'Economy Must Come Before Universal Suffrage Target'

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2021-12-27 HKT 13:24

Share this story

facebook

  • 'Economy must come before universal suffrage target'

A top legal scholar in Beijing said on Monday that the target of allowing Hong Kong to select its chief executive and all members of the legislature by universal suffrage hasn’t changed, but the city should focus on developing its economy and improve people’s livelihood first.

Speaking at a briefing on Beijing’s recent white paper on Hong Kong’s democratic development, Wang Zhenmin, the vice-chairman of the Chinese Association of Hong Kong and Macau Studies, said the "One Country, Two Systems" principle had at one stage deviated greatly from its original intent.

He noted that some people were worried about whether the central government would be angry and change its policy towards Hong Kong.

He said the white paper, issued by Beijing after this month's Legislative Council election, states clearly that the central government is determined to continue to implement the "One Country, Two Systems" principle.

Wang added that Beijing had done a lot in the past two years to save Hong Kong and its democratic system, and to fight against anti-China forces intent on causing trouble in the SAR.

He cited the white paper as saying that the SAR’s target of achieving “dual universal suffrage”, as stipulated in the Basic Law, hadn’t changed.

But he said Hong Kong needs time to recuperate after serious political turmoil.

“We have paid a high price for the new democratic system today. My feeling is that people have been longing for stability," he said.

"Society needs to recuperate and resources should be used to develop the economy and improve people’s livelihood. A strong economic and societal basis is needed for Hong Kong’s democratic development."

RECENT NEWS

ZA Bank Brings Nasdaq Data To Hong Kong, Expanding US Stock Access And Investor Education

ZA Bank and Nasdaq have announced a collaboration aimed at enhancing digital wealth management in Hong Kong and interna... Read more

Hong Kong To Study One‑Stop Infrastructure For Equities, Bonds And Digital Assets

The Hong Kong Monetary Authority’s (HKMA) CMU OmniClear and the Hong Kong Exchange (HKEX) are set to begin a study on... Read more

Hong Kong To Issue First Stablecoin Licenses In March, Expand Crypto Regulation

Hong Kong will issue its first licenses for fiat-referenced stablecoin issuers in March and introduce new legislation l... Read more

MSIG Joins US$6B IFC Credit Insurance Facility To Boost Emerging Market Lending

MSIG USA and Mitsui Sumitomo Insurance (MSI Japan), together referred to as MSIG, have joined a new insurance-ba... Read more

Why The $2 Trillion Stablecoin Prediction Is Too Low

McKinsey estimates the stablecoin market will hit $2 trillion by 2028. But according to Sam Lin, COO of dtcpay, even th... Read more

RedotPay Eyes US IPO With Potential US$1 Billion Raise

RedotPay is reportedly exploring an IPO in the US that could raise more than US$1 billion, according to people famili... Read more