CCP National Security Law destroys Hong Kong. The US House legislates to address current situation.

Summary

The script highlights the significant impact of China's National Security Law on Hong Kong since 2020, resulting in the erosion of its freedoms and democratic structure. The U.S. House of Representatives responded by passing a bill to review the special treatment of Hong Kong's trade offices in the U.S. Economic data shows a sharp decline in tourism, retail, and overall business activity in Hong Kong, leading to widespread shop closures. The script also discusses Hong Kong's growing economic dependency on China and the departure of foreign companies, affecting its status as an international financial center.

Takeaways

• 🇨🇳 The Chinese government implemented the National Security Law in Hong Kong in 2020, which has severely impacted Hong Kong's freedom and democracy.
• 🇺🇸 The US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act, threatening the closure of Hong Kong's offices in the US.
• ⛔ The bill allows the US President to close Hong Kong's offices if it is determined that the region no longer enjoys a high degree of autonomy.
• ⚠️ The US Department of State issued a risk warning for citizens and businesses about personal safety and legal risks in Hong Kong due to the National Security Law.
• 💼 Hong Kong’s economy has been deteriorating since 2020, with declines in retail and catering industries and widespread business closures.
• 📉 Retail sales in Hong Kong dropped by 11.8% in July, with luxury goods experiencing the largest decline.
• 🚶‍♂️ Many Hong Kong residents now travel to mainland China for shopping, contributing to economic challenges in Hong Kong.
• 🏙️ Hong Kong’s status as an international financial center has weakened, with a decline in foreign companies and expats, and an increased presence of Chinese businesses.
• 📊 The number of regional headquarters in Hong Kong has fallen to a record low, reflecting the withdrawal of foreign capital and companies.
• 🤔 Hong Kong is becoming more economically dependent on China, with expectations of even greater reliance in the next decade.

Q & A

What prompted the US House of Representatives to pass the Hong Kong Economic and Trade Office Accreditation Act?

The US House of Representatives passed the act in response to China's implementation of the National Security Law in 2020, which significantly reduced Hong Kong's freedom and democracy.

What could happen to Hong Kong's Economic and Trade Offices in the US according to the new bill?

The bill allows the US Secretary of State to review Hong Kong's Economic and Trade Offices in Washington, New York, and San Francisco. If it is determined that Hong Kong no longer enjoys a high degree of autonomy, the US President has the right to close these offices within 180 days.

What is the US government's position on the Hong Kong government's protection of human rights and the rule of law?

The bill specifies that the US government shall no longer describe the Hong Kong government as an institution that protects the rule of law or human rights in cooperation or agreements with the Hong Kong Economic and Trade Office.

What risks has the US government warned American citizens and businesses about when dealing with Hong Kong?

The US government has warned American citizens and businesses of personal safety and legal risks stemming from the National Security Law implemented in Hong Kong in 2020 and Article 23 of the Basic Law, which includes vague provisions such as crimes involving state secrets and espionage.

How has the National Security Law affected Hong Kong's economy since its implementation?

The law has led to a decline in Hong Kong's economy. The retail and catering industries have suffered, with many shops closing, particularly due to high rents and reduced tourist traffic. The number of foreign companies setting up regional headquarters has also decreased.

What economic impact has been observed in Hong Kong's tourism and retail sectors?

Retail sales in Hong Kong fell by 11.8% in July 2023, with luxury goods like jewelry experiencing the largest decline (25%). The number of tourists has dropped, and many Hong Kong residents prefer to shop in mainland China, further reducing local consumption.

How has the business environment in Hong Kong changed for foreign companies?

Foreign companies and expats have been leaving Hong Kong, and Chinese companies and people are filling the vacancies. This shift has eroded investor expectations, leading to a decline in the number of regional headquarters and employees in Hong Kong.

What role did Xi Jinping’s policies play in Hong Kong’s economic downturn?

