Can Hong Kong Survive As Asia’s Financial Hub? 下載

  • 2020年7月1日

  • 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. » Subscribe to CNBC: » Subscribe to CNBC TV: » Subscribe to CNBC Classic: About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: Subscribe to CNBC PRO: #CNBC Can Hong Kong Survive As Asia’s Financial Hub?


  • Puck
    Puck 3 个月前

    Singapore is rubbing their hands

  • Juke Box Hero
    Juke Box Hero 3 个月前

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

  • the1 Faze
    the1 Faze 3 个月前

    SINGAPORE is now Asia’s new financial hub

  • john Doe
    john Doe 3 个月前

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

  • iVince905
    iVince905 3 个月前

    No, it was doomed when the british handed it over back to China.

  • Amit Carbyne
    Amit Carbyne 3 个月前

    Hongkong is going to be ghost town

  • hsingho lee
    hsingho lee 3 个月前

    Sure, go to Singapore. They have a stellar human rights there!!!

  • Skerdi Shperdheja
    Skerdi Shperdheja 3 个月前

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

  • Paul Liska
    Paul Liska 3 个月前

    "Some experts caution it could also hurt China". Isn't this the main reason countries are retaliating, to hurt China? Seems like a no brainer to me.

  • extreme
    extreme 3 个月前

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

  • Parth Pandey
    Parth Pandey 3 个月前

    Meanwhile Singapore be like:

  • Tomato Madness
    Tomato Madness 3 个月前

    Actually I feel sad for the young ones in HK for they have no resources to leave HK unlike those business men and wealthy Hongkongers who can immigrate anytime.

  • whatwhyandwhos
    whatwhyandwhos 3 个月前

    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

  • Jaakko Aleksi
    Jaakko Aleksi 3 个月前

    This is a nice information about your stock broker Mr Elson, does he still respond to newbie who are willing to invest How can i reach out to him?

  • Dee Jay
    Dee Jay 3 个月前

    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.

  • Tokki Foefire
    Tokki Foefire 3 个月前

    I'm wishing my gamer buddies in Hong Kong are safe with their family and friends, lost contact with them since the beginning of protest.

  • Perfect Students
    Perfect Students 3 个月前

    After the Hong Kong handover to China in 1997, most experts predicted that Dubai would replace Hong Kong as the premiere financial center in Asia. It never happened.

  • megan smallwood
    megan smallwood 3 个月前

    If anyone thinks this is a good thing your in the wrong.

  • Anastasia Romanov
    Anastasia Romanov 3 个月前

    Thank you Hong Kongers for fighting communist totalitarians so fearlessly.

  • MrEdd215
    MrEdd215 3 个月前

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