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Carrie Lam says Hong Kong’s growth and financial system remain unaffected by protests

Executive Director of Human Rights Watch – Kenneth Roth was barred from entering Hong Kong today

The Chief Executive of Hong Kong – Carrie Lam Cheng Yuet-ngor has said that despite months of ongoing protest, the financial system of Hong has remained unaffected and stable.

Speaking at the 13th Asian Financial Forum (AFF), Carrie Lam said that Hong Kong was withstanding the pressure and the divisions in the society would soon be resolved. The 2-day event is being held on January 13-14, 2020 at Hong Kong Convention and Exhibition Centre (HKCEC), located in Wan Chai North.

The AFF brings together some of the most influential leaders of the global financial and business community to discuss developments and trends in the dynamic markets of Asia. The theme for AFF 2020 is “Redefining Growth: Innovation ∙ Breakthrough ∙ Inclusiveness”. The participants include over 100 influential global financial experts, policymakers, business leaders, economists and investor. During the summit, they will examine the topical issues in the global economy and explore new opportunities of improving the global economy.

Addressing the gathering of financial experts, Lam said that Hong Kong has faced extraordinary challenges over the past 2 years such as the slowdown of global economy, impact of U.S. – China trade war and the political uncertainties in the wake on anti-Government protests in Hong Kong.

Speaking on AFF, Lam said, “If we cannot direct the wind, we can surely adjust our sails.”

Talking about the protests, she said, “Through the concerted efforts of the government and the people of Hong Kong, I am confident that we will bridge our divide.”

During one of the plenary sessions at the AFF, the participants were asked to vote on what would be the major challenge for global growth this year. 39% people mentioned U.S. – China trade war as the biggest challenge. A total of 34% people said that they see intensifying geopolitical risks as the biggest threat.

Highlighting the high priority sectors, she mentioned that technology remains one of the major sectors for growth. She also took the platform to present the achievements of her Government, where she said that her Government issued 8 virtual banking licences and 2 virtual insurer licences, last year. The instant payment system, which was launched in 2018, now handles transactions totalling HK $ 2,385 million (U.S. $ 307 million) every day. She also claimed that this year, Asian economies will supersede the combined economies of rest of the world.

For the records, the global financial market outlook is currently pessimistic, with a potential global economic recession in the short term along with a range of uncertainties such as unsustainable corporate debt, volatile capital flows and disrupted supply chains. Amongst other issues that will also changes the prospects of global economy are Brexit, tensions in the Middle East, especially in the wake of escalations between U.S. and Iran.

Separately, the Executive Director of Human Rights Watch – Kenneth Roth who was barred from entering Hong Kong said today, i.e., Monday, January 13, 2020, that he was saddened at how the city had deteriorated under pressure from China. He returned to the U.S. after Hong Kong immigration authorities asked him to go-back on Sunday, January 12, 2020, from the city’s international airport.

He wanted to launch “World Report 2020” in Hong Kong, which includes a lead essay on the Chinese Government’s assault on the international human rights system.

Roth said, “I had hoped to spotlight Beijing’s deepening assault on international efforts to uphold human rights. The refusal to let me enter Hong Kong vividly illustrates the problem.”

In a series of tweets, he wrote, “Given that the authorities blocked me from entering Hong Kong to release @HRW’s World Report (which this year tellingly highlights Beijing’s assault on the intern’l human rights system), I have returned to New York and will release it at the UN on Tuesday.”

He also tweeted, “Trying to silence the human rights messenger shows a determination to flout, not uphold, human rights standards. And it’s not just me. Beijing increasingly does this around the world, wherever critics of its repression still speak out.”

Comparing Taiwan and China, he tweeted, “Taiwan wouldn’t have barred me from entering if I had planned to hold a @HRW press conference there, but Hong Kong does. I suppose that’s a variation in the usual meaning of “one country, two systems.” The people of Taiwan appreciate the difference.”

The 652-page report was to be released in a Press Conference in Hong Kong. The report reviews human rights practices in nearly 100 countries. Roth now plans to launch the report on Wednesday, January 15, 2020 in New York. 

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