The first batch of eligible Hong Kong permanent residents received a cash payout of HK$10,000 (about $1,298) by the Hong Kong Special Administrative Region (HKSAR) government on July 6.
As an important measure of a budget unveiled by the HKSAR government to support enterprises, safeguard jobs, stimulate the economy, and smoothen livelihoods, the widely anticipated cash payout scheme has garnered wide attention.
However, the bailout policy that directly benefited Hong Kong residents had been obstructed by the opposition in the city.
When voting on the second round HK$137.5 billion anti-epidemic fund launched by the HKSAR government, none of the opposition members voted in favor and they even tried to delay the passage of the budget, which includes the cash payout scheme, and impeded the implementation of the one-off relief measure.
What’s worse, some opposition politicians have been determined to unscrupulously achieve their political purposes. They incited black-clad rioters to engage in acts of destroying subways, smashing shops, firebombing banks and beating tourists and local people.
They hyped up the so-called “yellow economic circle”, caused social separation, and made trouble for innocent merchants.
These behaviors revealed that some politicians were taking the people’s livelihood hostage by means of politics, and dragging down Hong Kong’s economy by the “mutual destruction” activities. They are enemies of Hong Kong people and the city’s future.
Due to the “mutual destruction” activities, the region lost its title as the world’s freest economy, which it has maintained for 25 consecutive years. Last year, its GDP contracted for the first time in a decade. The city’s iconic Jumbo Kingdom floating restaurants that spark memories for generations of locals closed their doors.
Due to the “mutual destruction” activities, restaurants were forced to shorten their business hours or even closed. Single mothers living in subdivided flats lost the opportunities to work as a security guard in a mall. A diligent and conscientious driver of a red minibus could only earn HK$400 – not even enough to refuel his bus - from 14 hours of work each day.
Regardless of the difficulties local people face and people’s wellbeing, the opposition members bent on “mutual destruction” activities undermine the future of Hong Kong that is beset with troubles internally and externally.
Hong Kong people need a stable society and a safe home. They want to work, live a normal life, do business and support their family as they used to do. The prerequisite for the development of the SAR is ending the turmoil and stabilizing society.
That’s why over 2.92 million Hong Kong residents signed a petition in support of the national security legislation for Hong Kong during the United Front Supporting National Security Legislation, an eight-day campaign in early June.
It is also the reason why many residents of the SAR expressed their anticipation for the legislation since the legislation was enacted. The citizens’ wish is simple, that is seeking development in a stable society.
The national security law means the hope of ending the turmoil and recovering the confidence of the market. It gives all sectors the hope to start again and the Hong Kong people the hope to return to a normal life.
The legislation is now taking effect gradually. According to the report of the Hong Kong Monetary Authority, since the national security law was implemented, capital flowed in Hong Kong, instead of flowing out. The Hong Kong dollar did not even weaken.
In May 2020, Hong Kong Exchanges and Clearing Limited (HKEX) signed a 10-year licensing agreement with MSCI Inc. (NYSE: MSCI), a leading provider of mission critical decision support tools and services for the global investment community.
S&P Global Ratings affirmed its AA+ long-term issuer credit ratings on Hong Kong. The outlook remained stable.
Besides, the American Chamber of Commerce in Hong Kong still sees the international metropolis as the base for its international business.
Moreover, people’s desire to buy a property was also recovered, with 252 new properties sold by July 4, the first Saturday since the law was enacted.
All these facts have demonstrated that the national security law is beneficial to strengthen investors’ confidence and stabilize citizens’ anticipation. If the order of the SAR is restored quickly, foreign enterprises will have stronger confidence in doing business in Hong Kong and the local people will have more confidence in their life.
With the national security law, the despicable motive to push the city into an abyss of no return will never succeed.
The prosperity of the SAR comes from the unremitting endeavors of many generations of Hong Kong people, and the long-term support of the motherland. Those who love Hong Kong will by no means allow a few people to ruin the hard-won prosperity. China’s central government will by no means allow them to undermine the future of Hong Kong’s economy through mutual destruction.
Thankfully, the spirit of Hong Kong is never absent. The advantages of Hong Kong are still clear. Besides, the country’s support for the SAR remains resolute as always.
Under the protection of the national security law, life in Hong Kong will be sure to return to normal. The Pearl of the Orient will be sure to embrace a more splendid future.