Xi Jinping’s tightening control over Hong Kong, including the enforcement of the National Security Law, has led to an erosion of freedom and democracy in the city. His policies have discouraged foreign investors and reduced Hong Kong's appeal as an international financial center.

Why did Hong Kong tycoon Li Ka-shing begin withdrawing his investments from mainland China?

Li Ka-shing started divesting from mainland China in 2013 after failing to secure a meeting with Xi Jinping. Rumors suggest that his earlier project in Fujian province, which caused damage to historical sites, embarrassed Xi Jinping, leading to a strained relationship between them.

How has the status of Hong Kong as an international financial center changed?

Hong Kong has lost much of its status as an international financial center. Foreign investors are leaving, and the city has become increasingly dependent on China. Financial services, a key sector of Hong Kong’s economy, have been eroded due to the political and legal changes.

Outlines

00:00

🇨🇳 Hong Kong's Autonomy Under Threat: US Response

Since the Chinese government enacted the National Security Law in 2020, Hong Kong's autonomy and freedom have significantly diminished. In response, the US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act with a majority vote (413-3). This legislation mandates the US Secretary of State to assess the status of Hong Kong's three trade offices in the US. If deemed that Hong Kong no longer enjoys substantial autonomy, the President may close these offices within 180 days. The bill also forbids the US government from endorsing Hong Kong as a protector of human rights. This decision was met with strong condemnation from Hong Kong and Beijing, especially regarding its potential impact on normal trade relations. Furthermore, US government departments issued a warning to American citizens and businesses about the risks in Hong Kong, largely due to the National Security Law and article 23 of the Basic Law, which imposes vague but strict restrictions on state secrets and espionage.

05:00

📉 Economic Downturn in Post-Law Hong Kong

Hong Kong's economy has been in decline since the 2020 implementation of the National Security Law. Radio Free Asia's March report showed that despite the lifting of COVID-19 restrictions, the economic recovery has been lackluster. Local consumption has weakened, and a growing number of Hong Kong residents are traveling to mainland China for shopping. This, combined with declining tourist numbers and a weakened retail and catering industry, has led to the closure of several businesses. Predictions suggest that up to 3,000 retail and catering stores may close. Foot traffic in previously bustling areas, such as Granville Road and Causeway Bay, has significantly decreased, with 37 stores closing on just one street.

10:02

🏙️ Hong Kong's Financial Hub in Crisis

Hong Kong’s status as an international financial center is eroding, according to reports like one from the Financial Times. The city's connection with the Western world has weakened, while Chinese companies have filled the void left by departing foreign businesses. The number of regional headquarters has dropped to a 10-year low, reflecting a large-scale exodus of foreign capital. Hong Kong is increasingly reliant on China's economy, with projections indicating that its dependency could reach 50-60% in the coming decade. Meanwhile, economic growth expectations for 2023 have been reduced from 6% to 3.3%, with GDP lower than in 2018, effectively losing five years of growth.

15:03

🚶 Hong Kong's Shrinking Tourism and Retail Sector

Tourism, a vital part of Hong Kong’s economy, has taken a severe hit, with a significant drop in visitor numbers from the mainland and dwindling local consumer spending. Data from the Immigration Department in August 2023 showed that visitor numbers sharply decreased as the summer holidays ended, while more Hong Kong residents are traveling north to the mainland for shopping and leisure. This has resulted in a reversal of the traditional flow of consumer traffic. Despite high-end talent arriving in Hong Kong, the rising cost of living has pushed many to live in Shenzhen and commute to Hong Kong for work. Local businesses are struggling to survive amid rising rent and low foot traffic, especially in areas beyond the tourist hotspots.

🏚️ Hong Kong Faces an Unprecedented Retail Decline

Hong Kong's retail sector continues to suffer as mainland products become more accessible and affordable. Hong Kong citizens are increasingly crossing into the mainland to buy goods such as daily essentials, further contributing to the decline of local businesses. Retailers are struggling to lower prices and improve services, but many are predicting that a wave of store closures will worsen. The retail landscape in Hong Kong is being reshaped by this shift in consumer behavior, leading to reduced foot traffic and sales within the city.

