Hong Kong has been gripped by anti-government protests in recent weeks, with China accusing Britain and other Western countries of meddling in its affairs. Watch WION Wideangle report to know more.

WION Wideangle: Inside the Hong Kong movement

Protests in Hong Kong continue for 12th straight week. Watch this video to know more.

WION Dispatch: Protests in Hong Kong continue for 12th straight week

Protests in Hong Kong continue for 12th straight week

Finally, Twitter & Facebook Have Acted Against China's Misinformation Campaign On Hong Kong Protests.

Fake news campaign in Hong Kong: Twitter, FB suspend China-based accounts

How China Is Selling Its Fake Story On The Situation In Hong Kong...

WION Gravitas: Busted! China's misinformation campaign on Hong Kong

An employee of Britain's consulate in <a href="https://www.wionews.com/world/hong-kong-protests-spread-to-subway-as-bank-warns-of-economic-fallout-244585">Hong Kong</a> who went missing earlier this month is being held in China, Beijing confirmed Wednesday.

The incident comes as relations between Britain and China have become strained over what Beijing calls London's "interference" in pro-democracy protests that have wracked Hong Kong for three months.

Chinese foreign ministry spokesman Geng Shuang told a regular press briefing the detained man had been "placed in administrative detention for 15 days as punishment" by Shenzhen police for breaking a public security law.

Geng said the employee was from <a href="https://www.wionews.com/world/china-cries-foul-over-facebook-the-twitter-block-of-fake-accounts-244383">Hong Kong</a> and therefore the issue was an internal matter.

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/chinas-attempt-to-discredit-hong-kong-protests-busted-244569/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

"Let me clarify, this employee is a Hong Kong citizen, he's not a UK citizen, which is also saying he's a Chinese person," Geng said.

The man, named by his family as Simon Cheng, travelled to Shenzhen, a megacity on the China-Hong Kong border, for a one-day business meeting on August 8.

That night, Cheng returned via high-speed train and sent messages to his girlfriend as he was about to go through customs.

"We lost contact with him since then," the family said in a Facebook post.

Geng said the employee had violated the Public Security Administration Punishments Law -- a law with broad scope aimed at "maintaining public order in society" and "safeguarding public security", as well as making sure police and security forces act within the law.

The ongoing protests have raised fears of a Chinese crackdown.

The unrest was initially triggered by a controversial law that would allow extradition to the mainland, but has since broadened into a call for wider democratic reforms.

Beijing has repeatedly warned Britain -- the former colonial ruler of Hong Kong -- against any "interference" in the protests, which erupted 11 weeks ago and have seen millions of people hit the streets calling for democratic reforms.

"Recently the UK has made many erroneous remarks about Hong Kong," Geng said at the press briefing Wednesday.&nbsp;

"We once again urge the British side to stop gesticulating and fanning flames on the Hong Kong issue."

With Beijing attempting to shape the narrative of the unrest in Hong Kong, Chinese authorities have increased their inspections at the Shenzhen border, including checking the phones and devices of some passengers for photos of the protests.&nbsp;

The mainland metropolis of Shenzhen sits behind China's "Great Firewall" - which restricts access to news and information -&nbsp;while Hong Kong enjoys liberties unseen on the mainland.

China &nbsp;promised to respect the freedoms in the semi-autonomous territory after its handover from Britain in 1997, including freedom of speech, unfettered access to the internet and an independent judiciary. 
&nbsp;

An employee of Britain's consulate in Hong Kong who went missing earlier this month is being held in China, Beijing confirmed Wednesday. The incident comes as relations between Britain and China have become strained over what Beijing calls London's "interference" in pro-democracy protests that have wracked Hong Kong for three months.

