“Hong Kong was secure and prosperous as a free society. Beijing’s decision reverses all of that. It extends the reach of China’s invasive state security apparatus into what was formerly a bastion of liberty,” he said. “This was a plain violation of Beijing’s treaty obligations with the United Kingdom in the declaration of 1984, and explicit provisions of Hong Kong’s basic law.” … [Read more...] about Trump orders end to Hong Kong’s special status
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The five demands of last-year’s pro-democracy protest movement included universal suffrage and an independent inquiry into police handling of the protests, but not independence. A minority of protesters waved “Hong Kong independence” flags. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”
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?
China's National People’s Congress on Thursday voted to approve the bill that will now be sent to its standing committee for final approval. Details of the final version of the law aren’t known, but China says it will prohibit separatist activities and actions that might threaten the Communist Party’s monopoly on political power in mainland China. … [Read more...] about Protest in Hong Kong over China move to pass security law
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