Chinese banks hold more assets in Hong Kong — $1.1 trillion in 2019 — than lenders from any other region, according to Hong Kong Monetary Authority’s data compiled by Natixis. Any squeeze on the massive financing channel risks destabilising the Chinese economy. … [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?
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’
“‘Lam chow’ holds that you die to be born again … it is only after being cleansed by fire that a phoenix can rise from the ashes,” it said. “It is not revolutionary fervour, romanticism, or nihilism. It is based on a clear-eyed assessment that Communist party’s stranglehold on Hong Kong has grown too tight. Desperate times call for desperate measures.” … [Read more...] about ‘No cards left’: Hong Kong residents sell up and search for way out as China cements grip
The security legislation, expected to be enacted before September, was condemned also by Britain, Australia, Canada and others. Britain said it will give greater visa rights to British national overseas passport holders from Hong Kong unless China suspends its plans. … [Read more...] about Hong Kong govt warns removing US special status is “double-edged sword”