HK , are also grabbing market share. While mainland Chinese companies are rapidly expanding into Hong Kong, Western banking and financial institutions still have a strong presence in the city. L HK , for instance, employed more than 28, people in Hong Kong at the end of For Beijing, growing economic clout has not been mirrored by increased popular support. Earlier this month, for instance, Reuters reported that retired Hong Kong policemen were part of a mainland-led surveillance operation to tail leading pro-democracy figures in the city.
Although the street protests ultimately petered out, at their height they drew tens of thousands, presenting Xi Jinping with his most serious popular challenge since he took power two years ago. Rather than foster understanding, growing economic integration has at times raised tensions. In one incident that made headlines earlier this year, locals got into a scuffle with a mainland couple who had allowed their toddler to urinate in the street.
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He told the tycoons that China was now a major force in the world and most of his attention would be focused on ties with bigger nations including the U. Li Ka-shing, Lui Che-woo and Robert Kuok, three of the tycoons who were part of the delegation that met Xi, did not respond to questions from Reuters.
At the time of the handover in , it was almost a fifth. The proposed laws were withdrawn and the then chief executive, Tung Chee-hwa, was eventually forced to resign. As the mainland ponders how to contain demands for political change, its economic footprint in Hong Kong continues to expand. In retail banking, subsidiaries of mainland banks operate nearly branches in Hong Kong, accounting for about 40 per cent of the total number of branches, according to figures from SNL Financial, a financial service research company.
The market in so-called dim sum bonds, bonds denominated in renminbi but issued outside the mainland, is rapidly closing on its Hong Kong dollar counterpart. Whose interests does this serve? When the corporate media heaps praise on protesters in countries like Venezuela or China while demonizing mass movements here in the U. In , Chan Tong-kai, a Hong Kong college student, brutally murdered his year-old pregnant girlfriend, Poon Hiu-wing, while vacationing in Taiwan. Hong Kong statutes prevent murderers like Chan from standing trial for crimes committed outside of the city — even if they took place in China.
Mafia-style triad gangs like 14K and Sun Yee On rule the streets. International drug cartels launder their profits through Hong Kong — an open secret confirmed by the release of the Panama Papers in If passed, this would establish channels for case-by-case criminal extradition between the city, mainland China and Taiwan. Smaller protests in the late spring culminated with a demonstration on June 9 that drew roughly a million participants.
As violence escalated at smaller protests in the days to come, Lam suspended the bill on June On July 1, an opposition mob stormed the Hong Kong Legislative Council building — essentially their legislative chamber — and raised the old British colonial flag. The strike failed to materialize but ensuing riots caused enormous damage to public infrastructure and local businesses. More recently on August 13 and 14, protesters shut down Hong Kong International Airport — the eighth busiest airport in the world — grounding all flights to and from the city.
Hong Kong police have largely allowed the protests to continue, even as they seize government buildings and destroy infrastructure.
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With its low taxes, pliant legal system and relative absence of state regulations, it today serves as a major hub for international finance capital. The British took note of this in the early 19th century as they brought opium into China with the aim of extending their empire.
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At the end of the First Opium War in , Britain claimed Hong Kong as a colonial possession and a staging ground for further colonizing Asia. Under its rule, the city grew into a major trading hub for the benefit of monopoly capital — and at the expense of the vast majority. As the cultural revolution raged in mainland China in , the working class in Hong Kong rose up in revolt against the colonial system.
Facing brutal repression and legal punishments like flogging, the Hong Kong Federation of Trade Unions led a wave of strikes demanding basic labor protections and an end to their exploitation. Their once-mighty empire shattered beyond repair, Britain agreed to transferring sovereignty over Hong Kong back to China in Some ended up in Hong Kong or Macau, the latter under Portuguese colonial control at the time, but the heaviest hitters from the old regime set up shop on the island of Taiwan.
This meant getting the British out of Hong Kong, removing Portuguese control of Macau and bringing Taiwan back into the fold. National defense played a role in this calculation too.
The Western imperialist countries had just waged a savage war on Korea — occupying the south to this day — along with Vietnam, Laos and Cambodia. As the haven for counterrevolutionaries who fled the mainland after , Taiwan was always going to be the hardest sell for Beijing. With some modifications, Hong Kong also operates a traditional liberal constitutional government and legal system based on British common law. For Western investors and financiers, these familiar and easily manipulated institutions made Hong Kong an attractive commercial base.
The city became the primary gateway for foreign direct investment into mainland China. After the collapse of the Soviet Union and most of the socialist countries, the CPC keenly understood the risks of inviting foreign capital into their country and developed methods of limiting its power and independence. To that end, Hong Kong, as its own administrative region, serves as a buffer between international finance capital and the mainland. But it goes beyond attracting foreign investment.
Hong Kong played an important role in that process in the 21st century. The Hong Kong protests are absolutely not driven by or in the interests of the working class, whether in Hong Kong or mainland China.
Entrepreneurs training Foreign language learning Extracurricular learning Online school. All rights reservedSu ICP Hurun releases "white paper on new middle class in China": is the 10 million strong new middle class the "king of consumption" in China? Travel and physical fitness are the two most popular forms of recreation for the new middle class.
Children's education is the most common anxiety of the new middle class. The second biggest worry is investment and financial management Stocks are the most popular wealth management products for the new middle class. This is followed by Internet finance, real estate, commercial insurance and bank savings The Hurun Report of 36 pages on China New Middle-Class, reveals the size, characteristics and needs of China's middle class and newmiddle class, describing their living conditions, emotional status quo and wealth outlook.
By August , the number of middle class families in mainland China had reached
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