⚖️ Beijing Tightens Control on Hong Kong's Autonomy

Hong Kong's struggles began escalating in 2019 when the Chinese government initiated legal measures such as the Fugitive Offenders Ordinance, which led to massive protests. Despite strong public opposition, Beijing has tightened its grip on Hong Kong, implementing the National Security Law in 2020. The law has dramatically changed Hong Kong's political landscape, leading to the arrest of high-profile pro-democracy figures like Jimmy Lai. The Chinese Communist Party (CCP) views Hong Kong's push for freedom and democracy as a threat to its rule, aligning the crackdown on Hong Kong with Xi Jinping’s broader ideological battle to prevent a repeat of the Soviet Union's collapse.

💸 Le Kashing: The Tycoon’s Withdrawal from China

Hong Kong tycoon Le Kashing, once a close business ally of the CCP, has strategically withdrawn from China. After Xi Jinping came to power in 2013, Le Kashing, facing regulatory difficulties, began selling off his major assets in mainland China, totaling approximately RMB 52.8 billion. Despite public accusations of divestment, Le defended his actions as sound business decisions to protect his company’s interests. Rumors suggest tensions between Xi and Le date back to a failed development project in 1992, which may have soured their relationship. Le’s withdrawal is seen as a sign of eroding confidence in China's business environment, particularly for Hong Kong-based tycoons.

Keywords

💡National Security Law

The National Security Law is a controversial law implemented by the Chinese government in Hong Kong in 2020. It criminalizes acts of secession, subversion, terrorism, and collusion with foreign forces, effectively curtailing freedoms previously enjoyed under the 'one country, two systems' framework. In the video, this law is portrayed as a turning point that has led to the erosion of Hong Kong's autonomy, freedom, and democracy, contributing to the city's economic downturn.

💡Hong Kong Economic and Trade Office Accreditation Act

This is a U.S. legislative response to the Chinese government's actions in Hong Kong, specifically aimed at reassessing the status of Hong Kong’s economic and trade offices in the United States. The act empowers the U.S. Secretary of State to review and potentially close these offices if it is determined that Hong Kong no longer enjoys a 'high degree of autonomy.' The act reflects the growing international concern over the situation in Hong Kong.

💡One Country, Two Systems

This was the principle established during Hong Kong’s handover from British to Chinese rule in 1997, ensuring that Hong Kong would retain its own legal and economic systems, separate from mainland China. In the video, this concept is shown as having been significantly undermined by the National Security Law, which has blurred the lines between Hong Kong’s governance and Beijing’s control, contributing to the loss of international confidence in the city.

💡U.S. Risk Warning

The U.S. government issued a warning to its citizens and businesses regarding the risks of working or traveling in Hong Kong due to the National Security Law and Article 23 of the Basic Law. These warnings emphasize the potential for legal and personal safety risks, particularly related to state secrets and espionage, reflecting the tense political environment and the decline in Hong Kong's business-friendly status.

💡Article 23 of the Basic Law

Article 23 of Hong Kong’s Basic Law requires the region to enact laws prohibiting acts of treason, secession, and subversion against the Chinese government. Although it has not been fully implemented, the broad and vague provisions within it, combined with the National Security Law, have raised concerns about the suppression of freedoms. The video refers to Article 23 as a legal mechanism that could further impact the business environment and individual freedoms in Hong Kong.

💡Economic Decline

Hong Kong's economy has experienced a sharp downturn since the implementation of the National Security Law, according to the video. Factors such as reduced tourism, the exodus of international companies, and high rent prices have devastated the retail and catering industries, with reports of thousands of stores closing. The video uses real-life examples of empty streets and declining businesses to illustrate this economic decline.

