WSJ Rebukes 'Hong Kong Illusionist' Paul Chan

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

Related News Programmes

"); });

2021-03-11 HKT 14:57

Share this story

facebook

  • The editorial urged Paul Chan 'to stop trying to convince the world that Hong Kong is what it was'. File photo: RTHK

    The editorial urged Paul Chan 'to stop trying to convince the world that Hong Kong is what it was'. File photo: RTHK

The Editorial Board of the Wall Street Journal (WSJ) has lashed out at Financial Secretary Paul Chan for claiming Hong Kong has a “high degree of autonomy”, accusing Chan of “invoking a system that no longer exists”.

In a letter written by Chan and published in the newspaper on Wednesday, the minister argued that Hong Kong should continue to be included in the Index of Economic Freedom, after the Heritage Foundation dropped the SAR from the annual ranking, citing Beijing’s increasing control over the city's economic policies.

The finance chief had described the think tank’s explanation for the move as “flawed and inexplicable”, insisting that Hong Kong enjoys a high degree of autonomy under the Basic Law and "One Country Two Systems".

However, the WSJ Editorial Board wrote back on the same day, striking down Chan’s arguments in an article titled “Hong Kong Illusionist”.

“Chan has the impossible task of denying what everyone can plainly see: China’s Communist Party is remaking Hong Kong in its own mainland image,” it wrote.

While the Sino-British Joint Declaration laid out the terms of Hong Kong’s autonomy under the “One Country, Two Systems” framework, the board said foreign ministry spokesman Lu Kang had in 2017 declared the historical document void.

“Hongkongers have every reason to believe him after watching China ram through an unpopular national-security law whose provisions include allowing Beijing to take some Hong Kong cases to China for trial,” the article said.

“Mr Chan wants readers to believe that economic freedom continues no matter the political repression. But China is not Singapore. In China dissenters simply disappear. Foreign businessmen can be arrested and held as diplomatic hostages… economic freedom? Tell that to Apple Daily publisher Jimmy Lai, who remains in jail because the government has invoked the national-security law, overturning the presumption of bail in the common law that supposedly governs Hong Kong.”

“Our advice to Mr Chan is to stop trying to convince the world that Hong Kong is what it was and accept that he’s now flacking for the man who really runs Hong Kong: Chinese President Xi Jinping,” the editorial concluded.

RECENT NEWS

SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion

SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more

4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA

The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more

Ripple Launches RLUSD Stablecoin In Japan Through SBI Group

Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more

SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan

SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more

Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences

Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more

European And South Korean Banks Form Project Pangea For FX Settlement

Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more