The US-sanctioned Hong Kong leader said political stability and business confidence in the city have now been restored after the crackdown on pro-democracy protests, at a financial summit on Wednesday attended by international bankers. , including Wall Street executives.
Big names in global finance gather for a week in the financial hub for a summit aimed at restoring the reputation of the Chinese financial hub, despite strong criticism from US elected officials and persistent health restrictions that have tarnished its international reputation. and caused a brain drain. and damage its economy.
“We were, are and will continue to be one of the world’s leading financial centers. And you get what you pay for,” Chief Executive John Lee said in his speech.
“You get what you pay for”
Speakers scheduled for this high-profile summit include Goldman Sachs CEO David Solomon, Morgan Stanley CEO James Gorman, Blackrock Chairman Rob Kapito and JP Morgan Chase counterpart Daniel Pinto. His presence generated controversy.
Last week, leaders of a US government agency on China (the Congressional-Executive Commission on China) warned Wall Street bosses not to visit Hong Kong, accusing them of playing into the hands of the Chinese territorial chief executive. .
“Their presence only serves to legitimize the rapid dismantling of Hong Kong’s autonomy, press freedom and rule of law by authorities acting in concert with the Chinese Communist Party,” they said in a statement Thursday. Press Democrats Jeff Merkley and Jim. McGovern, members of a parliamentary committee devoted to China, and in particular to the issue of human rights.
dilemma
Indeed, multinationals face a dilemma: Hong Kong is both a lucrative close gateway to China, but also a place that crystallizes increasingly tense relations between Beijing and Western powers.
“Hong Kong’s seamless connection to the mainland gives it advantages that no other economy has,” Lee said in his speech.
Lee said the city is a hotspot for business heavyweights due to its “irreplaceable connection” with mainland China. And that connection is now essential, he argued, “as the world’s economic center of gravity shifts east.”
John Lee, a former security chief who took office this year, is among officials sanctioned by Washington for his role in cracking down on dissent in Hong Kong following pro-democracy protests.
Therefore, you are prohibited from having an account with the same banking giants that are participating in the summit.
“Law and order”
“Social unrest is clearly a thing of the past and has given way to stability, business growth and community confidence in Hong Kong’s future,” Lee said Wednesday. “Law and order have returned. The worst is behind us,” she continued.
Most of the city’s political opponents are now behind bars or have fled abroad.
Under the presidency of Xi Jinping, who secured a third term in late October, China has adopted an uncompromising policy that has clipped the wings of some big Chinese companies and still sticks to its “zero Covid” health policy.
Hong Kong’s economy saw its gross domestic product fall 4.5% in the third quarter of this year, preliminary data showed on Tuesday.
-50% for the Hong Kong stock market this year
Hong Kong’s stock market is one of the worst performers in the world, down more than 50% this year, reaching its worst level since 2009.
Mr. Lee’s speech made no mention of the draconian health measures applied in China and Hong Kong to a lesser extent.
Hong Kong removed mandatory quarantine in September, a key demand from businesses, but maintains the use of masks outdoors and a system of vaccination passes.
People arriving from abroad must undergo frequent tests and are not allowed to frequent bars and restaurants for the first three days in the city.
Source: BFM TV
