The Epoch Times has selected the representative events of Hong Kong during 2023 and brings you some memorable moments as a review of various changes that have taken place in Hong Kong.
1. HK’s International Financial Center Status In Shambles
In early December, Moody’s, an international credit rating agency, lowered the credit rating outlook of mainland China and Hong Kong from “stable” to “negative” in quick succession. Moody’s said that this reflects its assessment of the close political, institutional, economic, and financial ties between Hong Kong and mainland China. Following the implementation of the National Security Law (NSL) in 2020 and changes in the electoral system, “It expects Hong Kong’s political, institutional and economic decision-making autonomy will continue to be eroded further.”The Atlantic Council, a U.S. think tank, issued an assessment report on Hong Kong’s business environment risks in March 2023, pointing out that since the implementation of the NSL, Hong Kong’s judicial structure has undergone fundamental changes, and the original political and business foundation is falling into pieces. The “Report on Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong,” released by the Census and Statistics Department at the end of December, also showed that the number of foreign regional headquarters in Hong Kong has dropped for four consecutive years, from a peak of 1,541 in 2019 to 1,336 this year.
