Shanghai and Shenzhen no longer consider Hong Kong as an indispensable ally, but a competitor, says the Financial Times' Henny Sender.
before television cameras for the first time in days in an appeal for order, the Hong Kong Stock Exchange began dropping.breaking through 7 to the dollar, how much was because of the intensifying the trade war between Beijing and Washington, and how much of the drop reflected dismay that Ms Lam had no plan B to reverse a situation on the streets that had been spinning out of control.
Since 1997, investors have seen that status as precious to Beijing. They have assumed Hong Kong would have some sort of immunity from heavy-handed intervention; that the Chinese government shared investors’ optimistic assumptions about Hong Kong as the goose that delivered golden eggs to Beijing.Indeed, after the reunification between “the motherland” and Hong Kong, Beijing handled the territory with caution in acknowledgement of its value.
In the early 1990s when the mainland was beginning to experiment with listing its state-owned enterprises in Hong Kong’s H-share market, both Shenzhen and Shanghai were in their infancy as stock markets, the yuan was heavily controlled and capital controls strictly enforced.
Mr Ma chaired two panels. At the first, the only Hong Kong representative was from a property group, New World Development, and at the second, it was a senior executive from Henderson Land Development. Hong Kong’s principal contribution, they both seemed to suggest, was to build physical infrastructure.
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