Hong Kong is dead.
Yeah, sure, there's still a city there with that name. But the Hong Kong we knew is dead. What made Hong Kong what it was is dead.
Yeah, sure, there's still a city there with that name. But the Hong Kong we knew is dead. What made Hong Kong what it was is dead.
The mainland government want to keep it prosperous so will likely work to protect it from sanctions or international regulations.
If you’re a Russian oligarch it’s probably safer to keep your money in HK than Cayman or Switzerland these days. Even if you’re a petrostate sovereign wealth fund or non NATO central bank there’s some value in holding assets that can’t be frozen at will by the US treasury secretary.
You could argue that Signapaore and the UAE compete here but they have much more dependency on the west for security and diplomacy.
The EU is still debating after 3 years of war in Ukraine and weekly nuclear threats what to do with the Russian funds, let's be real, with the same situation in HK, the funds would have been seized within a week.
https://en.wikipedia.org/wiki/International_recognition_of_T...
Now white, professional westerners who lost control of China weep and gnash about their supposed moral superiority over China.