. 3 Min Read. The real issue is that Hong Kong as a major financial center matters hugely to . For many, it spells the end of the city's. A protester holds an umbrella as police fire tear gas during a demonstration in Hong Kong, early . Cardin said Hong Kong enjoyed the special status in exchange for the "one country-two systems" arrangement guaranteeing it a high degree of autonomy and human rights after its handover to . It warned that "Hong Kong's high degree of autonomy and its press freedoms are central to its . Section 7 of the . Victoria Tin-bor Hui. a lot of them would lose their future and freedom." —⁠Kelvin Lam, 21, student. With concerns over the future of trade in Hong Kong, business could start to move elsewhere permanently. law but the manner . The U.S. Might Revoke Hong Kong's 'Special Status.' Here's ... Hong Kong will lose its special status and become a normal Chinese province with no autonomy With an increasingly politicised younger generation, most observers expect a tough political struggle . Hong Kong may lose some of its relevance as a global financial center if the region is transformed into just another Chinese city. 'One Country, Two Nationalisms': The Identity Crisis ... As a result, Hong Kong's port and logistics businesses may . If Hong Kong loses autonomy, will it also lose its APAC ... The "high degree of autonomy" that former Chinese . Why Hong Kong Needs Autonomy to Remain a Global Financial Hub Joshua Wong: Hong Kong Cannot Prosper Without Autonomy | Time Nov.2020. Although Hong Kong is a part of China, under the terms of the Hong Kong Policy Act of 1992 the U.S. treats Hong Kong as distinct from the mainland when it comes to economic relations, applying a different set of rules from the rest of China on things like export controls, customs and immigration. Its G. The protests that began in 2019 are actually centered on a date nearly 30 years into the future. China can still salvage 'one country, two systems' in Hong ... In 1984, Britain and China signed an agreement where Hong Kong would enjoy "a high degree of autonomy" when it returned to China in 1997 under the principle of "one country, two systems." No more 'special treatment'? Trump announces end to Hong ... Will Hong Kong fall? | Travel Trade Outbound Scandinavia Trade: Hong Kong might lose its preferential lower U.S. tariff rate on exports to the U.S., and its zero tariff rate on imported goods from the U.S., impacting $66 billion in annual trade.A revocation of special status could mean higher tariffs, and Hong Kong getting swept up in the trade war between the U.S. and China. LAW: For me, my roots is in Hong Kong. Beijing passes a resolution allowing Hong Kong authorities to expel four . . Friends with good jobs, doctors and managers, now scrape by, he said. The British government issued a statement calling for an "urgent explanation" from Hong Kong. If Hong Kong should eventually fall, I would see a shift towards other airports in the region. Hong Kong could lose its autonomy if opposition lawmakers don't stop 'fooling around', says prominent loyalist Basic Law Committee member Priscilla Leung issues stark warning regarding . But at the same time we must acknowledge there is no room for a prosperous Hong Kong without . For all the years since 1997, Hong Kong has lived by the governing principles spelt out in its post-colonial Basic Law constitution. US Secretary of State Mike Pompeo on Friday slammed Beijing over a proposed new security law for Hong Kong and warned that the semi-autonomous territory could lose its special trading privileges. In a word, Hong Kong's autonomy is not only a local issue, but also an internationalized one. And Pompeo said the national security law was basically the latest in a series of moves by Beijing that strip Hong Kong of its freedoms and autonomy. If Hong Kong loses autonomy, will it also lose its APAC real estate hub status? May 27, 2020. It is its main interface with global capital markets, the conduit for most . Hong Kong may lose some of its relevance as a global financial center if the region is transformed into just another Chinese city. SIMON: Nathan Law, Hong Kong democracy activist. The "Hong Kong Human Rights and Democracy Act", passed last year, stated that there would now be an annual review of whether or not Hong Kong maintained enough autonomy to justify its . According to Swift, as of August 2019, Hong Kong offshore yuan (CNH) amount amounted to 76.36% of the total volume of global CNH transactions. Hong Kong has lost its autonomy from the Chinese government, the Trump administration said in a historic report to Congress Wednesday, laying the groundwork for the territory to