#Interview #LawKachung
Hong Kong top analyst Law Ka-chung left China-based bank because "top of Beijing political circle" said so
(1 May) Law Ka-chung joined the Hong Kong branch of Bank of Communications (BOCOM) in 2005. Two years later, he got promoted as the Chief Economist and Strategist. He write freely and criticized the Hong Kong and China economic systems without any restriction for many years. He started feeling the pressure from China related to his work around 2010.
//"People think it is not appropriate to have a Hongkonger as spokesperson for a China-based bank."
//China-based banks adjusted policy and extended the scope to "purge" Hongkongers step by step. China-base banks don't hire local young people anymore.
//the main point was the system problem...It is about politics and the decision is from top to down (from Beijing)."
//China would like to connect the world via China-based banks... "China sent a lot of people to Hong Kong to learn how the external financial market worked."
//In 2010, he announced that BOCOM would stop comment or run analysis related to China affairs... the excuse BOCOM used was "China affair should come from the China headquarter."
//the decision of the Hong Kong branch "was not from the bank, but it was top-down from there Communist Party of China (CCP).”
//China GDP started to slow down from 10.5% in 2010 to 9,5% and 7.9% year by year. "In the beginning, China didn't think they would collapse because of your comments. However, when things get worse, they would like you to shut up," ...When the economy gets worse, the nature of CCP comes out.
//the Hong Kong financial market changed and put too much focus on China because capital from China soared rapidly.
//So-called financial institutes not only did their own business but also executed political mandate.
//"If you want to be an international financial centre, you can't focus on Asian markets only. You should cover the America and Europe markets as well."
//Hong Kong government and China-based banks focused solely on China market and often launched China related financial products.
//if China wants to internationalize RMB, financial institutes issues RMB bonds everywhere, and China-based banks has to promote that.
//"In the 1980s, when China wanted to take over Hong Kong, they planned to replace all the Hong Kong people with the mainland Chinese. It is just about time to push all of the Hongkongers out."
//BOCOM requested staff to attend marches against umbrella movement in 2014 and counted who attended.
//the impact of SARS in 2003 was much worse.
//Why did the analyst need to align with the Government?
//the demand during umbrella movement in 2014 was still about a general election. However, some voices in the anti-ELAB movement are related to Hong Kong independence and topple the regime in China... China doesn't care about the special status of Hong Kong and execute hard-line policy.
//Since China government can't brainwash the young generation, they turned against all Hongkongers.
//People worried the China will take over private wealth... Hong Kong enforce the law at random, and Hong Kong judicial was overridden, one country two systems is completely over."
//"Money will leave astonishing like leakage in water pipe. And it will never come back."
//speed up de-globalization, Asian countries replacing China as global factory, the agent of capital flow and investment foundation moving to Singapore and away from Hong Kong.
//"The financial centre is losing power. China market is declining. Our financial centre position will diminish."
Full translation:
https://telegra.ph/Hong-Kong-top-analyst-Law-Ka-chung-left-China-based-bank-because-top-of-Beijing-political-circle-said-so-06-28
Source: In Medium
#NationalSecurityLaw #AntiELAB #RMB #Mainlandization #FinancialHub #SharpPower #Censorship #Kowtow
Hong Kong top analyst Law Ka-chung left China-based bank because "top of Beijing political circle" said so
(1 May) Law Ka-chung joined the Hong Kong branch of Bank of Communications (BOCOM) in 2005. Two years later, he got promoted as the Chief Economist and Strategist. He write freely and criticized the Hong Kong and China economic systems without any restriction for many years. He started feeling the pressure from China related to his work around 2010.
//"People think it is not appropriate to have a Hongkonger as spokesperson for a China-based bank."
//China-based banks adjusted policy and extended the scope to "purge" Hongkongers step by step. China-base banks don't hire local young people anymore.
//the main point was the system problem...It is about politics and the decision is from top to down (from Beijing)."
//China would like to connect the world via China-based banks... "China sent a lot of people to Hong Kong to learn how the external financial market worked."
//In 2010, he announced that BOCOM would stop comment or run analysis related to China affairs... the excuse BOCOM used was "China affair should come from the China headquarter."
//the decision of the Hong Kong branch "was not from the bank, but it was top-down from there Communist Party of China (CCP).”
//China GDP started to slow down from 10.5% in 2010 to 9,5% and 7.9% year by year. "In the beginning, China didn't think they would collapse because of your comments. However, when things get worse, they would like you to shut up," ...When the economy gets worse, the nature of CCP comes out.
//the Hong Kong financial market changed and put too much focus on China because capital from China soared rapidly.
//So-called financial institutes not only did their own business but also executed political mandate.
//"If you want to be an international financial centre, you can't focus on Asian markets only. You should cover the America and Europe markets as well."
//Hong Kong government and China-based banks focused solely on China market and often launched China related financial products.
//if China wants to internationalize RMB, financial institutes issues RMB bonds everywhere, and China-based banks has to promote that.
//"In the 1980s, when China wanted to take over Hong Kong, they planned to replace all the Hong Kong people with the mainland Chinese. It is just about time to push all of the Hongkongers out."
//BOCOM requested staff to attend marches against umbrella movement in 2014 and counted who attended.
//the impact of SARS in 2003 was much worse.
//Why did the analyst need to align with the Government?
//the demand during umbrella movement in 2014 was still about a general election. However, some voices in the anti-ELAB movement are related to Hong Kong independence and topple the regime in China... China doesn't care about the special status of Hong Kong and execute hard-line policy.
//Since China government can't brainwash the young generation, they turned against all Hongkongers.
//People worried the China will take over private wealth... Hong Kong enforce the law at random, and Hong Kong judicial was overridden, one country two systems is completely over."
//"Money will leave astonishing like leakage in water pipe. And it will never come back."
//speed up de-globalization, Asian countries replacing China as global factory, the agent of capital flow and investment foundation moving to Singapore and away from Hong Kong.
//"The financial centre is losing power. China market is declining. Our financial centre position will diminish."
Full translation:
https://telegra.ph/Hong-Kong-top-analyst-Law-Ka-chung-left-China-based-bank-because-top-of-Beijing-political-circle-said-so-06-28
Source: In Medium
#NationalSecurityLaw #AntiELAB #RMB #Mainlandization #FinancialHub #SharpPower #Censorship #Kowtow
Telegraph
Hong Kong top analyst Law Ka-chung left China-based bank because "top of Beijing political circle" said so
(1 May) Law Ka-chung joined the Hong Kong branch of Bank of Communications (BOCOM) in 2005. Two years later, he got promoted as the Chief Economist and Strategist. He write freely and criticized the Hong Kong and China economic systems without any restriction…