#Column #Opinion #Aug24 #SpecialStatus #NationalSecurityLaw
Year 2020: The Stranding and Disconnected World
Part 1 - 2
Since Beijing's forceful imposition of the National Security Law in Hong Kong, thrusting the new legislation into the city’s constitution the Basic Law, how the Central and HKSAR governments extends juridiction through the law around the world is no longer the only main issue. In one way or the other, most democratic governments in the free world have suspended their extradition treaty with China and Hong Kong.
Although, the SAR government insisted that the U.S. sanctions has no legal effect in Hong Kong.
Several years ago, when the United States sanctioned North Korea and Iran, Hong Kong was both guarding and avoiding the U.S., while warily sponsoring China’s allies.
At a time in 2020, the Hong Kong Monetary Authority (#HKMA) had issued a statement to financial institutions operating in Hong Kong, claiming that impact of the U.S. sanction is negligible. So is the Hong Kong Dollar no longer pegged to U.S. Dollar?
Suppose that the U.S. government will strictly enforce the sanction, and put an end to financial institutions providing services to the 11 individual being sanctioned, will the U.S. government also consider revoking the green-peg, or even withdrawing U.S. bonds from Hong Kong and China financial markets?
No one can predict where this financial warfare is leading to. But any reasonable Hongkonger should expect the Hong Kong and Central governments to turn these 11 people in to face the U.S. sanction. As Le Yucheng, China’s foreign vice-minister said in an interview, “we must stay focused without being swayed by any extreme forces, keep to the right direction of the bilateral relationship to prevent US-China relationship from spiraling out of control or getting derailed. This is also to avoid worsening of the hard-won trade deals.”
If any financial predator targets Hong Kong’s linked exchange rate system at this time, how much financial reserve does Hong Kong government have to defend the linked exchange rate? We must not forget that the government has been pouring out public money in enormous infrastructure projects like Hong Kong-Zhuhai-Macau bridge, the new runway in airport and Lantau Tomorrow Vision.
Besides, the Central government might need substantial amount of funds from the Hong Kong government to reactivate its trade relationship with the U.S..
One must note that, in China, countless farmlands have been wiped out in recent mass floodings as the #CCP called for food saving. Local authorities sprang into action with proposals targeting food wastage and food recycling, or “operation empty plate”, an initiative reactivated anew by Xi.
Hong Kong could possibly resume its role in supporting China as if during Cultural Revolution: endeavored to purchase American soybeans or Australian beef for the motherland, feeding hungry fellows.
Image: CNN
#FoodShortage #FoodSecurity #Flooding #China #CCPControl #Xi #ExtraditionTreaty
Year 2020: The Stranding and Disconnected World
Part 1 - 2
Since Beijing's forceful imposition of the National Security Law in Hong Kong, thrusting the new legislation into the city’s constitution the Basic Law, how the Central and HKSAR governments extends juridiction through the law around the world is no longer the only main issue. In one way or the other, most democratic governments in the free world have suspended their extradition treaty with China and Hong Kong.
Although, the SAR government insisted that the U.S. sanctions has no legal effect in Hong Kong.
Several years ago, when the United States sanctioned North Korea and Iran, Hong Kong was both guarding and avoiding the U.S., while warily sponsoring China’s allies.
At a time in 2020, the Hong Kong Monetary Authority (#HKMA) had issued a statement to financial institutions operating in Hong Kong, claiming that impact of the U.S. sanction is negligible. So is the Hong Kong Dollar no longer pegged to U.S. Dollar?
Suppose that the U.S. government will strictly enforce the sanction, and put an end to financial institutions providing services to the 11 individual being sanctioned, will the U.S. government also consider revoking the green-peg, or even withdrawing U.S. bonds from Hong Kong and China financial markets?
No one can predict where this financial warfare is leading to. But any reasonable Hongkonger should expect the Hong Kong and Central governments to turn these 11 people in to face the U.S. sanction. As Le Yucheng, China’s foreign vice-minister said in an interview, “we must stay focused without being swayed by any extreme forces, keep to the right direction of the bilateral relationship to prevent US-China relationship from spiraling out of control or getting derailed. This is also to avoid worsening of the hard-won trade deals.”
If any financial predator targets Hong Kong’s linked exchange rate system at this time, how much financial reserve does Hong Kong government have to defend the linked exchange rate? We must not forget that the government has been pouring out public money in enormous infrastructure projects like Hong Kong-Zhuhai-Macau bridge, the new runway in airport and Lantau Tomorrow Vision.
Besides, the Central government might need substantial amount of funds from the Hong Kong government to reactivate its trade relationship with the U.S..
One must note that, in China, countless farmlands have been wiped out in recent mass floodings as the #CCP called for food saving. Local authorities sprang into action with proposals targeting food wastage and food recycling, or “operation empty plate”, an initiative reactivated anew by Xi.
Hong Kong could possibly resume its role in supporting China as if during Cultural Revolution: endeavored to purchase American soybeans or Australian beef for the motherland, feeding hungry fellows.
Image: CNN
#FoodShortage #FoodSecurity #Flooding #China #CCPControl #Xi #ExtraditionTreaty