💡Retail and Catering Industry

This industry, once a thriving part of Hong Kong's economy, has been significantly affected by the political situation and the broader economic downturn. The video mentions that thousands of stores are expected to close, with luxury goods sales dropping by over 25%. This reflects the broader theme of economic deterioration linked to the loss of Hong Kong’s attractiveness as a financial hub and shopping destination.

💡Foreign Capital Withdrawal

The video highlights the withdrawal of foreign companies and capital from Hong Kong, reflecting the loss of confidence in the city's stability and autonomy. The number of companies with regional headquarters in Hong Kong has dropped significantly since 2019, contributing to job losses and an overall decline in economic activity. This exodus is presented as part of Hong Kong's existential crisis as an international financial center.

💡Super Connector

Hong Kong was once known as a 'super connector' between China and the Western world, facilitating international trade and finance. The video explains that this role has diminished as foreign companies leave and Hong Kong becomes more economically reliant on China. This shift is seen as a major factor in Hong Kong’s loss of status as a global financial hub.

💡Mainland China Influence

The growing influence of mainland China in Hong Kong is a central theme in the video. Economically, the city is becoming more dependent on China, with estimates that its reliance could reach 50-60% in the coming decade. Politically, Hong Kong’s judiciary and governance are increasingly aligned with Beijing’s directives, which has eroded its legal independence and international standing, further driving foreign businesses away.

Highlights

The US House of Representatives passed the Hong Kong Economic and Trade Office Accreditation Act with 413 votes to 3, potentially leading to the closure of Hong Kong's offices in the US.

The bill allows the US Secretary of State to review Hong Kong's offices in Washington, New York, and San Francisco to determine whether they should continue to receive special treatment.

If Hong Kong is found to lack a high degree of autonomy, the US President has the right to close these offices within 180 days.

The bill prohibits the US government from recognizing the Hong Kong government as an institution that protects the rule of law or human rights in official agreements.

The move by the US triggered strong condemnation from Beijing and Hong Kong authorities, with Beijing accusing the US of politicizing trade.

The US Department of State and several other government bodies issued a risk warning to American citizens and businesses, highlighting potential personal safety and legal risks when doing business or traveling to Hong Kong.

Hong Kong's economy has not recovered as expected since lifting epidemic prevention policies, with retail and catering industries suffering, and 3,000 stores predicted to close.

Tourist traffic in Hong Kong has sharply declined, particularly in traditionally popular areas like Causeway Bay and Granville Road, where many shops have closed.

Retail sales in Hong Kong fell by 11.8% in July 2023, with luxury goods seeing a steep 25% drop, attributed to decreased tourist numbers and shifting local consumption patterns.

Hong Kong is increasingly economically dependent on China, with 40% of its economy now tied to the mainland, a figure expected to rise to 50-60% in the next decade.

Foreign companies and expats continue to leave Hong Kong, while Chinese companies and residents are filling their vacancies, further signaling Beijing's control over the region.

The number of foreign companies setting up regional headquarters in Hong Kong has dropped significantly from 1,541 in 2019 to 1,336 in 2023, a record low in 10 years.

Radio Free Asia reports that Hong Kong has lost its role as a 'super connector,' disconnecting from the Western world while becoming more integrated with mainland China.

Hong Kong's judiciary is seen as increasingly under the control of Beijing, eroding investor confidence and contributing to the city's existential crisis as an international financial center.

The introduction of the National Security Law and Beijing's influence in Hong Kong has been compared to the collapse of the Soviet Union, where ideological control was central to maintaining power.

