Trump’s top economic adviser, Larry Kudlow, warned that Hong Kong, which has enjoyed special privileges under U.S. law on the basis of its high degree of autonomy from Beijing, may now need to be treated like China on trade and other financial matters. … [Read more...] about Hong Kong warns removing U.S. special status is a ‘double-edged sword’
Sp hong kong office
In recent weeks, Borrell has been forced twice to deny that the External Action Service — the EU’s equivalent of a foreign office —has bowed to Chinese pressure to water down a report on fake news linked to the coronavirus and a newspaper op-ed referencing the disease’s origins in Wuhan. … [Read more...] about EU weighs China policy amid concern over Hong Kong moves
The Hong Kong government has already taken steps in recent weeks to prohibit rallies and protests, such as an annual march to mourn the victims of the 1989 Tiananmen Square crackdown, mostly citing the risk of COVID-19 infection. The government has also ordered public broadcaster RTHK to overhaul its management and editorial system after authorities censured various programs for “biased” political positions. … [Read more...] about Experts Fear Impact of China’s National Security Laws on Hong Kong’s Freedoms
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?
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?