Let the facts tell the true story about Hong Kong
Actions speak louder than words. But in the face of a malicious smear campaign against China and interference in Hong Kong affairs by US-led external forces, it is never too late to set the record straight. Mired in the protracted US-China tension, the Hong Kong Special Administrative Region is at grave risk of being used as a geopolitical pawn by the West in curbing the rise of China.
The “Report on Hong Kong’s Business Environment” published by Financial Secretary Paul Chan Mo-po, coming after the publication of a fact sheet by the Foreign Ministry detailing 102 instances of US interference, was a forceful response, piercing the veil of prejudice and misinformation purposely disseminated by the West.
In rebuffing the foreign doomsayers’ grim predictions following the enactment of the National Security Law for Hong Kong last year, the 68-page report, with the economic statistics and financial figures of Hong Kong in the past two years, quantitatively chronicles how Hong Kong underwent a baptism of fire from the “black revolution” in 2019 to the restoration of peace and order only months after the National Security Law took effect.
Amid the conspiracies and trumped-up charges against Hong Kong, most Hong Kong people are wise enough to let the facts speak for themselves.
According to the report, Hong Kong’s economy worsened abruptly in 2019, resulting in sharp contractions of 3.2 percent and 3.6 percent in the third and fourth quarters respectively. The labor market was under vast pressure as workingclass livelihoods were adversely affected. The seasonally adjusted unemployment rate rose from 2.8 percent in the second quarter of 2019 to 3.3 percent in the fourth.
It demonstrates how the largescale violence and damage inflicted by the anti-China rioters took a heavy toll on the economy, society, and people’s livelihoods.
With the enactment of the National Security Law, Hong Kong returned from chaos to order, and from order to prosperity. According to the report, there was a decrease of 1,474 criminal cases, or 4.6 percent, in the first half of 2021 when compared with the same period in 2020.
The SAR government recently removed the giant water-filled barricades at the government headquarters, a move signaling the city’s full return to safe normalcy.
Allaying global investors’ concern, Hong Kong’s financial market and business environment have remained stable, if not more favorable with improved investment sentiment.
According to the report, funds raised through IPOs in Hong Kong exceeded HK$500 billion ($64.27 billion) in the first half, a surge of more than 50 percent compared to the previous year. The average daily turnover of Hong Kong stocks was over HK$160 billion, nearly 70 percent higher than that before the enactment of the security law.
Of the funding sources, 64 percent were from overseas, which amply demonstrates not only the extent of internationalization of Hong Kong’s asset and wealth management business, but also investors’ confidence in the city as one of the major international financial hubs with a robust financial system.
The robust rule of law is the cornerstone of the success of the HKSAR, and international commercial and investment activities can only thrive in a stable and rule-oflaw-based environment. The findings in the report are reassuring, as Hong Kong’s sound and robust legal system with judicial independence is well-respected globally.
As Lord Sumption, a former justice of the UK Supreme Court and a non-permanent judge of Hong Kong’s Court of Final Appeal, noted, “The permanent judiciary of Hong Kong is completely committed to judicial independence and the rule of law. Successive chief justices have made this clear in public statements. … They represent the convictions of experienced, courageous and independent-minded judges.”
It also explains why Hong Kong is ranked third in Asia in World Justice Project’s Rule of Law Index 2020, and has surpassed other common law jurisdictions in many aspects.
Lies told 100 times won’t become facts. The report issued by Chan is timely to dispel unfounded, scaremongering tales about Hong Kong’s business environment following the implementation of the National Security Law.
As the updated information in the report shows, Hong Kong remains prosperous and vibrant with its competitive business environment to attract global talent and investors. For those who dither over whether to stay or leave for the UK, please first have a good read of the report, and think of the empty supermarket shelves and supply shortages in the UK.