China’s
problem with Hong Kong is that the protests are further proof that China does
not live up to its agreements.
In 1997,
the UK agreed to return Hong Kong to China and China agreed that Hong Kong
would remain a sovereign country until 2047.
Hong Kong
had no extradition treaties. In 2019, the Hong Kong government proposed an
extradition law that would allow China to request extradition. Hong Kong
citizens saw this as a violation of Hong Kong sovereignty.
This law
resulted in citizen protests and the law was rescinded, but protests continued
due to lack of trust that China would live up to its 1997 agreement. Hong Kong
has been operating as a sovereign capitalist country.
What do the protesters want? The
extradition bill was suspended in June 2019, but protesters want it officially
withdrawn. In addition to demanding Lam’s resignation, the protesters are
calling for:
The complete withdrawal of the proposed
extradition bill
The government to withdraw the use of
the word “riot” in relation to protests
The unconditional release of arrested
protesters and charges against them dropped
An independent inquiry into police
behavior
Implementation of genuine universal
suffrage
The
population of Hong Kong is 7.5 million with a land area of 427 square miles. It
is the size of a large city with a nominal per capita GDP of $48,717. Hong Kong
has 249 banks and financial institutions. Hong Kong’s nominal GDP in 2018 was
$363 billion.
Hong Kong
is a financial center with 23 banks plus 15 restricted banks incorporated in
Hong Kong and 134 banks plus 7 restricted banks incorporated in other
countries. It has 22 deposit taking financial firms incorporated in Hong Kong
and 55 incorporated in other countries.
Singapore
is a viable destination for Hong Kong citizens to immigrate to. Singapore has a population of 5.8 million
with a land area of 278.6 square miles with a nominal per capita GDP of
$64,041. Singapore’s nominal GDP in 2018 was $491.2 billion.
There are 119 foreign commercial banks in
Singapore including 28 Full banks, 54 Wholesale banks, and 37 Off-shore banks.
According
to the Security Bureau, about 7,600 Hongkongers emigrated last year, up from
6,500 in 2017. The numbers leaving annually from 2014 to 2016 ranged between
6,900 and 7,600.
The top
three destinations for the past five years were Australia, the United States
and Canada. Last year, 2,400 Hong Kong residents moved to Australia, 1,600
moved to the United States and 1,100 headed to Canada.
Most
Hongkongers qualify to emigrate by making investments in their new country,
being business innovators, finding jobs as skilled workers, or marrying
foreigners.
Hong
Kong’s super rich are increasingly looking to buy homes in the United States
and relocate there.
Norb
Leahy, Dunwoody GA Tea Party Leader
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