Transcripts

since the Chinese government implemented

the National Security Law in 2020 it has

destroyed Hong Kong's freedom and

democracy for this reason the US House

of Representatives passed the Hong Kong

Economic and trade office accreditation

act with 413 votes to three the Hong

Kong office in the US May face

closure the bill stipulates that the US

Secretary of State will review Hong

Kong's three offices in Washington New

York and San Francisco to consider

whether they should continue to en eny

special treatment if it's determined

that Hong Kong no longer enjoys a high

degree of autonomy the president has the

right to close these offices within 180

days the bill also says that the US

government shall not describe the Hong

Kong government as an institution that

protects the rule of law or human rights

in cooperation or agreements with the

economic and trade office nor allow it

to defend undermining Hong Kong's

autonomy and

freedom this move by the US has

triggered strong condemnation by the

Hong Kong and Beijing authorities

Beijing foreign Ministry spokesman ma

ning criticized the US for politicizing

normal

trade also on September 6th the US

Department of State the department of

the treasury the Department of Commerce

the Department of Agriculture and the

Department of Homeland Security issued a

risk warning to American citizens and

the business Community warning them that

they may encounter personal safety and

legal risks when doing business and

traveling in Hong

Kong the warning mentioned that the

these risks stem from the National

Security Law implemented in Hong Kong in

2020 and article 23 of the basic law

implemented in 20124 article 23 contains

Broad and vague Provisions such as

crimes involving State secrets and

Espionage which may affect or damage

Daily Business activities in Hong Kong

such as analyzing the economic situation

in mainland China and Hong Kong studying

Hong Kong government policies

Etc so what is the economy of Hong Kong

the once glorious pear of the land like

today 4 years after the implementation

of the Chinese Communist party's

National Security Law in a report

published in March this year Radio free

Asia mentioned that the Hong Kong

government has revoked all epidemic

prevention policies for more than a year

but the economic recovery is not as

expected there is even a phenomenon that

Hong Kong people spend more time in the

north than Mainland tourists spend in

the South the retail and Catering

industry has been deteriorating since

the Lunar New Year a large chain of food

stores and announced that they would

close down and Industry insiders even

predicted that as many as 3,000 catering

retail stores will close down let's

watch two videos

first how desolate are the streets in

Hong Kong now I'm Chan Nan on Monday

this is Granville Road in Sima s a

tourist area in the past it was hard to

find a shop let me show you how many

shops have closed down I took the photo

around noon when most shops were open

the chances of them not being open open

were very

low 1 2 3 4 6 7 8 9 10 count to 37 37

shops have closed down on just one

street the closure of physical stores in

Hong Kong is terrible the high rent has

destroyed the future of ordinary

physical stores in Hong Kong except for

some tourist areas where the traffic is

still good the traffic in other places

is very low and there are few neon signs

in Hong Kong style only a few years have

passed and Hong Kong has changed to a

place I don't recognize on weekends L

Fong is almost empty except for a few

foreigners drinking at night tourists in

central are like this and the

residential areas in schang Wan are even

worse do you still think Hong Kong can

rely on tourists to boost the

economy Hong Kong's business is

declining at a visible speed data

released by the Hong Kong census and

statistics Department showed that retail

sales fell by 11.8% in July the

tradition summer peak season no longer

exists among them luxury goods such as

jewelry have the largest decline with a

drop of 25% a government spokesman said

that on the one hand the number of

tourists has dropped sharply and on the

other hand it's the impact of the

transformation of local consumption Hong

Kong people go north whether it's on the

weekends or daily and going to Shenzhen

to shop has become a routine operation

for many Hong Kong people even the 1881

shop in Hong Kong owned by the leashing

family which initially had more than 30

shops now has only three tenants Barbur

in Causeway Bay which used to have a

monthly rent of HK 8.8 million is now

rented to a restaurant after a 90%

reduction in price many businesses are

asking the owners to reduce the rent by

at least 30% in order to

survive the financial times the world's

most important Financial publication

published an article in December 2023

