The implementation of the National Security Law in Hong Kong by the Chinese Communist Party (CCP) and the abandonment of the “one country, two systems” principle jeopardize the city’s status as a global financial hub, experts say.
Moreover, China observers believe that Hong Kong may never return to its former glory after the CCP undermined its rule of law, resulting in significant economic consequences for the city and mainland China.
Hong Kong’s Special Financial Status
Anders Corr, a principal at Corr Analytics and publisher of the Journal of Political Risk and contributor to The Epoch Times, wrote in an op-ed on Jan. 27 that the CCP has realized that offshore regime holdings, some of which would be converted into yuan and used to buy Chinese stocks, may be utilized to prop up its equities market. He said the CCP would continue intervening in currency markets to boost the yuan, which is under pressure from falling stocks.