An employee of Britain's consulate in Hong Kong who went missing earlier this month is being held in China, Beijing confirmed Wednesday. The incident comes as relations between Britain and China have become strained over what Beijing calls London's "interference" in pro-democracy protests that have wracked Hong Kong for three months. Chinese foreign ministry spokesman Geng Shuang told a regular press briefing the detained man had been "placed in administrative detention for 15 days as punishment" by Shenzhen police for breaking a public security law. Geng said the employee was from Hong Kong and therefore the issue was an internal matter. "Let me clarify, this employee is a Hong Kong citizen, he's not a UK citizen, which is also saying he's a Chinese person," Geng said. The man, named by his family as Simon Cheng, travelled to Shenzhen, a megacity on the China-Hong Kong border, for a one-day business meeting on August 8. That night, Cheng returned via high-speed train and sent messages to his girlfriend as he was about to go through customs. "We lost contact with him since then," the family said in a Facebook post. Geng said the employee had violated the Public Security Administration Punishments Law -- a law with broad scope aimed at "maintaining public order in society" and "safeguarding public security", as well as making sure police and security forces act within the law. The ongoing protests have raised fears of a Chinese crackdown. The unrest was initially triggered by a controversial law that would allow extradition to the mainland, but has since broadened into a call for wider democratic reforms. Beijing has repeatedly warned Britain -- the former colonial ruler of Hong Kong -- against any "interference" in the protests, which erupted 11 weeks ago and have seen millions of people hit the streets calling for democratic reforms. "Recently the UK has made many erroneous remarks about Hong Kong," Geng said at the press briefing Wednesday. "We once again urge the British side to stop gesticulating and fanning flames on the Hong Kong issue." With Beijing attempting to shape the narrative of the unrest in Hong Kong, Chinese authorities have increased their inspections at the Shenzhen border, including checking the phones and devices of some passengers for photos of the protests. The mainland metropolis of Shenzhen sits behind China's "Great Firewall" - which restricts access to news and information - while Hong Kong enjoys liberties unseen on the mainland. China promised to respect the freedoms in the semi-autonomous territory after its handover from Britain in 1997, including freedom of speech, unfettered access to the internet and an independent judiciary.

UK consulate employee in Hong Kong being held in China: Foreign ministry

A major bank warned on Wednesday that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself as demonstrators prepared a sit-in at a subway and site of a mid-summer mob attack.

A major bank warned on Wednesday that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself as demonstrators prepared a sit-in at a subway and site of a mid-summer mob attack. Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% slump in first-half net profit after it wrote down loans in China because of a downturn in commercial property markets outside China's top cities. It also warned that social unrest in Hong Kong and a trade dispute between China and the United States could affect the economies of China and the former British colony. "The tense atmosphere (in Hong Kong) is likely to weigh on consumer and business confidence, and on in-bound tourism, if there is no resolution soon," it said in a statement. Some Hong Kong companies have been dragged into controversy after 11 weeks of sometimes violent clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms. Pilots and cabin crew at Cathay Pacific Airways described a "white terror" of political denunciations, sackings and phone searches by Chinese aviation officials. BEA and its rivals have closed branches in the vicinity of protests on a number of separate occasions. "The recent situation in Hong Kong causes signs of concerns for the local SMEs (small and medium-sized enterprises)," bank co-chief executive Adrian Li told reporters. "It is because you see that if the current condition continues, (it) shall affect tourism, retail trade as well as investors' confidence. Nevertheless, our Hong Kong asset quality remains very healthy." Protesters were preparing to gather on Wednesday at the suburban Yuen Long mass-transit rail station, one of a series of running demonstrations over 11 weeks that have sometimes turned violent, including the storming of the legislature and havoc at the airport. On the night of July 21, about 100 white-shirted men stormed the station hours after protesters marched through central Hong Kong and defaced China's Liaison Office - the main symbol of Beijing's authority over the city. The men attacked black-clad protesters returning from Hong Kong island, passers-by, journalists and lawmakers with pipes and clubs, wounding 45 people. Anger erupted in June over a now-suspended bill that wouldallow criminal suspects in Hong Kong to be extradited to mainland China for trial. Hong Kong leader Carrie Lam said again on Tuesday the legislation was dead.

Hong Kong protests spread to subway as bank warns of economic fallout

Hong Kong's embattled leader Carrie Lam on Tuesday said she hoped "calm" will prevail after a <a href="https://www.wionews.com/world/twitter-facebook-dismantle-social-media-campaign-in-china-that-tried-to-undermine-hong-kong-protests-244261">massive weekend march</a> passed without clashes between police and demonstrators, but again refused to give ground to protester demands.&nbsp;

Hundreds of thousands of people marched through the heart of the city on Sunday in a show of peaceful protest after escalating street battles with police drew stark warnings from Beijing and threatened to undermine public support.

"On Sunday, many Hong Kong residents participated in a rally at Victoria Park that was largely peaceful," Chief Executive Carrie Lam said at a televised press conference.&nbsp;

"I wholeheartedly hope that this is the beginning of society returning to calm and staying away from violence."&nbsp;

The protests began against a proposed extradition law to China but morphed into a pro-democracy movement sparking the city's biggest political crisis in decades.

