s origins in Wuhan. … [Read more...] about EU weighs China policy amid concern over Hong Kong moves
Michael Davis, former law professor at the University of Hong Kong and a Global Fellow at the Woodrow Wilson International Center, said public security is “where Beijing's rule is at its most repressive” and believes that the application of Chinese national laws to Hong Kong means “the freedom that Hong Kong has known will now be under grave stress.” He questioned whether Hong Kong’s courts would be allowed to exercise their constitutional judicial review power to safeguard human rights. … [Read more...] about Experts Fear Impact of China’s National Security Laws on Hong Kong’s Freedoms
Hong Kong residents took the streets of at least eight neighborhoods on Wednesday and Thursday, the South China Morning Post reported, to protest multiple attempts by the Communist Party to take over nominally democratic Hong Kong. Beijing’s National People’s Congress (NPC) passed a law this week that would allow the Communist Party to arrest anyone in Hong Kong, not only residents, if accused of threatening the “national security” of communist China. Hong Kong’s Legislative Council (LegCo) is simultaneously trying to pass a law that would criminalize and punish with prison sentences “disrespect” of the Communist Party anthem, “March of the Volunteers.” … [Read more...] about Police Brutality: Hong Kong Arrested 100 Children in Anti-China Protests