lose its special status under U.S. law and threatening its economic power. "They think Hong Kong has lost its future," said Jacky Ma, a 44-year-old technician who had joined a protest here. . US national security adviser Robert O'Brien warned that Hong Kong could lose its status as a major hub for global finance. Hong Kong loses its autonomy China is expected to implement new national security laws for Hong Kong on July 1, the anniversary of the city's handover. Hong Kong people - they stand out, and they - more than 2 million, more than a quarter of the population marched in 2019. Here's why that could all change now The Star spoke to protesters in Hong Kong who said the mood there was desperate and defiant . (HKHRD), which amended the USHKPA by requiring the secretary of state to annually certify Hong Kong's autonomy. If Hong Kong loses its autonomy, if "one country, two systems" ends, if Hong Kong becomes just another Chinese city, what is the justification for the special economic status, which was established in recognition of Hong Kong's promised high degree of autonomy? Hong Kong is highly autonomous. What is Hong Kong's 'special status'? Today, Hong Kong has many crosses displayed on buildings, skyscrapers, and churches. Many Hong Kongers consider this interference a violation of the promised autonomy built into the terms of the Joint Declaration and the Basic Law, Hong Kong's mini-constitution. The British government issued a statement calling for an "urgent explanation" from Hong Kong. Hong Kong lost an opportunity to help not only its mother, but the world, and thereby itself. 8. Nick Easen commented for Raconteur that if the region were to lose its autonomy from mainland China, then investors "might as well invest in Shanghai". 5725 and 5731) and section 7043(f)(3)(C) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2021 (Div. Most talking heads say that the Chinese can't allow Hong Kong to lose its status as the pre-eminent financial center in Asia, but that's not what I hear from China," he said. "Singapore with its five-star airport is a big competitor. Hong Kong: UK must tell UN China reneging on obligations Sino-British pact guarantees autonomy in all areas apart from defence and foreign affairs Fri, Jun 14, 2019, 06:00 China's decision to introduce a highly contentious national security law for the city will further exacerbate the political risk of investing in and operating out of one of the region's major financial centers. Hong Kong residents fear loss of autonomy after Tiananmen monuments removed December 24, 2021, 7:42 p.m. China announces its plans for the National Security Law in May; it was fast-tracked and promulgated weeks later. In other words, Hong Kong would not lose its WTO membership due to any potential U.S. actions to revoke its trade privileges under U.S. law; other WTO members are not required to adhere to a U.S. decision on the matter. This status is granted by the Chinese central govt. Consistent with sections 205 and 301 of the United States-Hong Kong Policy Act of 1992 (the "Act") (22 U.S.C. . It cannot "lose" this status because it never has it. Preferential . That arrangement, known as "one. In fact, it has been growing and prospering at a phenomenal pace. But should Hong Kong gradually lose its autonomy, the fate of people of faith will be uncertain. × Plus Icon Click to expand the Mega Menu Hong Kong, you need to start realising, and quickly, that there is a world outside the 852, and we are a small part of it. By AMY GUNIA / HONG KONG May 29, 2020 2:44 AM EDT S ecretary of State Mike Pompeo announced on Wednesday that Hong Kong was no longer sufficiently autonomous from mainland China — an assessment. Residents of Hong Kong are increasingly worried about losing their autonomy amidst further crackdowns from China - including the dismantling of monuments commemorating the 1989 Tiananmen Square massacre. freedoms and autonomy that have underpinned the city's prosperity since the handover from British control in 1997. . In a show of support for demonstrators, the US Congress last year overwhelmingly approved a law that would end Hong Kong's preferential trade access to the world's largest economy if it is no longer certified as enjoying autonomy — which Beijing promised before regaining control of the then British colony in 1997. On the same day British luxury clothing company Burberry said its Hong Kong sales were down more than 10% and it had slashed £14m off the value of its 12 stores there. Critics counter that China has all but banned opposition politics and violated promises it made to maintain Hong Kong's freedom and autonomy after the city returned to Chinese rule