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?
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Lord Patten said: 'The statement shows growing and widespread international outrage at the decision by the Chinese government to unilaterally impose national security legislation in Hong Kong. The breadth of support, which spans all political parties and four continents, reflects both the severity of the situation and ongoing unified international support for the principle of one-country, two-systems.' … [Read more...] about Chinese army issues chilling warning to Hong Kong protesters as it says it’s ready to ‘smash’ any demonstrations against new national security law
'This may be worrisome. It depends on what the bill says about what powers these people have,' said Albert Chen, a constitutional law scholar at Hong Kong University and member of a committee that advises the congressional Standing Committee on the Basic Law. … [Read more...] about Hong Kong’s richest man, 91, who owns UK mobile network Three backs new national security law and says it will give the city long-term stability
At the same time, tensions have been building as the gap between rich and poor has widened. Political sentiment has become polarized as Beijing gradually extended its influence by ensuring its supporters would hold the deciding votes over such decisions as who would be the city's top leader. … [Read more...] about Hong Kong on borrowed time as China pushes for more control
'This may be worrisome. It depends on what the bill says about what powers these people have,' said Albert Chen, a constitutional law scholar at Hong Kong University and member of a committee that advises the congressional Standing Committee on the Basic Law. … [Read more...] about Police fire pepper pellets and arrest dozens of pro-democracy activists in Hong Kong as they protest bill making it illegal to mock China’s national anthem