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Showing posts with the label Hong Kong

Hong Kong pro-democracy lawmakers resign after China moves to quash dissent

  Announce resignation en masse shortly after colleagues are ousted Hong Kong’s pro-democracy opposition lawmakers said on Wednesday they would resign in protest against the dismissal of four of their colleagues from the city assembly after Beijing gave local authorities new powers to further curb dissent. The Chinese parliament earlier adopted a resolution allowing the city’s executive to expel lawmakers deemed to be advocating Hong Kong independence, colluding with foreign forces or threatening national security, without having to go through the courts. Shortly afterwards, the local government announced the disqualification of four assembly members who had previously been barred from running for re-election as authorities deemed their pledge of allegiance to Hong Kong was not sincere. The moves will raise further concern in the West about the level of  Hong Kong ‘s autonomy, promised under a “one country, two systems” formula when Britain ended its colonial rule and handed H...

Derailing of Jack Ma’s Ant Group IPO shows Xi Jinping is in charge

  Decision shows party takes precedence on business decisions China’s move to abruptly halt the world’s biggest stock-market debut sends global investors a clear message: Any financial opening will only be done on terms that benefit President Xi Jinping and the Communist Party. Policy makers in Beijing shocked the investment world on Tuesday by suspending an initial public offering by Ant Group Co, owned by billionaire Jack Ma — China’s second-richest man. The timing of the decision showed once again that for Xi and the party, financial and political stability take precedence over ceding control of the economy — especially to a private company. In Beijing’s view, allowing the IPO to go forward could effectively give  Ant Group  too much sway over the financial system, posing broader risks that could ultimately undermine the party’s grip on power. For foreign investors, the Ant saga has raised questions about the viability of Hong Kong and Shanghai as premium financial cen...