OPINIONS Observer: Hong Kong’s destiny not determined by US


Observer: Hong Kong’s destiny not determined by US

By Su Di | People's Daily app

19:54, August 17, 2020

d89c5351e0a84985bf30ef59b5639906.jpgWithout the US, Hong Kong “can never succeed” having China run it, US President Donald Trump recently said in an interview, bragging about America’s “contributions” to the city, claiming that nobody’s going to do business in Hong Kong anymore.

After Trump signed the so-called “Hong Kong Autonomy Act” a month ago, he also asserted that “with it goes Hong Kong.”

It seemed that Trump is never tired of blowing his own trumpet again and again and resorting to intimidation. However, the international community has long disliked such behaviors.

Hong Kong’s repute as the “Pearl of the Orient” is not a handout from other countries. With a special historical background, Hong Kong has always been a gateway for foreign investors to enter or exit China, and a window for Chinese businessmen to explore international markets in a century.

Hong Kong’s status as an international financial, trade and shipping center is the result of the hard work of generations of Hong Kong people, and China’s continuous deepening of reform and opening-up as well as its strongest support for the city, rather than the “grace” from the US.

Thanks to the dual advantages given under “one country, two systems,” Hong Kong has pursued regional cooperation and explored overseas markets with the motherland’s support since its return.

Despite the 1997 Asian financial turmoil, the 2003 SARS epidemic, and the 2008 international financial crisis, Hong Kong, with the strong support of the central government, has pressed ahead and maintained the strong momentum of economic growth. That is the result of implementing and safeguarding the “one country, two systems,” which cannot be taken away by the US.

Even last year’s turbulence over the proposed amendments to the extradition laws caused an unprecedented crisis in Hong Kong, the city is not going down. According to statistics, all IPOs in Hong Kong totaled US$40 billion last year, ranking first globally again. As of the end of July this year, IPOs in Hong Kong reached HK$132.1 billion, while average daily turnover stood at HK$124.8 billion, an increase of more than 40 percent from the average daily turnover last year. This fully demonstrates the recognition and confidence of international participants in Hong Kong’s financial system.

The deep penetration and strong intervention of Western forces led by the US in the Middle East, North Africa and Latin America are the main sources of turbulence and recession in many countries.

Not surprisingly, some American politicians have played an extremely disgraceful role, emboldened violent rioters and manipulated the turbulence behind the scene in Hong Kong, severely threatening the city’s stability and prosperity.

With such a poor record, it’s really a shame to see that Washington still shamelessly brags about its so-called “contributions.”

As a free port and model of global free trade, Hong Kong’s excellent business environment has become a magnet for international companies.

Speaking of contributions, it is Hong Kong that contributes to the US economy. According to statistics, over 1,300 American companies, including almost all the major financial companies of the US, operate in Hong Kong. Roughly 85,000 American citizens live in the city.

The US enjoyed the highest trade surplus with Hong Kong over the past decade and had an aggregate merchandise trade surplus with the city amounting to US$297 billion from 2009 to 2018.

Hong Kong is also a “super-connector” between American companies and the Chinese mainland, bringing great convenience for them to expand in the Chinese mainland market.

It is not difficult to see that easier access to the benefits of “real money” is the fundamental reason behind the America’s special treatment for Hong Kong.

To hurt China through Hong Kong, the US took back the so-called preferential policies, which is a stupid move that not only harms others but wounds itself as well.

After all, the Hong Kong story will be written by local residents, and the Americans cannot take away the right to define it. Hong Kong’s destiny is not determined by the US.

The real reason behind Hong Kong’s success and prosperity is the strong backing of the Chinese mainland and its role as China’s gateway to the world.

Hong Kong citizens know clearly who really cares about the city and who can determine its future. The US’ hypocrisy, threats and intimidation are just a waste of time.

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