They have been fuelled by anger over alleged police brutality, with tear gas and rubber bullets deployed against protesters.&nbsp;

Lam reported 174 complaints have been made against police since protests began.

She said they would be "robustly" investigated by the Independent Police Complaints Council, whose head is appointed by the chief executive.

However, the probe is unlikely to satisfy protesters who have called for an independent inquiry by an external body.&nbsp;

In addition to universal suffrage and cancelling the extradition bill, protesters also demand the release of those detained during clashes.

Lam, pilloried by press and protesters for failing to step down while the city plunges into crisis, said her government would continue a "fact-finding mission" on how to move forward from the demonstrations.&nbsp;

She took a softer tone than in recent weeks, but again refused to formally withdraw the contentious extradition bill, repeating only that: "The bill is dead. There's no plan to revive this bill."

The chaos has caused mounting concerns for business and investment in Hong Kong, with the effects of the trouble particularly impacting the tourism industry.&nbsp;

"One of its most important strengths is the rule of law," Lam said of the financial hub.&nbsp;

"That's why we have been doing so much to ensure that the rule of law is being upheld and respected in Hong Kong."

Hong Kong's embattled leader Carrie Lam on Tuesday said she hoped "calm" will prevail after a massive weekend march passed without clashes between police and demonstrators, but again refused to give ground to protester demands.

Hong Kong's embattled leader Carrie Lam on Tuesday said she hoped "calm" will prevail after a massive weekend march passed without clashes between police and demonstrators, but again refused to give ground to protester demands. Hundreds of thousands of people marched through the heart of the city on Sunday in a show of peaceful protest after escalating street battles with police drew stark warnings from Beijing and threatened to undermine public support. "On Sunday, many Hong Kong residents participated in a rally at Victoria Park that was largely peaceful," Chief Executive Carrie Lam said at a televised press conference. "I wholeheartedly hope that this is the beginning of society returning to calm and staying away from violence." The protests began against a proposed extradition law to China but morphed into a pro-democracy movement sparking the city's biggest political crisis in decades. They have been fuelled by anger over alleged police brutality, with tear gas and rubber bullets deployed against protesters. Lam reported 174 complaints have been made against police since protests began. She said they would be "robustly" investigated by the Independent Police Complaints Council, whose head is appointed by the chief executive. However, the probe is unlikely to satisfy protesters who have called for an independent inquiry by an external body. In addition to universal suffrage and cancelling the extradition bill, protesters also demand the release of those detained during clashes. Lam, pilloried by press and protesters for failing to step down while the city plunges into crisis, said her government would continue a "fact-finding mission" on how to move forward from the demonstrations. She took a softer tone than in recent weeks, but again refused to formally withdraw the contentious extradition bill, repeating only that: "The bill is dead. There's no plan to revive this bill." The chaos has caused mounting concerns for business and investment in Hong Kong, with the effects of the trouble particularly impacting the tourism industry. "One of its most important strengths is the rule of law," Lam said of the financial hub. "That's why we have been doing so much to ensure that the rule of law is being upheld and respected in Hong Kong."

Hong Kong leader Carrie Lam hopes peaceful rally presages 'return to calm'

<a href="https://www.wionews.com/world/twitter-facebook-dismantle-social-media-campaign-in-china-that-tried-to-undermine-hong-kong-protests-244261">Twitter, Facebook dismantle social media campaign in China that tried to undermine Hong Kong protests</a>

Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong.

<a href="https://www.wionews.com/south-asia/around-3500-rohingya-cleared-to-return-home-to-myanmar-starting-this-week-source-244272">Around 3,500 Rohingya cleared to return home to Myanmar starting this week: Source</a>

Some 3,500 Rohingya refugees in Bangladesh have been cleared to return home to Myanmar beginning this week, a top official said Monday, nearly two years after a military crackdown sparked their exodus.

<a href="https://www.wionews.com/world/white-house-mulling-tax-cut-to-avoid-recession-report-244271">White House mulling tax cut to avoid recession: Report</a>

The White House is considering cutting taxes or revering tariffs to head off a recession, US media reported on Monday, despite President Donald Trump's insistence on the economy's health.

<a href="https://www.wionews.com/world/uk-to-immediately-end-freedom-of-movement-for-people-from-european-union-after-brexit-244264">UK to immediately end freedom of movement for people from European Union after Brexit</a>

Britain said Monday it will immediately end freedom of movement for people from the European Union after Brexit on October 31, in a policy shift under Prime Minister Boris Johnson.