in . Photo: Tam Ming Keung/United Social Press. The Extradition Bill saga has shown that the future of Hong Kong's autonomy is not only shaped by . The Importance of Autonomy for Hong Kong . Freedom of religion is protected under its Bill Of Rights. In a show of support for demonstrators, the US Congress last year overwhelmingly approved a law that would end Hong Kong's preferential trade access to the world's largest economy if it is no. In response to American pressure, Beijing's short-term reaction will be more forceful. China passes a security law for Hong Kong, despite street protests and a U.S. declaration that the move means the city loses its autonomy. Hong Kong May Lose U.S. Based on the total transacted volume in Hong Kong, China can use Hong Kong for its capital controls and to internationalise renminbi. Photo courtesy of Alessandra Bocchi. Since then, Macau has lost - not one iota. at the end of June 2020, Congress passed the Hong Kong Autonomy Act (HKAA), which the President signed into law on July . Hong Kong voters have opened a "Pandora's box" that may ultimately put the city's autonomy at risk by handing a landslide victory to the pro-democracy camp in the district council election . "No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground." The May 27 move was compelled by last year's Hong Kong Human . What will be left of Hong Kong's autonomy in 2047? It warned that "Hong Kong's high degree of autonomy and its press freedoms are central to its . May 27, 2020, 1:22 PM PDT By Abigail Williams WASHINGTON — Hong Kong can no longer be regarded as autonomous from mainland China, Secretary of State Mike Pompeo said in a notification to Congress. In recent years, it's become harder to separate Hong Kong's political autonomy from its economic strengths. Hong Kong is one of two Special administrative regions of China (SAR) which enjoys a certain degree of autonomy as a part of the People's Republic of China, which is guaranteed under Article 2 of Hong Kong Basic Law as ratified under the Sino-British Joint Declaration. Trump announced plans to strip Hong Kong of the trade and diplomatic perks it previously enjoyed as a partially-autonomous territory during a press conference on Friday, blaming China's passage of the national security bill earlier this week.They broke their word on ensuring the autonomy of Hong Kong Investors will lose as Beijing squeezes Hong Kong. On Thursday, China's National People's Congress approved a plan to move forward with a sweeping national security law on Hong Kong that many fear will squelch the former British colony's already. The Hong Kong Policy Act mandates that the US shall review whether the city enjoys sufficient autonomy from China in order to enjoy special trade treatment. What I am doing is for the freedom and democracy for Hong Kong. Before the British government handed over Hong Kong in 1997, China agreed to allow the region considerable political autonomy for fifty years under a framework known as "one country, two systems.". Unless major changes take place in China before 2047 when the Sino-British agreement regulating the Chinese rule over Hong Kong expires, Hong Kong will most likely be "absorbed" by mainland and lose its autonomy. Some $67 billion in annual Hong Kong-U.S. trade of goods and services could be put at risk as Hong Kong would lose its preferential lower U.S. tariff rate. Hong Kong never is "fully" autonomous. Beijing's decision will drive our city into dire straits in all aspects—the stock market may plunge, unemployment numbers may rise and foreign businesses may flee. Without the lower US tariff exposure, Hong Kong may lose its viability as a re-exporting hub for exports to the US. Hong Kong will lose its special status and become a normal Chinese province with no autonomy With an increasingly politicised younger generation, most observers expect a tough political struggle . HONG KONG (Reuters) - A top Chinese official said on Saturday Hong Kong's high degree of autonomy must not be taken as a license to confront Beijing, and urged the territory's . Many Hong Kongers consider this interference a violation of the promised autonomy built into the terms of the Joint Declaration and the Basic Law, Hong Kong's mini-constitution.This interference reinforces fears that the city will lose its autonomy entirely after 2047, the end point of commitments made under the Joint Declaration. The central govt always has the power to put in the National Security Law for HK, which HK should have established one for itself some 23 years ago. In 2047 , Hong Kong will lose its autonomy and come under the direct control of Beijing, what the full implications of that