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Can Hong Kong Survive As Asia’s Financial Hub?

#finance stock #news #is hong kong part of china #money #News & Politics
Beijing has rushed to push through a new national security law in Hong Kong. Critics fear the legislation threatens civil liberties promised to the territory through July 1, 2047. The city’s special status with the U.S. also appears to be under threat, as U.S.-China tensions escalate over Beijing’s move to tighten its grip.
The central Chinese government passed a sweeping new security law for Hong Kong that took effect just hours before the 23rd anniversary of the city’s handover from the U.K. to China on Wednesday.
The National Security Law strengthens Beijing’s control on Hong Kong, a semi-autonomous region with greater democratic freedoms and alignment with international business standards than the mainland. That special status has made Hong Kong an attractive hub for many international companies wanting to tap the Greater China market.
“Some of the recent happenings in Hong Kong represent a deviation from ‘one country, two systems,’” Zhang Xiaoming, executive deputy director of Hong Kong and Macao Affairs Office of the State Council, said Wednesday at a press conference.
He was referring to the framework that allows Hong Kong some legal and economic autonomy that other Chinese cities do not have. Hong Kong, a special administrative region of China, was a British colony that returned to Chinese rule in 1997.
“The purpose is not to take the pro-democratic camp in Hong Kong as an imaginary enemy. The purpose is combating a narrow category of crimes against national security,” Zhang said, according to an official English translation of his Mandarin-language remarks. “The ‘one country two systems’ has already spoken volumes of the political tolerance of the central (government).”
“People with different views, they may continue to exist for a long time in Hong Kong ... You should not use this (difference in views) as a pretext to ... turn Hong Kong into a safe haven of anti-China forces,” he said..
Under the new legislation, many of the activities carried out by protesters in Hong Kong over the last year become punishable by law. What began as largely peaceful mass protests against a controversial extradition bill more than 12 months ago turned into violent clashes with police..
An official English translation of the new law stipulates that a person who acts with a view to “undermining national unification” of Hong Kong with the mainland faces punishment of up to lifetime, depending on the severity of the offense. Financial support for such activities is also a crime..
The security law also laid out in broad strokes what could be deemed offenses by “terrorist organizations” and those who collude with foreign entities..
The text also says those who are not permanent Hong Kong residents can be deported if they break the law..
Under Chinese President Xi Jinping, Beijing’s decision to move ahead with the law comes despite strong criticism from Europe and the U.S..
EU Council President Charles Michel said Tuesday that “We deplore the decision,” according to a Reuters report..
U.S. President Donald Trump’s administration has also taken steps toward eliminating Hong Kong’s special trading status with the world’s largest economy, beginning with restrictions on defense exports and access to high technology products..
Other aspects of the law indicated how Beijing would strengthen its hand in Hong Kong’s affairs.
Based on the law, a new office for maintaining national security located in Hong Kong will not be subject to the special administrative region’s authority. Zhang said Wednesday that many cases handled by the national security office may involve state secrets.
A national security advisor designated by the central government will sit in on meetings of a Committee for Safeguarding National Security of the Hong Kong Special Administrative Region, the law said.
Hong Kong will also promote national security education through schools and media, according to the law..
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Can Hong Kong Survive As Asia’s Financial Hub?

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Singapore is rubbing their hands

by Puck 1 months ago

In slaying the British legacy, the Chinese Communist Party leadership has killed Hong Kong, a spectacular showcase of a world class city. What a shame!

by Way toGo 11 hours ago

Tibet ended by so many Chinese immigrants overwhelming the native Tibetans. Hong Kong could go the same way.

by Roedy Green 6 days ago

Singapore be like: Oh... poor Hong Kong. Don’t worry. Your financial hub will be safe with us :)

by Juke Box Hero 1 months ago

if Hong-Kong people don't want china in their way why is china not laving them, nobody owns nothing

by Snoop 1 days ago

It will become just another Chinese city. People with the means will probably leave and take their money with them. Singapore and Taiwan will benefit from the exodus.

by Dee Jay 1 months ago

SINGAPORE is now Asia’s new financial hub

by the1 Faze 2 weeks ago


by 朱旭东 13 hours ago

Thought Joshua Wong was a representative of the more logical and well-educated ones among protestors, until I heard his last sentence...

by Eve Zz 1 days ago

How different is this act by the CCCP and the Patriot Act here in the USA? What are the similarities?

by Mark Schlitt 1 months ago

Can Singapore's rental prices be even higher? We are about to find out folks!

by extreme 1 months ago

Nobody has survived time, all empires fall, including great empires, for that is a natural phenomenon.

by jueh jah 1 months ago

China looks like a country at 18C with smartphone.

by 2310 11 hours ago

Y don’t u speak the same of J&K in India

by Satish Kurma 2 hours ago

i dont like where this is going...i dont like this at all!

by Skerdi Shperdheja 1 months ago

“I know, I know I’ve let you down...I’ve been a fool to myself!”

by MrEdd215 1 months ago

HK will continue to thrive as a global financial hub, HK will continue to thrive and win.

by Tc Linn 5 hours ago

National Security Legislation IN ANY COUNTRY is a threat to the people of that Country and their Freedoms. It is this way in US, UK and Australia

by whatwhyandwhos 1 months ago

one country 2 systems was ending in 2049 anyway. All Hong Kongers who want western style democracy should accept our (the west) invitiation and our assylum offer.

by Seethus 2 days ago


by Daffodil S 25 minutes ago

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