HOW COULD IT ALL UNRAVEL? The pandemic has prompted central banks around the world to flood markets with new liquidity. Money that would normally seek a home in Hong Kong may just choose other centres, such as Singapore, in time diminishing the city’s significance. … [Read more...] about Explainer: How important is Hong Kong to China as a free finance hub?
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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?
After anti-government protests roiled the semi-autonomous city for nearly a year, China has now bypassed Hong Kong’s legislature to impose national security laws on the city to prevent and punish “acts and activities” that threaten national security, including secession, subversion and terrorism. Beijing said it was necessary to plug the national security “loophole,” which includes “foreign interference” blamed for stirring unrest in Hong Kong. … [Read more...] about Experts Fear Impact of China’s National Security Laws on Hong Kong’s Freedoms
Beijing says widespread anti-government unrest in Hong Kong has made it necessary for it to directly legislate new laws that will tackle secession, subversion, terrorism and foreign interference in the former British colony. The draft decision passed on Thursday paves the way for the laws to be directly enacted in Hong Kong through an annex of the city’s mini-constitution, the Basic Law. … [Read more...] about ‘No cards left’: Hong Kong residents sell up and search for way out as China cements grip
HONG KONG (Reuters) - Hong Kong told the United States to keep out of the debate over national security legislation being imposed by China, and warned that withdrawal of the financial hub’s special status under U.S. law could backfire on the U.S. economy. … [Read more...] about Hong Kong warns removing U.S. special status is a ‘double-edged sword’