titled Hong Kong faces an existential

crisis as an International Financial

Center

the article said that foreign companies

and expats continued to leave Hong Kong

while Chinese companies and people

filled their vacancies Hong Kong is now

firmly controlled by Beijing the Chinese

government implements a distorted rule

of law in Hong Kong and the Judiciary is

forced to obey the Chinese government's

commands all of this is eroding

investors

expectations according to the latest

data the number of companies setting up

Regional headquarters in Hong Kong has

dropped from 1541 in 201 19 to

1,336 in 2023 a record low in 10 years

compared with the peak in 2019 25 fewer

companies a drop at 13% reflects that

foreign capital is withdrawing from Hong

Kong on a large scale during this period

these company's total number of

employees fell by more than 32% reducing

more than 60,000

positions more importantly Hong Kong has

lost its role as a super connector not

only has it disconnect connected from

the Western world but it's even been

jokingly called the sight of an

International Financial Center by

Mainland residents and has fallen into

an ordinary City in the

mainland the article also has a very

important observation saying that

today's Hong Kong has become about 40%

economically dependent on China but it's

expected that this may grow to 50 or 60%

in the next decade in fact more foreign

governments and investors find it

difficult to separate Hong Kong's status

from China another Financial publication

The Economist also published an article

titled Hong Kong's struggle the Lost 5

years at the same time saying that the

financial services industry accounts for

more than 1 of Hong Kong's GDP if the

financial industry is not prosperous it

will be difficult for the city to

prosper in the middle of this year the

economic Community predicted that Hong

Kong's economy would grow by 6% in 2023

the current consensus is that it will

fall to 3.3% which means that Hong

Kong's GDP is lower than in 2018 which

is equivalent to losing 5

years the article says that a year ago

when China lifted the quarantine system

Hong Kong's famous shops pharmacies

hotels and restaurants expected a large

influx of mainlanders in the first 10

months of this year 21 million people

appeared however this only accounted for

52% of the number of arrivals in 2018

the consumption of these tourists also

seems to have decreased they say that

the real situation in Hong Kong can now

stun

you what has changed in Hong Kong

recently first the number of tourist has

dropped sharply July and August were the

summer vacations in mainland China which

was the golden period for Mainland

tourists visiting Hong Kong it was

normal to have many tourists at the

ports in tourist areas however as

September 1st approached after the

mainland started school the passenger

flow in Hong Kong was reduced to its

original state the data released by the

Hong Kong immigration department on

August 24th was during the summer

vacation on the 31st which was the

Saturday before the start of school the

number of people from the mainland to

Hong Kong dropped sharply from 165,000

to 100,000 well the number of people

from Hong Kong to the mainland dropped

from 367,000 to

339,000 which was not a big drop

compared with previous year's data it

shows that making money in Hong Kong and

spending money in mainland China is the

general Trend Hong Kong people are not

stupid instead of eating drinking and

having fun in Hong Kong which is

extremely expensive it's better to go to

the mainland they are very smart

although Hong Kong has attracted many

high-end talents few can rent or buy

houses there many of them work or study

in Hong Kong and live in Shenzhen at

night therefore in the data of people

returning to Hong Kong from the mainland

people who travel between the two places

for work account for a part of the total

which shows from another aspect that

there are fewer tourists some disagree

with my statement saying that the ssot

way Waterfront and Causeway Bay are

always very crowded how big is Hong Kong

walking deeper into the streets and

visiting the residential areas you will

get closer to the real Hong Kong what Al

Kong said is already very euphemistic

the actual situation in Hong Kong now

will stun

you mainlanders are not flocking to Hong

Kong instead Hong Kong residents are

flowing in the opposite direction which

reflects that Hong Kong people are going

north to consume according to

immigration data the ratio of Hong Kong

people going north to consume is almost

3 to1 compared to the number of people

entering from the mainland this

phenomena has never been seen before and

is almost the most serious economic

phenomena Mr Deng a Hong Kong business

owner is most deeply touched by the

situation I have been doing business in