will be for the city's residents is not entirely clear, but it is something that most are very wary of. Although Hong Kong technically continues to be treated as its own separate customs territory by multilateral agreements, the commitments undertaken by the United States with regards to the original 2047 timeline for Hong Kong's full reintegration into the PRC are being rapidly accelerated. O'Brien warned that Hong Kong could lose its status as a major hub for global finance. Pompeo has already called the proposal a "death knell" for Hong Kong's autonomy. "Hong Kong airport is a huge transit hub connecting Asia and Oceania with the world, being the transit destination between London and Sydney, Berlin and Hanoi, or Bejing and Bali, for example. In 2009, Macau already set up its own version of national security laws, in accordance with their Basic Law. Will Hong Kong Lose Its Special Customs Territory Treatment by the US? When China regained sovereignty over Hong Kong from the British in 1997, it was under an agreement to allow the city a "high degree of autonomy" for 50 years. Regional governors will point to Hong Kong when they want more leeway. Will Hong Kong lose its special customs territory treatment? This interference. Answer (1 of 4): Haha, yet another question with a BIG misunderstanding. Total volume (%) of global CNH transactions8. China pledges to grant Hong Kong a "high degree of autonomy" and that Hong Kong would move toward direct elections by 2007. . that the city will lose its autonomy entirely after . In 2019, re-exports to the US were worth about HKD 300 billion (US$38.7 billion), accounting for 7.6 percent. US Secretary of State Pompeo has called the proposal of a national security law for Hong Kong a "death knell" for Hong Kong's autonomy. Beijing has tightened its grip on Hong Kong in recent years, dimming hopes that the financial center will ever become a full democracy. It declares that China will resume control of Hong Kong on July 1, 1997. "The city remains central to China's economy [this article was written in 2019, before the move against Hong Kong]. Alessandra Bocchi is an Italian freelance journalist. Hong Kong was supposed to be autonomous from China until 2047. . If Hong Kong retains much of its independence, it is likely to fuel the spread of regional autonomy. US Secretary of State Mike Pompeo on Friday slammed Beijing over a proposed new security law for Hong Kong and warned that the semi-autonomous territory could lose its special trading privileges. China's announcement last week on new national security legislation for Hong Kong is a dramatic move to roll back the " one country, two systems " model . . Even an international golf . The prosperity of Hong Kong is based on its autonomy, not Beijing's dictatorship. K, P.L. The Hang Seng Index fell a whopping 1,350 points after the announcement that . The Importance of Autonomy for Hong Kong . Pompeo said the decision on Hong Kong's autonomy "gives (him) no pleasure," noting that "Hong Kong and its dynamic, enterprising, and free people have flourished for decades as a bastion of liberty." Hong Kong is treated separately from . would not affect Hong Kong's status as a WTO member vis-à-vis other WTO members. In 2047 , Hong Kong will lose its autonomy and come under the direct control of Beijing, what the full implications of that will be for the city's residents is not entirely clear, but it is something that most are very wary of. Beijing says Hong Kong's new voting system will put Hong Kong back on track after the city was rocked by huge and often violent democracy protests two years ago. However, Hong Kong's trade is dominated by re-exports. We can either be the glue that brings the world together, or continue to being an ever-decreasing smaller part. 116-260), the Department submits this report and the enclosed certification on conditions in Hong […] As Hong Kong loses its special status, Beijing will lose its trump card against the free world. . The Umbrella Movement protests of 2014 succeeded in stymieing Beijing's proposed revisions to Hong Kong's system for selecting its chief . Pompeo: Hong Kong no longer autonomous from China Secretary of State Mike Pompeo reported to Congress on Wednesday that Hong Kong was no longer autonomous from China, a move that could jeopardize. And I think that's their opinion, and that's what they want. Kong protests end underpinned the city & # x27 ; s what they want leeway. & quot ; high degree of autonomy & quot ; one for Hong Kong authorities to expel.! Demonstration in Hong Kong without think that & # x27 ; Brien warned that Hong Kong & # ;! 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