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HKSAR Government Rejects Forbes Article on Hong Kong's Economy

HK

HKSAR Government Rejects Forbes Article on Hong Kong's Economy
HK

HK

HKSAR Government Rejects Forbes Article on Hong Kong's Economy

2024-08-01 00:30 Last Updated At:01:56

HKSAR Government strongly disapproves of and rejects Forbes Magazine's misleading commentary involving Hong Kong

The Hong Kong Special Administrative Region (HKSAR) Government on July 31 strongly disapproved of and rejected Forbes Magazine's commentary titled "Hong Kong's Economy Is Now Risky Business". It cited a so-called report by an anti-China organisation, namely the Committee for Freedom in Hong Kong (CFHK) Foundation, fabricating false and unfounded narratives against the implementation of sanctions imposed by the United Nations Security Council (UNSC) and safeguarding of national security, etc. in the HKSAR.

"The HKSAR is an inalienable part of the People's Republic of China (PRC), and has all along been implementing fully the sanctions imposed by the UNSC pursuant to the instructions of the Ministry of Foreign Affairs of the PRC to fulfil our international obligations. The HKSAR Government has been closely monitoring the UNSC's latest adopted resolutions and sanctions lists, as well as reports and announcements of the relevant committees or panels of experts under the UNSC for follow-up actions. Certain countries may impose unilateral sanctions against some places on the basis of their own considerations. The HKSAR Government does not have the legal authority to, and it will not implement, unilateral sanctions imposed by other countries," a spokesman for the HKSAR Government said.

"Hong Kong has a robust system to implement sanctions imposed by the UNSC. Coupled with the vigilant investigation efforts of our law enforcement agencies which are effective and deterrent, a number of suspected Hong Kong-registered companies had been struck off, and suspicious vessels had been denied entry into Hong Kong waters. All these are conducive to preventing attempts to make use of Hong Kong as a base to violate UNSC sanctions, and hence safeguarding the international reputation of Hong Kong. Hong Kong will continue to maintain a stringent system of implementing the UNSC sanctions in accordance with the law. Exercising their statutory authorities, the law enforcement agencies will continue to proactively follow up on all suspected violations of the UNSC sanctions, and will institute prosecution when there is sufficient evidence.

"It is the constitutional duty of the HKSAR to safeguard national security. In accordance with international law and international practice based on the Charter of the United Nations, safeguarding national security is an inherent right of all sovereign states. Many common law jurisdictions, including the United States, the United Kingdom and Canada, have enacted multiple pieces of legislation to safeguard national security. Turning a blind eye to the fact and making blatant remarks, the anti-China organisation CFHK Foundation has demonstrated typical political hegemony and hypocrisy with double standards", the spokesman added.

"When discharging their duty to safeguard national security, the HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law. The Department of Justice of the HKSAR makes independent prosecutorial decisions, and prosecutions are only commenced if there is sufficient admissible evidence to support a reasonable prospect of conviction and if it is in the public interest to do so. The HKSAR Judiciary exercises judicial power independently in accordance with the law. As guaranteed by the Basic Law and the Hong Kong Bill of Rights, all defendants charged with a criminal offence shall have the right to a fair trial by the Judiciary.

"It is incontrovertible that safeguarding national security will provide a better business environment for businesses operating in Hong Kong. The Hong Kong National Security Law and the Safeguarding National Security Ordinance clearly state that the principle of the rule of law shall be adhered to. The relevant laws have set out clear definitions and criminal elements, which will not affect regular exchanges between Hong Kong residents and people here for business with foreign countries.

"Under 'one country, two systems', Hong Kong enjoys the unique advantages of having the strong support of the motherland and being closely connected to the world, making our role as a 'super connector' and 'super value-adder' unrivalled. Hong Kong's highly open and international market, the common law system, regulatory regimes that align with those of the major overseas markets, and the free flow of information and capital, have made Hong Kong an ideal place for companies to expand their operations and talents to give full play to their strengths. The HKSAR Government is steadfast in safeguarding national sovereignty, security and development interests, fully and faithfully upholding this top priority of the 'one country, two systems' principle.At the same time, it protects the legal interests, rights and freedoms enjoyed by Hong Kong residents and other people in Hong Kong in accordance with the law, resolutelysafeguarding the overall interest of the community and the long-term prosperity and stability of Hong Kong, and ensuring the steadfast and successful implementation of 'one country, two systems'", the spokesperson reiterated.

Remarks by FS at media session (with photo/video)

The Financial Secretary, Mr Paul Chan; the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, together with the Chief Executive Officer of the Securities and Futures Commission, Ms Julia Leung, and the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, met the media this evening (April 7). Following are Mr Chan's remarks at the media session:

Reporter: What tools does the Government have to handle the situation of the market and will Hong Kong consider a national team investor equivalent to intervene? Should the markets keep dropping, what is the bottom line for the state of the market before countermeasures will be considered?

Financial Secretary: I think Julia has explained very clearly the situation in the Hong Kong stock market. Basically, the market has been functioning orderly. There are substantial selling but also buying interests. The spread between the two has been very tight, indicating that the buying power remains very strong.

Hong Kong is a free port, and we encourage capital and investors from different parts of the world to take part in our capital market. Over the years, we have been taking a number of measures to enhance the competitiveness and attractiveness of our capital market, no matter whether it is improving the listing regime, lowering the transaction costs, expanding the markets, attracting investors and capital from around the world, or offering new products such as the ETF (exchange-traded fund) listed on the Saudi stock exchange (and investing in the Hong Kong stock market). All in all, we will persistently and consistently push forward initiatives on various fronts. With an expanding market and more participants from different parts of the world, the liquidity and resilience of our market will be enhanced. The resilience of our market has been very strong. We do not think the current volatility in the market warrants the taking of any drastic measures.

(Please also refer to the Chinese portion of the remarks.)

Remarks by FS at media session (with photo/video) Source: HKSAR Government Press Releases

Remarks by FS at media session (with photo/video) Source: HKSAR Government Press Releases

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