Shang Hong Kong for 34 years and I have

never seen such a miserable scene Hong

Kong cannot solve many problems alone

but the SAR government is still inour in

people to shop in the greater Bay Area

in fact in all walks of life what Hong

Kong has mainland China has more for

example if people buy a roll of toilet

paper from the mainland and bring it

back to Hong Kong the price may not be

much cheaper but that little bit is

enough to make Hong Kong people go North

to consume and buy Goods our local

Merchants have no choice but to slightly

reduce the prices and improve the

quality of service there was no other

way I think in another year or half a

year more stores may be forced to close

and the closing wave will become more

and more

severe so what caused Hong Kong to lose

its status as an International Financial

Center Radio free Asia once published an

article titled why did Xi Jinping kill

Hong Kong the goose that lays golden

eggs the article said after the

anti-extradition protests in Hong Kong

in 2019 the CCP has launched a series of

strong measures the leaders of the CCP

have increasingly realized that any one

country to syst Arrangement they have

made for Hong Kong will not be accepted

by the people what the people of Hong

Kong want is the right to freedom and

democracy whenever China tries to

tighten the news whether the fugitive

offender ordinance or changes to the

local electoral law Hong Kong people

will stand up and protest for the

Communist party all of this is going in

the wrong direction in July 2003 the

Hong Kong Government tried to legislate

article 23 of the basic law which

500,000 people protested in the end the

basic law could not be implemented after

this protest the beijan government

gradually strengthened its control over

Hong Kong in February 2019 the Hong Kong

government officially announced the

proposal to amend the fugitive offenders

ordinance which is to assist and the

transfer of suspects to judicial

jurisdictions such as mainland China

Taiwan and

maau on March 31st 2019 the Hong Kong

public held its first March against the

amendment of The Fugitive offenders

ordinance on June 9th it developed into

a million-person anti-extradition March

more than 2 million Hong Kong citizens

participated in the June 16th March a

record high the protests lasted for more

than half a

year former Hong Kong Governor Chris

Patton said at a video conference on

Hong Kong in the National Security Law

held by the Council on Foreign Relations

at us think tank that Hong Kong is the

precise embodiment of a free open and

law-abiding Society all of which the CCP

identified as a threat to its rule in

2013 and the first thing that happened

when Xi Jinping became a party leader

became president was the orwellian named

communic number nine in which the party

leadership set out the real threats

which the Communist Party had to face

all the different sorts of of liberal

democracy which they dislike Civil

Society um rule of law freedom of speech

um historical Ser because Hong Kong is a

precise

exemplification of all those aspects of

liberal open rule of law society which

the Chinese Communist Party identified

in

2013 as the enemies to its ability to

continue to control China another reason

is that the Chinese government is afraid

of repeating the Soviet Union's demise

on January 5th 2013 Xi Jinping who had

been in office for more than a year

delivered a speech at a seminar of the

Central Committee of the Communist Party

of China she said why did the Soviet

Union disintegrate why did the Soviet

Communist Party collapse one important

reason is that the struggle in the

ideological field was very Fierce the

Soviet history in the Soviet Communist

Party history were completely denied

Lenin and Stalin were denied historical

nihilism was practiced thoughts were

confused party organizers at all levels

were almost useless the Army was no

longer under the leadership sh of the

party ultimately the Soviet Union a huge

socialist country fell apart this is a

lesson for the

past in 2020 when the CCP Was preparing

to take action against Hong Kong the

global outbreak of the new Corona virus

gave the beijan government the best

opportunity they saw that Western

countries were exhausted from dealing

with the epidemic or even Paralyzed by

it and should not be able to respond

strongly to the Hong Kong

issue in June 2020 the standing

committee of the National people's

Congress of the Communist Party of China

began to draft the provisions of the

Hong Kong National Security Law the

process was completely confidential and

the Hong Kong government did not

participate on June 30th the second

plenary session of the 20th session of

the 13th National people's Congress

standing committee passed the draft with

162 votes unanimously and it began to be

fully implemented at 11:00 that

