Do Not Cross The Rubicon Over HK, UK Warns China
"); jQuery("#212 h3").html("

"); });
2020-06-02 HKT 19:10
The United Kingdom warned China on Tuesday not to cross the Rubicon over Hong Kong, saying the People's Republic should step back and adhere to its international obligations over the former British colony.
"It can cross the Rubicon and violate the autonomy and the rights of the people of Hong Kong or it can step back, understand the widespread concern of the international community and live up to its responsibilities as a leading member of the international community," Raab said in the parliament
"We don't seek to prevent China's rise, far from it, we welcome China as a leading member of the international community and we look to engage with China on everything from trade to climate change," he said.
"To be very clear and specific about this, the imposition of national security legislation on Hong Kong by the government in Beijing rather than through Hong Kong's own institutions lies in direct conflict with Article 23 of China's own basic law," the British Foreign Secretary told parliament.
"And it lies in direct conflict with China's international obligations freely assumed under the Joint Declaration."
He added: "There is time for China to reconsider, there is a moment for China to step back from the brink and respect Hong Kong's autonomy and respect China's own international obligations.
Raab, though, cautioned that he did not expect China to change course. "We think that it is unlikely that will happen," he said.
If the controversial legislation goes ahead, Raab said the United Kingdom will form an alliance of countries to resist China.
He added that if Beijing forges ahead, British National Overseas (BNO) passport-holders in Hong Kong will be offered a path to British citizenship. Asked if London would go further, Raab said that the offer was already generous: around 300,000 holders of BNO passports and another 3 million were eligible.
Raab also warned that China risks destroying one of the jewels of Asia's economy
"If China is willing to interfere on political and autonomy grounds, it is also likely to pose a longer term threat to the economic prosperity and economic model that Hong Kong reflects and embodies", he said.
"The sad reality is that if China continues down this track, it will be strangling what has long been the jewel in the economic crown," Raab said.
Hong Kong fell to sixth place from third in the latest ranking of global financial centres, according to the Z/Yen global financial centres index, behind New York, London, Tokyo, Shanghai and Singapore. It was Asia's top hub in 2019. (Reuters)
______________________________
Last updated: 2020-06-02 HKT 20:41
HSBC Launches TradeCash In Hong Kong To Accelerate Trade Finance Access
HSBC has launched a digital trade finance tool called HSBC TradeCash, allowing businesses in Hong Kong to upload sales ... Read more
HKEX And HKMA Launch Pilot On E-HKD For After-Hours Margin Payments
Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) have launched a joint pilot... Read more
Can You Trust AI Agents To Stay Within Your Intent?
Checking someone’s ID at the door of a nightclub tells you who they are, but it does not tell you how they will behav... Read more
China CITIC Bank Taps Tencent Cloud For Fintech 2.0 Banking Push In Hong Kong
Tencent Cloud has signed a strategic cooperation agreement with China CITIC Bank International (CNCBI) to support the d... Read more
Payful Launches Cloud-Based Visa Charge Card Programme Via BPC SmartVista
Chinese cross-border payment company Payful has launched a cloud-native Visa charge-card programme for corporate and me... Read more
Hong Kong Banking Taskforce Convenes To Plan Northern Metropolis Financing
The Northern Metropolis Financial Advisory Taskforce held its inaugural meeting on 17 June to discuss the financing nee... Read more
