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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

SJ stands against foreign meddling

Last Friday, the Ministry of Foreign Affairs issued a fact sheet setting out a host of malicious acts of the US in interfering in Hong Kong affairs and supporting anti-China, destabilising forces. It also shows that the US is in breach of international practice.   Sovereign equality is a basic norm of international relations and a fundamental principle of international law, with the Charter of the United Nations (UN) expressly stating this principle. Meanwhile, the principle of non-intervention is an important concept central to sovereign equality, which was reaffirmed in the declaration on friendly relations and co-operation adopted by the UN General Assembly in 1970. Further, the International Court of Justice in its judgment in 1986 reiterated non-intervention as a principle of customary international law. The fact sheet clearly shows the US interference in Hong Kong affairs and support for anti-China, destabilising forces. Some US politicians continue to blatantly collude with anti-China, destabilising forces attempting to interfere with Hong Kong’s affairs. Their acts are in violation of international law and have undermined the spirit of the rule of law. Any society that cherishes the rule of law should condemn such abominable behaviours and indeed has an obligation to stop these from happening.   Over these two years, the central authorities exercised the sovereign rights to enact the Hong Kong National Security Law and make a decision on improving the electoral system in accordance with the law, aiming to plug the national security loopholes and facilitate the implementation of “patriots administering Hong Kong”. In doing so, Hong Kong is able to stay true to the aspiration of the principle of “one country, two systems” by safeguarding national sovereignty, unity and territorial integrity as well as maintaining the stability and prosperity of Hong Kong. Since the enactment of the National Security Law, Hong Kong has reverted to a safe, rational and inclusive society. International investors’ confidence in Hong Kong has also been enhanced. For example, as at the end of May 2021, the amount of initial public offering funds raised is about $184 billion, an increase of 621% when compared with $25.5 billion for the same period last year. In the securities market, the average daily turnover for the first six months of 2021 was $188.2 billion, representing an increase of 60% when compared with $117.5 billion for the same period in 2020. These figures speak for themselves, debunking all the baseless allegations and smears on the National Security Law.   In addition to the outstanding performance in economic development, Hong Kong is also praised for its efforts in safeguarding the rule of law since the return to the motherland. According to the World Governance Indicators published by the World Bank, Hong Kong enjoys favourable scores in the area of the rule of law, rising steadily from 69.85 in 1996 to 91.58 in 2003. Hong Kong’s scores have been maintained over 90 since 2003, which are testimony to the international recognition of Hong Kong’s effort in safeguarding the rule of law.   It is undeniable that following the enactment of the National Security Law, Hong Kong has been transformed from chaos to governance, and gradually towards development and prosperity. The improvements to the electoral system prove to be an important milestone in Hong Kong’s democratic electoral system under which the principle of “patriots administering Hong Kong” has been fully observed so as to ensure the steadfast and successful implementation of “one country, two systems”.   In spite of the unilateral coercive measures, which are in violation of international law, imposed by the US on our country and Hong Kong with an attempt to meddle in the internal affairs of China, we all wholeheartedly safeguard the development interests of our nation and our people in accordance with law. Such unscrupulous attempts are to be futile. I strongly support the issuance of the fact sheet by Ministry of Foreign Affairs in order to expose the contemptible acts by the US. I am also committed to rendering my full support in guarding against foreign forces interfering with the internal affairs of Hong Kong.   Secretary for Justice Teresa Cheng wrote this article and posted it on her blog on September 26.
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