_Taiwan
07-04-2004, 11:38
http://www.reuters.com/locales/newsArticle.jsp;:407397df:f269f58ba98aef?type=worldNews&locale=en_IN&storyID=4769872
HONG KONG (Reuters) - Thousands of Hong Kong democracy activists are expected to protest this Sunday against Beijing's decision to assume full control of the city's political process as a newspaper warned of popular discontent spilling onto the streets.
"We expect some 10,000 people when we march to Beijing's representative office. We want the government to begin public consultations on democratic reforms at once," said a spokeswoman of the Civil Human Rights Front.
The group organised a massive anti-government protest last July, which shocked the Chinese leadership.
Sunday's planned showdown comes after China's parliament on Tuesday passed interpretations of clauses in Hong Kong's constitution on how its leaders and lawmakers may be chosen.
The move effectively rules out any real say for Hong Kong people, who were promised a high degree of autonomy when the former British colony returned to Chinese rule in 1997.
About 60 percent of Hong Kong people want to directly elect their leader and lawmakers by as soon as 2007, but that prospect is now next to nil, political commentators say.
The interpretations mean that in one stroke, Beijing now has the right to veto any proposed electoral change and will even have the authority to decide if political changes are needed -- which means it can delay political reform for as long as it likes.
HARDLY A STIR IN MARKETS?
Despite its unpopularity, the move has left hardly any impression on markets in this financial hub.
"If there is no violence, the markets should be fine and impact will be minimal," said one money market dealer.
Kingston Lin, associate director at Prudential Brokerage said: "There's no impact on the financial markets. In fact, the ruling helps cool off quarrels and stabilises Hong Kong, which in turn will have less effect on the city's economy."
ING Financial Markets told its clients in a note: "Political noise may rise with Beijing taking full control over Hong Kong's political reforms but it is unlikely to undermine strong economic fundamentals, because the strong economy will overshadow any political uncertainties."
But some people involved in long-term investments and strategic planning were more circumspect.
"How China has interpreted the law is now beside the point, the fact that it has done it is horrifying to me," said a fund manager with a European investment house.
"The real threat is it can do it again and anytime it wants. That means there is no longer 'one country, two systems'," she railed, referring to the promise of wide-ranging freedoms that China gave Hong Kong when it took it back.
"Hong Kong bills itself as a free trade port, what if it starts raising taxes? Why should I choose to do business here? If there is violence, it'll be worse. There are too many risks. If things are so complicated, why should we choose to do business here, why not move straight to the mainland?"
Newspapers were mixed about Beijing's move. While mainland Chinese newspapers described the interpretation as necessary and timely, several Hong Kong newspapers decried the move.
In an editorial titled "Dark day for Hong Kong", the Standard newspaper likened Beijing to a bully and warned that people may be forced to vent their democratic aspirations in other ways.
"It is likely the feelings will spill onto the streets because there is no other way to express them," it said.
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Well, as an expat HKer who can't do a thing, get out there and protest!
HONG KONG (Reuters) - Thousands of Hong Kong democracy activists are expected to protest this Sunday against Beijing's decision to assume full control of the city's political process as a newspaper warned of popular discontent spilling onto the streets.
"We expect some 10,000 people when we march to Beijing's representative office. We want the government to begin public consultations on democratic reforms at once," said a spokeswoman of the Civil Human Rights Front.
The group organised a massive anti-government protest last July, which shocked the Chinese leadership.
Sunday's planned showdown comes after China's parliament on Tuesday passed interpretations of clauses in Hong Kong's constitution on how its leaders and lawmakers may be chosen.
The move effectively rules out any real say for Hong Kong people, who were promised a high degree of autonomy when the former British colony returned to Chinese rule in 1997.
About 60 percent of Hong Kong people want to directly elect their leader and lawmakers by as soon as 2007, but that prospect is now next to nil, political commentators say.
The interpretations mean that in one stroke, Beijing now has the right to veto any proposed electoral change and will even have the authority to decide if political changes are needed -- which means it can delay political reform for as long as it likes.
HARDLY A STIR IN MARKETS?
Despite its unpopularity, the move has left hardly any impression on markets in this financial hub.
"If there is no violence, the markets should be fine and impact will be minimal," said one money market dealer.
Kingston Lin, associate director at Prudential Brokerage said: "There's no impact on the financial markets. In fact, the ruling helps cool off quarrels and stabilises Hong Kong, which in turn will have less effect on the city's economy."
ING Financial Markets told its clients in a note: "Political noise may rise with Beijing taking full control over Hong Kong's political reforms but it is unlikely to undermine strong economic fundamentals, because the strong economy will overshadow any political uncertainties."
But some people involved in long-term investments and strategic planning were more circumspect.
"How China has interpreted the law is now beside the point, the fact that it has done it is horrifying to me," said a fund manager with a European investment house.
"The real threat is it can do it again and anytime it wants. That means there is no longer 'one country, two systems'," she railed, referring to the promise of wide-ranging freedoms that China gave Hong Kong when it took it back.
"Hong Kong bills itself as a free trade port, what if it starts raising taxes? Why should I choose to do business here? If there is violence, it'll be worse. There are too many risks. If things are so complicated, why should we choose to do business here, why not move straight to the mainland?"
Newspapers were mixed about Beijing's move. While mainland Chinese newspapers described the interpretation as necessary and timely, several Hong Kong newspapers decried the move.
In an editorial titled "Dark day for Hong Kong", the Standard newspaper likened Beijing to a bully and warned that people may be forced to vent their democratic aspirations in other ways.
"It is likely the feelings will spill onto the streets because there is no other way to express them," it said.
--------------------------------------
Well, as an expat HKer who can't do a thing, get out there and protest!