business

Hong Kong burnishes China ties as global hub luster fades

10 Comments
By ZEN SOO and JOE McDONALD

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Undoubtably, HK was way better off as a British Colony.

4 ( +9 / -5 )

Undoubtably, HK was way better off as a British Colony.

So says the gweilo. What's wrong? Whites not given any more privileges? Locals are now allowed to participate in elections (something which hardly happened when the Brits were occupying foreign land)? The last 'governor', Fatty Patty, was given HK as a consolation prize after losing a local election. Somehow I don't think you can compare a small town like Bath to HK. That's how much the Brits thought of the HK people. Count yourself lucky they still allow a few gweilos in the police force and judicial system - no other place on earth would allow foreigners to serve in those positions.

-7 ( +3 / -10 )

Everybody saw it comin' when they forced the 'trade through train' on the HK exchange where investors can buy stocks on the HK exchange but pay fees to Shanghai brokers. It's sad but there are only two kinds of business people in HK now. Those who are CCP agents, and those who are in denial that the CCP is taking over HK.

7 ( +8 / -1 )

@Pukey

Whites not given any more privileges? 

British administration created a lot more Chinese millionaires than white millionaires. It also created a safe, prosperous and free Chinese middle class that the was envy just about every Chinese who had the misfortunate of being administered by their communist brethren on the mainland.

That's how much the Brits thought of the HK people.

The British government is offering 5.4 million Hong Kongers, 72% of the population, eligibility to live and work in the UK. That's how much the UK "thinks" of the residents of that now beleaguered city.

As for Patton, he was slated to serve as foreign secretary or chancellor of the exchequer if re-elected, so I have no idea where you going with that argument.

7 ( +9 / -2 )

@JeffLee

Excellent rebuttal - Patton has his critics but there’s no doubt how much he cares (to this day) about Hong Kong - that’s why he’s still popular there.

6 ( +8 / -2 )

@ Pukey

Locals are allowed to participate in elections.

Problem is, they do not participate in the nomination of candidates, who are basically clones of the CCP.

4 ( +5 / -1 )

“The current status is that Hong Kong is a very significant global center, one of the most important in the world, and it plays a unique and critical role in linking the Chinese economy with the rest of the global economy and channeling finance in both directions,” said Tong.

Lets see how long this status last with the myriad of changes coming to Hong Kong. For many the only reason why the city became what it is (or was?) is the huge difference of how it was administrated compared with the rest of China, this difference is quickly disappearing.

-1 ( +1 / -2 )

HK is a sad shell of itself. I feel bad for locals who hang on there.

-2 ( +1 / -3 )

HK has been killed by the CCP. We used to look forward to yearly trips to the SAR, but ended that when the CCP changed the make up of the city's elections and mandated pro-CCP people. We have no plans to ever visit Hong Kong again or to do any more business directly with China.

The CCP are liars. They signed an agreement to leave Hong Kong's system of govt in place for 50 yrs, which they didn't do.

They will try to do the same thing elsewhere, if they can get away with it.

-1 ( +2 / -3 )

HK has been killed by the CCP. 

Quite the opposite. Hong Kong 香港 together with Shen Zhen 深圳 is going to be huge. It’s like putting Manhattan and Silicon Valley right next to each other. I understand nostalgia but technology and money are like fire and gas.

Hong Kong happens to be center of the money moving business and there have been times in which large amounts of money were being moved out of China and into the United States. There was a period of major money movement between 2015 and 2017.

There is not much money movement out of Mainland China now because one of the events that cut this flow off was Meng Wanzhou’s arrest in Canada. Once you start arresting the rich Chinese, then the US stops being an attractive destination to move money.

In case anyone wishes to know, the major river flows are going to be through China, Russia, India with all going through Dubai. Neither Hong Kong nor Singapore can be the money center for Russia because despite tensions between China and the US, both HK and Singapore have enough Western presence so that neither government wants to ruffle US feathers.

The agreement that China and the US seem to have made is that China will still trade with Russia, but China will not supply military weapons or help Russia circumvent US/EU sanctions against non-Chinese companies. In exchange for this, the US is not going to press the Taiwan issue

-1 ( +1 / -2 )

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