Haven't had time to look at this #nationalsecuritylaw fiasco. If BJ were to enact laws similar to those under Art. 23 by amending Annex III of the BL, which deals with national laws of PRC to be applied in #HongKong, this makes for vey bad optics. [Thread]
For the record, I support Art. 23. I didn't initially but seeing the destruction to HK in the last 12 months, it is long overdue. However, the filibustering of the Pan Dems make proper passage of this law through Legco impossible, hence the intervention of the NPC.
Regardless, the move by the NPC must have been well thought through, weighing the risks of further turmoils on the one hand against the perception from the West that IC2S is dead. They chose the latter meaning the city is in such dire danger that such laws r immediately required
So will HK suffer from this? Deeply. The perception of HK's autonomy coupled with a independent judiciary is what makes business thrives. This has already sent shockwaves through the business community, I would not be surprised by an acceleration of capital flight, both local
n foreign. This also sets a bad precedent going forward for NPC to further amend the BL through the same route, all in the name of "national security" and bypassing the legislature. This is unhealthy and is IC2S dead? Not completely, but it's is gravely ill.
US are the only winners in this. They have unlimited ammunition to sanction HK, an important source of forex for the PRC. People who think they care for our human rights etc should think again, they don't care about the human rights of their own citizens.
The question is does China need HK? Yes and no. A lot of FDIs are going direct into PRC bypassing HK as the ever-maturing CITEAC arbitration rules which govern int'l agreements offer comfort to foreign investors. PRC do need HK, for the time being at least, for forex.
This will mark the end of HK as a financial hub eventually. Those who can't get a job now, don't blame others but those rioters who forced BJ to make this move. I expect more social upheavals and downgrading of HK which is what the rioters wanted from the get go. Remember "攬炒"?
MSM's X'mas has arrived! Trump first out the gate to make all kinds of threats to divert his own failure domestically over Covid and add to Sinophobia. Let's see how Melissa celebrates. Fact is HK was gonna be superfluous to China sooner or later.
That still doesn't make it easier to swallow but to see all these HKers out crying wolf is just painfully hilarious. They wanted this or the PLA from day 1. PRC chose a more peaceful method but the negative press it attracts is identical.
#nationalsecuritylaw
#nationalsecuritylaw
HSI down 5% in morning trading after uncertainties re #nationalsecuritylaw . Looks like we are all losing here #HongKong. What have #HongKongProtests achieved? I give you 👇. How much more free I feel now. 
Looks like the #nationalsecuritylaw has a much far reaching impact on the markets than #HongKong and China. Europe opens with ~2% down and HSI closed with a 6% drop. The biggest one day drop for a while.
Dim suen?
Dim suen?