<a href="https://www.wionews.com/world/jeffrey-epstein-wrote-will-two-days-before-death-puts-578-million-in-assets-into-trust-with-unnamed-beneficiaries-report-244262">Jeffrey Epstein wrote will two days before death, puts $578 million in assets into trust with unnamed beneficiaries: Report</a>

Disgraced financier Jeffrey Epstein wrote a will two days before he died, putting his $578 million in assets into a trust with unnamed beneficiaries, the New York Post reported Monday.

Twitter, Facebook dismantle social media campaign in China that tried to undermine Hong Kong protests Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong.

Twitter, Facebook dismantle social media campaign in China that tried to undermine Hong Kong protests Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong. Around 3,500 Rohingya cleared to return home to Myanmar starting this week: Source Some 3,500 Rohingya refugees in Bangladesh have been cleared to return home to Myanmar beginning this week, a top official said Monday, nearly two years after a military crackdown sparked their exodus. White House mulling tax cut to avoid recession: Report The White House is considering cutting taxes or revering tariffs to head off a recession, US media reported on Monday, despite President Donald Trump's insistence on the economy's health. UK to immediately end freedom of movement for people from European Union after Brexit Britain said Monday it will immediately end freedom of movement for people from the European Union after Brexit on October 31, in a policy shift under Prime Minister Boris Johnson. Jeffrey Epstein wrote will two days before death, puts $578 million in assets into trust with unnamed beneficiaries: Report Disgraced financier Jeffrey Epstein wrote a will two days before he died, putting his $578 million in assets into a trust with unnamed beneficiaries, the New York Post reported Monday.

News brief: Big stories of the day

Chinese troll accounts spreading doubts about Hong Kong protests has been taken down. Watch this video to know more.

WION Dispatch: Chinese troll accounts spreading doubts about Hong Kong protests taken down

Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine <a href="https://www.wionews.com/world/hong-kong-doesnt-need-suggestions-says-china-after-trumps-tiananmen-comment-244101">protests in Hong Kong</a>.

Twitter said it suspended 936 accounts and the operations appeared to be a coordinated state-backed effort originating in China.

It said these accounts were just the most active portions of this campaign and that a "larger, spammy network" of approximately 200,000 accounts had been proactively suspended before they were substantially active.

Facebook said it had removed accounts and pages from a small network after a tip from Twitter. It said that its investigation found links to individuals associated with the Chinese government.

The Hong Kong protests, which have presented one of the <a href="https://www.wionews.com/world/china-lashes-taiwan-over-offer-to-hong-kong-protesters-244168">biggest challenges for Chinese President Xi Jinping</a> since he came to power in 2012, began in June as opposition to a now-suspended bill that would allow suspects to be extradited to mainland China for trial in Communist Party-controlled courts. They have since swelled into wider calls for democracy.

Social media companies globally are under pressure to stem illicit political influence campaigns online, especially ahead of the US election in November 2020.

A 22-month US investigation concluded Russia interfered in a "sweeping and systematic fashion" in the 2016 US election to help Donald Trump win the presidency.

The Chinese embassy in Washington and the US State Department did not respond to requests for comment.

Twitter in a blog post said the accounts undermined the legitimacy and political positions of the protest movement in Hong Kong.

Watch:&nbsp;Hong Kong: 1.7 million people take to peaceful protests

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-17-million-people-take-to-peaceful-protests-244259/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Examples of posts provided by Twitter included a tweet from a user with photos of protesters storming Hong Kong's Legislative Council building, which asked,&nbsp;"Are these people who smashed the Legco crazy or taking benefits from the bad guys? It's a complete violent behaviour, we don't want you radical people in Hong Kong. Just get out of here!"

In examples provided by Facebook, posts described the protesters as cockroaches who "refused to show their faces."

Facebook's head of cybersecurity policy Nathaniel Gleicher told reporters that the bulk of the Facebook accounts were created in 2018.

Both Twitter and Facebook are blocked in mainland China by the government but available in Hong Kong.

Twitter changes ad policy

Twitter and Facebook have come under fire from users over showing ads from state-controlled media that criticized the Hong Kong protesters.

In response, Twitter said Monday it would no longer accept advertising from state-controlled news media. Twitter told Reuters the advertising change was not related to the suspended accounts.

