29 May 2020 - 10:59Police raise the blue flag in warning to gathering protesters during lunchtime street demonstrations in Hong Kong on May 27 2020. Picture: TOMMY WALKER/NURPhoto via GETTY IMAGES
As a gateway between China and the West, Hong Kong attracts global capital for China more efficiently than its other cities.Under the “one country, two systems” formula agreed as part of Britain’s handover of the territory to China, Hong Kong is guaranteed liberties unavailable on the mainland such as freedom of expression and an independent judiciary.
China uses Hong Kong’s currency, equity and debt markets to attract foreign funds, while international companies use Hong Kong as a launch pad to expand into the mainland. Chinese businesses tapped Hong Kong’s debt market for 25% of their $131.8bn in offshore US dollar funding last year, Refinitiv data shows.
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