Can Hong Kong Survive As Asia’s Financial Hub? finance hub

by alsaCEMusic



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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45 comments

Wong wan chung 29/12/2021 - 6:25 Chiều

Singapore 🇸🇬 itself has Greatly benefitted Indirectly from the Unfortunate Political Turmoil in Hong Kong 🇭🇰 SAR then 2 years ago and the Coincidence Grand opening of Singapore changi international airport Famous Iconic Attraction, The Jewel and the Bicentenary Celebrations of Singapore 🇸🇬 independence National Day

Reply
Justin Kase 29/12/2021 - 6:25 Chiều

Well civil unrest happened for over a year. Surprised it too them this long

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Mr Chart History 29/12/2021 - 6:25 Chiều

Most likely the people who can afford a plane ride would go to either Japan , Taiwan , United States , United Kingdom or other places except for China.

Reply
Po-Yin Tso 29/12/2021 - 6:25 Chiều

Joshua Wong get a real job instead of making trouble unless you like your home in jail . The British don’t care about the people in Hong Kong.

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Frederic Chen 29/12/2021 - 6:25 Chiều

One year on, Hong Kong is growing strong and surviving well, thank you very much.

Reply
akash bharadwaj 29/12/2021 - 6:25 Chiều

If Hong Kong is an Asian financial hub, what should Beijing, Shenzhen, Shanghai, Tokyo, Singapore, Mumbai, Seoul be?

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Glenn Desouza 29/12/2021 - 6:25 Chiều

Security law has prov en to be good real estate prices up and peace and people have a great life. Go to London and have someone spit on you. No jobs especially for aliens. I say this as an American

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Ray 29/12/2021 - 6:25 Chiều

Every country has some kind of security or sedition law, but when HK has it, oh no, that's gov't oppression. Help. Clamp down on protests & riots? Oh no, Terrible. Protests and rioting against US capital, oh well, that's different.

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

It ain't fair that Central America & South America bearing higher risks. Many social activism movements in Central America & South America carry greater risks. Where Veganism?

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

Why publish Bo Xi Lai, why not publish Buddhism?

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

Book Publishing. Buddhism is well-known for publishing religious books and give them away for free. It is one of the most important virtues in Buddhism, as Buddhists believe in accumulating good merits.

Also possible to start college twinning degree programs in Asia Studies with western colleges. The Education Providers can also take the public-listing route. The possibilities are limitless, and the opportunities are endless.

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

As long as it's possible to continue switching religions, any economic benefits can actually be recurring.

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

It is about time to explore the roles of the Chinese underworld, including those in Hong Kong, in containing the dissemination of the appeal of oriental religions.

Reply
Kien Wen Chang 29/12/2021 - 6:25 Chiều

Hong Kong enjoys freedom of speech, freedom of religion and freedom of non-conscription.
Hong Kong is the best jurisdiction to share Civilizations Secrets with the whole world.

The Success of Religious Proselytization will not be possible without pumping in Economic incentives.

The future of Hong Kong largely depends how ingenious the people of Hong Kong are able and capable of monetizing Religions.

For a very small and expensive jurisdiction, Hong Kong is poised to excel. Any form of non-manufacturing of goods to generate economic benefits is brilliant.

Reply
Peter Garcia 29/12/2021 - 6:25 Chiều

The more we develop business arent as stable. Its always been this way. Up and down. If your worried about terrorist at this point we all are terrorist. Terrorism against each other, nature , resources, livestock, and our health. Just keep this in mind terror doesn't make anything. Scared money makes no money.

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Peter Garcia 29/12/2021 - 6:25 Chiều

The more we develop and construct the more we need law. Not the death grip type, a more educated law . understanding law.

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Peter Garcia 29/12/2021 - 6:25 Chiều

Till they settle and sit nothing goes in nothing goes out. No resources nothing. Too much damage has happened already. They have shown irresponsible action. Til they show civilized and understanding. Nothing. Living in the city is a privilege not a promise. Farmers and Soldiers should know not to fuel anger in any circumstances.

