Hong Kong's last gasp?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 18 June 2020
⏱️ 17 minutes
🧾️ Download transcript
Summary
China's plan to impose its new so-called security law in Hong Kong may flout the territories legal independence. Some say it may jeopardise Hong Kong's status as Asia's largest financial hub. Hedge fund manager Edward Chin tells Ed Butler that the new law will mean an end to the principle of "one country, two systems" and may lead to companies leaving the territory. Victor Shih, an expert in Chinese banking and finance based at the University of San Diego, says it could have a much more detrimental effect on China's banking system and the country's access to the world's financial markets. But James Crabtree from the Lee Kuan Yew School of Public Policy in Singapore, thinks Beijing has taken a cool headed decision and is willing to sacrifice some business for the sake of political stability.
(Picture: A Hong Kong anti-government protester raises a hand; Credit: Anna Wang/Reuters)
Transcript
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| 0:00.0 | Hello there, I'm Ed Butler. Welcome to Business Daily from the BBC. Today, the super-rich Hong Kongers |
| 0:07.1 | preparing to reject Beijing and abandon their city. Investment bankers are already taking actions. They are |
| 0:15.4 | offloading the hard-to-sell assets, meaning their apartments, their houses. |
| 0:25.9 | Yes, we're looking today at reports that companies, for different reasons, are abandoning China. |
| 0:29.1 | Is this for real? Does Beijing even care? |
| 0:33.3 | If Hong Kong loses a bit of business and loses some squeamish foreign companies, |
| 0:37.3 | and the benefit of that is that they manage to bring the protests under control and Hong Kong becomes more like a normal Chinese city |
| 0:39.9 | and I think the regime in Beijing will be perfectly happy with that. |
| 0:43.2 | That's all to come in Business Daily from the BBC. |
| 0:56.5 | Demonstrators last month in Hong Kong, |
| 1:03.3 | following the news that Beijing was planning to enforce its controversial national security laws on the territory. |
| 1:10.7 | The application of what looks like direct rule by the mainland has appalled many people. |
| 1:17.0 | The UK, Hong Kong's former colonial power, has called on China urgently to reconsider its plans. |
| 1:20.1 | President Trump has threatened new sanctions. |
| 1:26.8 | Some major financial institutions caught in the crossfire, on the other hand, say they are happy with this move. |
| 1:33.1 | HSBC respects and supports all laws that stabilise Hong Kong's social order, it says. |
| 1:36.0 | Standard Charter Bank issued this statement. We believe the national security law can help maintain the long-term economic and social |
| 1:41.7 | stability of Hong Kong. We hope greater clarity on the final legislative |
| 1:46.5 | provisions will enable Hong Kong to maintain economic and social stability. We remain positive |
| 1:52.6 | that Hong Kong will continue playing a key role as an international financial hub and Standard Chartered |
| 1:58.3 | is committed to contributing to its continued success. Well, that is |
| 2:02.5 | the question though, isn't it? One we're asking in today's show, how much will this move by China |
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