Concerns over its economic and political future are growing as protests drag on.
Concerns over Hong Kong’s political and economic future are growing as pro-democracy protests drag on and turn increasingly violent, and China makes clear that forceful intervention is possible.
These freedoms give Hong Kong a special status internationally, allowing it to negotiate trade and investment agreements independently from Beijing — for instance, it does not have to pay the tariffs that the United States is imposing on Chinese imports. Last year, Chinese companies raised US$64.2 billion globally – almost a third of the worldwide total – via IPOs, but just US$19.7 billion of that came from listings in Shanghai or Shenzhen, according to data from Refinitiv, compared with US$35 billion in Hong Kong.
Chinese banks hold more assets in Hong Kong – US$1.1 trillion in 2018 – than lenders from any other region, according to Hong Kong Monetary Authority’s data compiled by Natixis. That figure equates to roughly nine percent of China’s GDP. Hong Kong also has been pivotal to China’s longer-term ambition to turn the yuan into a widely-used international currency, competing with the US dollar. While still a long way out, achieving that goal would increase the world’s stake in China’s success, as well as Beijing’s influence.Beijing has said it would not sit idly by if the unrest in Hong Kong threatened Chinese security and sovereignty.
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