China sits out protests in Hong Kong
Beijing may be using harsh language against the protesters in Hong Kong, but if you read between the lines, it is clear that it is treading carefully.
The last two months have seen unprecedented protests in Hong Kong, which continue despite the police using "tear gas and rubber bullets" against demonstrators, and standing by while "thugs" attack them, says The Washington Post. Chinese officials this week broke their silence on the protests. They expressed their confidence in Hong Kong's unpopular leader Carrie Lam, but also adopted an "uncompromising" tone, hinting that Chinese forces could be deployed on the island.
Beijing may be using harsh language, but if you read between the lines, it is clear that it is treading carefully, says Antony Dapiran in The Guardian. Indeed, the very fact that it is acknowledging the peaceful nature of the protests and the fact that they have been successful in forcing change is "remarkable", especially "when such a possibility is unthinkable on the mainland". Its support of Lam was qualified by "veiled criticism" of her policies, especially in the way that the extradition bill, the original spark for the protest, had been handled. And Beijing's implicit recognition that this is "a purely domestic problem for Hong Kong" would seem to rule out direct military intervention.
If China thought it could get away with deploying troops on the streets of Hong Kong, it would, says Gideon Rachman in the FT. What's stopping it is a fear that it would not be able to consolidate control given local resistance and that such a move would provoke a loss of confidence, "prompting, international businesses to pull out of the territory". It would also raise the likelihood of American sanctions many protestors are "eager to see America withdraw Hong Kong's special privileges, despite the economic damage that would do", not only to Hong Kong but the wider Chinese economy. For the moment, it seems most likely that China will wait the demonstrations out, hoping they will lose momentum. "But the protest movement seems to be escalating, rather than fading away."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Emily has extensive experience in the world of journalism. She has worked on MoneyWeek for more than 20 years as a former assistant editor and writer. Emily has previously worked on titles including The Times as a Deputy Features Editor, Commissioning Editor at The Independent Sunday Review, The Daily Telegraph, and she spent three years at women's lifestyle magazine Marie Claire as a features writer for three years, early on in her career.
On MoneyWeek, Emily’s coverage includes Brexit and global markets such as Russia and China. Aside from her writing, Emily is a Nutritional Therapist and she runs her own business called Root Branch Nutrition in Oxfordshire, where she offers consultations and workshops on nutrition and health.
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published