Reply
David Ng 29/12/2021 - 6:25 Chiều

Brian, Capital and Business drain is inevitable….

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Raja Mohd Afiq 29/12/2021 - 6:25 Chiều

They only get 26 years to protest

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dandan Regesto 29/12/2021 - 6:25 Chiều

H.K. will be like Berlin in 1947 , full of spies and a tastless bunch of dummy citizen sent to diluite the locals % population.A coultural desert as are most cities in the mainland.Bleached minds soon accompliced.What a booring history we got.

Reply
misto cuddles 29/12/2021 - 6:25 Chiều

I feel like most of this issue could have been avoided if britain had just given the people of hong kong british citizenship before the handover talks started.

Reply
Meet Barkade 29/12/2021 - 6:25 Chiều

Leijongmin
Luodanmau
Lomhuamnim

Reply
JoKe ToNg 29/12/2021 - 6:25 Chiều

the end of Hong Kong, the beginning of Xianggang

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cloud joe twentytwenty 29/12/2021 - 6:25 Chiều

Missing UK eh, HK without UK sucks

Reply
Syd Woods 29/12/2021 - 6:25 Chiều

instrumental

Reply
Liang DU 29/12/2021 - 6:25 Chiều

Half a year has passed, is anything changed??

Reply
Winston S 29/12/2021 - 6:25 Chiều

Can peasants run a financial hub?

Reply
landry KAMGA 29/12/2021 - 6:25 Chiều

western media and politics are blaming chinese for having a sedition, secession and treason law … All western countries have the same law !

Reply
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Reply
Nukri Samyurashvili 29/12/2021 - 6:25 Chiều

waiting 27 years is only gonna hurt both sides.
is not it better to start negotiating right now?

Reply
gap949 29/12/2021 - 6:25 Chiều

Smokers should stop blaming others for their addiction ! Hahahahaaa ! Now go and collect your 50 cents !

Reply
gap949 29/12/2021 - 6:25 Chiều

No !

Reply
gap949 29/12/2021 - 6:25 Chiều

Lol ! Got out fast !

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Reagan Shrable 29/12/2021 - 6:25 Chiều

minimalism

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Glenn Cressy 29/12/2021 - 6:25 Chiều

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HKPCR FUNG 29/12/2021 - 6:25 Chiều

less than 300 years ago all land of usa and the five nations did not belong to europeans but native living there thousands years ago, free native people there and respect their human rights to make them independent nations . USA and the five eyes, dont be hypocritical, keep your hands off from Hong Kong and dont create troubles .

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Lord Of Keebs 29/12/2021 - 6:25 Chiều

Ah yes the brexit 2.0

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Reuben Chin 29/12/2021 - 6:25 Chiều

The new National Security Law in Hong Kong effectively prevent the West from fomenting the terriosm, chaos, destruction and murders that they unleashed on Hong Kong., Haven't the west done enough Damage,Humiliation and Divisiveness to China since they militarily colonized China. ALL China is doing is saying to the West is Enough is Enough, this is now a new world and we will take back ALL our SOVEREIGN Territories, and will now insist on help writing
the new International Rules for Global
Governance.
COOPERATE OR JUST GET THE HELL OUT OF THE WAY!!!
PEACE and STABILITY for a BETTER WORLD my BROTHERS and SISTERS!!!

Reply
gap949 29/12/2021 - 6:25 Chiều

HK will be absorbed into a district of Shenzhen ! Carrie Lam will be remembered as the person who brought about its downfall !

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habf1 29/12/2021 - 6:25 Chiều

I don't get it…Yes a lot of people are worried about the communist parting putting more and more control over the city but CNBC seems to totally ignored the vast majority of Hong Kong people who just want a peaceful and stable life.

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andrew ishaku 29/12/2021 - 6:25 Chiều

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Alejandro Flores 29/12/2021 - 6:25 Chiều

c8corvette

Reply
Maskman Five 29/12/2021 - 6:25 Chiều

Singapore is a mini China … Dont forget that

Reply

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