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?
Economy shipping from china hong kong taiwan to worldwide
"One country, two systems", the brilliant formulation that allowed Britain to transfer Hong Kong to the People’s Republic of China in 1997, allowed a lot of people to believe that the two systems would converge over time. That while the mainland would adopt free markets and democracy, Hong Kong would become better integrated with its motherland. That Hong Kong would change the mainland. In China, economic freedom would lead to political freedom and it would follow Japan, South Korea and Taiwan towards democracy. … [Read more...] about Hong Kong’s battle for freedom is a little too late
Diplomats said China’s U.N. Ambassador Zhang Jun accused the U.S. and UK of meddling in the country’s internal affairs and making baseless accusations that the law risks curtailing freedoms guaranteed in the December 1984 Sino-British agreement that led to the 1997 handover of the British colony to China. He called the U.S. the “troublemaker” of the world and told council members not to make China “the enemy,” they said. … [Read more...] about US and China clash over Hong Kong laws at closed UN meeting
'The United States strongly urges Beijing to reconsider its disastrous proposal, abide by its international obligations, and respect Hong Kong's high degree of autonomy, democratic institutions, and civil liberties, which are key to preserving its special status under US law,' he said. … [Read more...] about Australia issues a joint statement with the UK and Canada condemning China’s anti-protest laws in Hong Kong
The Commerce Department announced last week it would add China’s Ministry of Public Security’s Institute of Forensic Science and eight Chinese companies to the entity list, which will result in new restrictions on access to US technology. The department accused them of human rights violations and abuses committed against Uighurs, ethnic Kazakhs, and other members of Muslim minority groups. … [Read more...] about US Prez Donald Trump to rebuke China over Hong Kong friction, Covid-19