And it means ordering foreign companies to sack their bosses because some of their employees support democracy, as happened last year in the case of airline Cathay Pacific, which is controlled by the UK’s Swire family.When I was reporting in Hong Kong, it became commonplace for Chinese companies to tell the stock market that their CEO or chairperson had disappeared.
Robert Wihtol But, even as they hope to keep their heads down, they should understand that Hong Kong has changed forever. Ben Bland takes the first train on the nine hour journey to Beijing. More importantly, by unilaterally imposing the law, Beijing has ended the pretence that Hong Kong’s government and regulators have any autonomy. The new law explicitly calls for tighter management over foreign media organisations, many of which have their regional headquarters in Hong Kong and are an indispensable source of financial information about China.Some foreign executives have argued that the rule of law can survive for commercial issues, even as Hong Kong’s individual freedoms are eroded. Hong Kong has gone from being the great connector of East and West to becoming the frontline of an emerging new Cold War. Southeast Asian politics and foreign policy; South China Sea; regional economic trends; China-ASEAN relations; Indonesia; Malaysia; Vietnam; Hong Kong The threat of US sanctions against Hong Kong sharpens the risk even further, given Washington’s ability to act as a global financial policeman.Foreign executives are reluctant to publicly acknowledge these risks, for fear of attracting Beijing’s ire. Richard McGregor , Dexter Roberts Not infrequently, indignant executives would reject my view with retorts such as “I can still say whatever I like at the Hong Kong Club” – the rarefied drinking hole of choice for the business elite.So, when Beijing promulgated an alarmingly draconian and far-reaching national security law in Hong Kong this week, I was not surprised to hear some foreign executives brush it off as a purely political development that will ensnare troublesome protesters but leave businesses well alone.I understand that investors need to maintain a level of self-deceptive optimism in order to embrace the inevitable risks of doing business. Ben Bland is the director of the Southeast Asia Program at the Lowy Institute. Originally published in the My remarks were often greeted with a combination of eye-rolls and grimaces. Ben has 4 jobs listed on their profile. But the equivalence is false.Most international companies in Singapore are there to do business with the rest of Asia, not with Singapore. British bank HSBC is one of many that has been caught in the middle, attacked by Chinese officials for being slow to support the national security law and lambasted by British Foreign Secretary Dominic Raab for backing the legislation. But it would be a grave mistake to ignore how much the new law changes Hong Kong.To understand what lies ahead, investors need only read about what has been happening in mainland China and Hong Kong over the last few years: flagrant interference in foreign businesses, abductions of executives and a regulatory playing field tilted in favour of the Chinese Communist Party.Hong Kong’s modern prosperity has been based on a unique combination of access to China’s fast-growing economy and protection from the Party and its repressive and capricious ways. Which foreign companies will dare to bring legal cases against Chinese state-owned companies or influential private entities?Western investors must also face the heightened risk of political blowback back home. Investors will make a grave mistake by ignoring how much China's new national security law will change Hong Kong. Each time, I told them that Beijing’s squeeze on Hong Kong was intensifying and … The new “Basic Law” in Hong Kong is: what the Party says, goes.The Party’s view of national security is not limited to squelching political activists. Investment banks in Hong Kong have been self-censoring their research on China for several years.
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