China voices firm opposition to G7 statement on Hong Kong

China on Tuesday voiced strong dissatisfaction with and resolute opposition to "random accusations" and "irresponsible remarks" on Hong Kong affairs in a statement from the Group of Seven (G7) summit.

The G7 reportedly reaffirmed the existence and the importance of the 1984 Sino-British Joint Declaration on the Question of Hong Kong and called for avoiding violence in a joint statement issued Monday at the end of a G7 summit held in Biarritz, France.

"As we have emphasized on many occasions, Hong Kong affairs are purely China's internal affairs, and no foreign governments, organizations or individuals have the right to intervene," said Geng, when responding to a query about China's comment on the statement from the G7 summit.

(Source: http://www.xinhuanet.com/english/2019-08/27/c_138342884.htm)

Hong Kong's embattled police force resolute in face of growing violence

The elite Hong Kong police force deserves respect, many said, denouncing the mounting attacks on police. The HKSAR government has firmly supported the police and opposed unjust accusations of brutality against officers. Residents have visited police stations to express their gratitude and support.

Maggie Chan Man-ki, solicitor and founding president of the Small and Medium Law Firms Association of Hong Kong, said those who accuse police of abuse are distorting facts.

"People should be concerned about who started the violence, and not how police enforce the law. If we don't respect the law and support the police, Hong Kong will descend into total chaos," she said.

During a public rally on Monday, many Hong Kong residents said they stand by the police.

"The violence is getting worse, and many police officers are injured. I think the government and police should take a stronger stance against violence," said Jimmy Tso, a rally organizer.

The order of Hong Kong not only depends on the enforcement of the law by the police, but also on law-abiding residents cooperating with the police, said Chan Man-tak, chairman of the Superintendents' Association of the HKPF.

"There is no excuse to rationalize any violent and illegal actions," he said.

(Source: http://www.xinhuanet.com/english/2019-08/27/c_138343076.htm)

Wang Yi: Hong Kong will pull through under great unity

Chinese State Councilor and Foreign Minister Wang Yi called on the Hong Kong community to unite under the Hong Kong Special Administrative Region (HKSAR) government, stressing that Hong Kong is bound to pull through if all residents do so.

Wang made the remarks when meeting with representatives from the Hong-Kong-based Belt and Road General Chamber of Commerce, which has made great contributions to safeguarding Hong Kong's prosperity and stability, according to the minister.

(Source: http://www.ecns.cn/news/politics/2019-08-28/detail-ifzniitw1598103.shtml)

The truth about Hong Kong’s autonomy

The riots in Hong Kong have lasted for over 10 weeks and most media from the city and the Chinese mainland have been covering specific incidents and related topics. Global Times believes it's time to bring Hong Kong's high degree of autonomy into focus. Such a review is necessary to calm the situation. 

First, Hong Kong's high degree of autonomy must be maintained. It is politically pragmatic and the only feasible principle. At present, the "one country, one system" approach is completely unrealistic. The Chinese mainland does not have direct political and legal resources to govern Hong Kong. If the city's high degree of autonomy is abolished, the entire logic of Hong Kong's social function will be rewritten, which would bring huge governing risks, including the possibility that the city might lose its status as an international financial center. Such risks are not in line with China's national interests. 

Second, Hong Kong's high degree of autonomy should not lead to political antagonism between the city and the mainland. This is the bottom line of the "one country, two systems" principle and is reflected in the Basic Law and Hong Kong's electoral system. A candidate who opposes the Chinese central government must not be elected as the city's chief executive. Some protesters causing disturbance in Hong Kong is different from a Hong Kong Special Administrative Region government that may lead Hong Kong society to confront the central government.

Third, the Chinese mainland hopes that Hong Kong can maintain its social culture based on a capitalist system. It is good to have a Western-style city on Chinese soil. Why bother to make it Chinese style? 

Fourth, due to different political systems in Hong Kong and the Chinese mainland, some Hongkongers tend to distrust the mainland politically. This has led to radical behaviors in Hong Kong and the central government's efforts to restrain such radical incidents. Opposition in the city is usually committed to strengthening such distrust for their political interests until the situation gets out of hand. Take national education in Hong Kong. It is supposed to be promoted after Hong Kong returned to China in 1997. Unfortunately, national education has become a sensitive issue in the city. 

Last but not the least, Hong Kong and the Chinese mainland are a community of shared interests. There are similarities and differences in the two societies' values. But the Chinese mainland most sincerely hopes all the best for Hong Kong and will grieve the most if the city suffers social turmoil. This is determined by the shared interests and strong cultural bond between the two sides. It is hoped Hongkongers can understand this and not be tempted by any delusion.

(Source: http://www.globaltimes.cn/content/1162850.shtml)

Will Shenzhen rival HK as finance hub?

The integration of the financial markets in Shenzhen, South China's Guangdong Province, with those of the Hong Kong Special Administrative Region (HKSAR), under a master plan recently issued by the central government, will cement the latter's role as an international financial hub while also spurring innovation of the former's financial markets, local industry players said. China released a guideline on August 18 that aims to build Shenzhen into a pilot demonstration area of socialism with Chinese characteristics. 

Under the plan, one key focus will be the local financial markets and technological innovation. The government will promote connectivity among the financial markets of Shenzhen, the HKSAR and the Macao SAR, such as stock connect programs and bond connect programs, and support financial products and funds' mutual recognition.

"Shenzhen is home to a number of vibrant technology start-ups that need financing… This means a great opportunity for Hong Kong, not only in terms of retaining and propelling the prosperity of Hong Kong's capital market but also in optimizing the asset portfolio of Hong Kong international investors," Qi Mingyang, chairman of Shenzhen-based asset management firm Fortune Valley Capital Investment Group, told the Global Times on Tuesday. 

As Hong Kong's economy is small, its stock exchange has largely thrived on IPOs by companies based in the Chinese mainland in past years, industry insiders said. As of the end of July, 1,205 mainland-based companies were listed in Hong Kong, accounting for 68 percent of the market's total capitalization, data from HKEX showed.

(Source:http://www.globaltimes.cn/content/1162870.shtml)