AWSJ (Asian Wall Street Journal): Hong Kong Faces Three Fault Lines

11/05/2002

Excerpted from a Nov. 4 editorial, "Hong Kong Faces Three Fault Lines," in the Nation of Bangkok:

A truly regional business center at the heart of Asia, one of the most efficient economies in the world, a thriving capitalist system and a gateway to the lucrative Chinese market . . . Hong Kong is now facing major challenges on three fronts.

The first is its economic integration into the mainland. The second is the future of its foreign-exchange system under the Currency Board, which directly links the Hong Kong dollar and the well-being of the economy to the U.S. dollar.

The third is the political integration of Hong Kong into the People's Republic of China. The city is now being convinced, lobbied or even coerced to make "One Country, Two Systems" work in line with the thinking of the political leaders in Beijing.

It is its political future -- now looming under a poisonous debating atmosphere over the implementation of Article 23 of its Basic Law -- that may ultimately determine its future. Related anti-subversion laws under Article 23 directly affect the freedom of expression and civil liberties of those who live in, work in or visit Hong Kong. They also risk permanently undermining confidence in the place, say critics.

But supporters of the laws argue that it means a steady political and legal integration into the system of mainland China, as part of a safeguard for stability in exchange for self-censorship and dealing with dissident groups such as the Falun Gong.

It does not take a genius to know where the objectives of Beijing lie. But the entire episode could be better handled if Beijing stopped treating Hong Kong like a child. An equal partnership in this high-stakes game for Hong Kong would be a better guarantee that the fruits of business skills, which make Hong Kong what it is today, shall continue to benefit the One Country.

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