night subsequently on August 10th 2020

the Hong Kong police made a high-profile

arrest rest of Jimmy lie the founder of

Hong Kong's Apple Daily and several

other pro-democracy figures including

former member of Hong Kong demoo eges

Chow further undermining Hong Kong's

freedom of speech and press

Freedom the CCP did this to signal to

the US and the West that they did not

care about the concerns of the US and

the West the goal is to achieve the

unification of China under the control

of the Communist Party Beijing has thus

abandoned its promise to the people of

Hong Kong and the International

Community destroying this Beacon of

Freedom Xi Jinping has also completely

killed Hong Kong the goose that lays

golden

eggs finally let's talk about the story

of Hong Kong tycoon leashing as the

richest Chinese leashing has always been

considered a legend in the business

world he owned several companies

operating in 52 countries around the

world spanning Communications

infrastructure ports Oil retail in other

fields in addition to his precise

investment Vision another little known

reason why King can achieve today's

brilliant achievements is a special

relationship with the Chinese Communist

Party since the Deng xaing era several

major Hong Kong family conglomerates

have been guests of honor of the CCP

leashing in particular has met with Deng

xaing and Jang zumin individually many

times and obtained various preferential

policies on September 6 2010 hu jentel

met with Le kashing alone when attending

the 30th anniversary celebration of the

establishment of the Shenzhen special

economic zone

but in the Xi Jinping era the situation

changed after she came to power in 2013

he did not meet with the leaders of the

Hong Kong family conglomerates as usual

it was not until September 22nd 2014

that Xi Jinping met with a 70 member

delegation of Hong Kong Business and

Professional circles headed by Tang

chiua to visit Beijing including Le

kashing afterwards Lee kashing hoped to

meet Xi Jinping alone he submitted the

report through the general office of the

CPC C committee but received no reply Le

kashing waited in Beijing for 2 weeks

and finally had to return home Le

kashing returned to Hong Kong and

immediately called together core members

to make the important decision to

withdraw from China since 2013 leing had

started selling about 10 Mainland assets

one after another for a total of about

R&B 52.8 billion these include Guang Joo

X Chong du Plaza for R&B 2.6 billion

Shanghai Oriental H Jin for R&B 7.1

billion naning International Financial

Center for R&B 2.48 billion Beijing yur

Center for R&B 6 billion and Chong Chang

Metropolis for R&B 3.91

billion and generally speaking the debt

ratio of real estate companies in China

is much higher than that of those in

Hong Kong Hong Kong real estate has been

doing this for many years and has

competitive conditions using the

domestic model in Hong Kong will also be

very dangerous

it was not until 2015 when the official

media of the Chinese Communist Party

published an article titled don't let

leashing run away that the outside world

knew about Le King's large-scale

withdrawal of investment from China

however in the face of public doubts

about the withdrawal of investment from

China leashing has his own

explanation regarding divestment it

doesn't matter what I buy the money will

all be returned to the

company most people don't have basic

economic knowledge so that they would

say

divestment not only can't get the money

but small shareholders can't either

because the assets bought and sold

belong to the

company as for why she did not meet Le

kashing there have been rumors that it

was because Le kashing had offended XI

jingping in his early years in 1992 Xi

Jinping served as the secretary of the

food fujo Municipal Party Committee of

fujian Province she intended to rebuild

a famous historical site in fujo and the

municipal government approached Lee

kashing for cooperation Lee promised to

invest 3 billion R&B and then he went to

fujo to participate in the

groundbreaking ceremony and XI jingping

accompanied him throughout the visit at

that time the developer led by Le

kashing planned to protect 42 historical

sites and the remaining buildings and

land were to be demolished and built

into residential communities in 2003

just after the completion of the

Project's first phase due to the

construction causing serious damage to a

large area and destroying the historical

sites it was strongly opposed by many

scholars and media at home and abroad

finally it had to be

stopped this incident made Xi Jinping

embarrassed and became an excuse for

political enemies to attack the

50-year-old contract signed by leashing

and the government was terminated by the

fujo minicipal government in 2005 and

leasing's land use rights were taken

back