HONG KONG (AP) — Dozens of people joined a protest in a mall in Hong Kong on Friday following a vote by China’s ceremonial parliament to approve legislation that could severely restrict opposition political activity and civic activity in the Asian financial center. … [Read more...] about Protest in Hong Kong over China move to pass security law
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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?
On July 1, 20 years ago, the United Kingdom handed rule of Hong Kong—a British colony for 150 years—to China. Today, Hong Kong operates under the One Country, Two Systems principle, which means it is part of China, but has its own government, and is allowed to retain capitalist principles, unlike Communist mainland China. … [Read more...] about Hong Kong and China: How Beijing Benefits From the Former British Colony 20 Years On
"To take my last breath, I would come out and fight for freedom. There's no freedom of speech, gatherings and education. They are trying to suppress as much as possible," said Jerome Lau, 70-year-old protester. … [Read more...] about Hong Kong Protests China’s Vote on Security Law
The spokesperson for Chinese foreign ministry Zhao Lijian earlier said that "no other country has the right to interfere" with Hong Kong issues, adding that "If someone insists on harming China's interests, China will take all necessary measures to fight back." … [Read more...] about Hong Kong is China’s internal affair: VN diplomat