In the past week, China's official Xinhua news agency and state broadcaster China Global Television Network (CGTN) paid to promote videos that portrayed the protests as violent and said Hong Kong citizens wanted the demonstrations to end, according to Twitter's Ads Transparency Center.

Twitter said it did not have data on how much revenue it generates from state-controlled media advertising.

Many countries including the United States do not have clear standards on state media's purchase of online advertising.

Total digital ad spending in Hong Kong will grow 11% to reach $786.1 million in 2019, according to projections by US digital market data analyst eMarketer.

Alphabet YouTube video service told Reuters in June that state-owned media companies maintained the same privileges as any other user, including the ability to run ads in accordance with its rules. YouTube did not immediately respond to a request for comment on Monday on whether it had detected inauthentic content related to protests in Hong Kong.

In a tweet on Sunday, China’s influential state-run tabloid, The Global Times, hailed the response of Chinese “netizens” to the protests, saying: ''Chinese netizens' power! Amid escalating protests in Hong Kong, Chinese netizens on Saturday swept Facebook and Instagram to denounce secessionist posts and show support for Hong Kong police.''

About 98% of social network users in Hong Kong, or 4.7 million people, will log into Facebook at least once a month in 2019, according to eMarketer projections, while 9.4% of social network users will use Twitter.

Shares of Facebook rose 1.3% and Twitter rose 2.8%.

Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong.

Twitter and Facebook said on Monday they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong. Twitter said it suspended 936 accounts and the operations appeared to be a coordinated state-backed effort originating in China. It said these accounts were just the most active portions of this campaign and that a "larger, spammy network" of approximately 200,000 accounts had been proactively suspended before they were substantially active. Facebook said it had removed accounts and pages from a small network after a tip from Twitter. It said that its investigation found links to individuals associated with the Chinese government. The Hong Kong protests, which have presented one of the biggest challenges for Chinese President Xi Jinping since he came to power in 2012, began in June as opposition to a now-suspended bill that would allow suspects to be extradited to mainland China for trial in Communist Party-controlled courts. They have since swelled into wider calls for democracy. Social media companies globally are under pressure to stem illicit political influence campaigns online, especially ahead of the US election in November 2020. A 22-month US investigation concluded Russia interfered in a "sweeping and systematic fashion" in the 2016 US election to help Donald Trump win the presidency. The Chinese embassy in Washington and the US State Department did not respond to requests for comment. Twitter in a blog post said the accounts undermined the legitimacy and political positions of the protest movement in Hong Kong. Watch: Hong Kong: 1.7 million people take to peaceful protests Examples of posts provided by Twitter included a tweet from a user with photos of protesters storming Hong Kong's Legislative Council building, which asked, "Are these people who smashed the Legco crazy or taking benefits from the bad guys? It's a complete violent behaviour, we don't want you radical people in Hong Kong. Just get out of here!" In examples provided by Facebook, posts described the protesters as cockroaches who "refused to show their faces." Facebook's head of cybersecurity policy Nathaniel Gleicher told reporters that the bulk of the Facebook accounts were created in 2018. Both Twitter and Facebook are blocked in mainland China by the government but available in Hong Kong. Twitter changes ad policy Twitter and Facebook have come under fire from users over showing ads from state-controlled media that criticized the Hong Kong protesters. In response, Twitter said Monday it would no longer accept advertising from state-controlled news media. Twitter told Reuters the advertising change was not related to the suspended accounts. In the past week, China's official Xinhua news agency and state broadcaster China Global Television Network (CGTN) paid to promote videos that portrayed the protests as violent and said Hong Kong citizens wanted the demonstrations to end, according to Twitter's Ads Transparency Center. Twitter said it did not have data on how much revenue it generates from state-controlled media advertising. Many countries including the United States do not have clear standards on state media's purchase of online advertising. Total digital ad spending in Hong Kong will grow 11% to reach $786.1 million in 2019, according to projections by US digital market data analyst eMarketer. Alphabet YouTube video service told Reuters in June that state-owned media companies maintained the same privileges as any other user, including the ability to run ads in accordance with its rules. YouTube did not immediately respond to a request for comment on Monday on whether it had detected inauthentic content related to protests in Hong Kong. In a tweet on Sunday, China’s influential state-run tabloid, The Global Times, hailed the response of Chinese “netizens” to the protests, saying: ''Chinese netizens' power! Amid escalating protests in Hong Kong, Chinese netizens on Saturday swept Facebook and Instagram to denounce secessionist posts and show support for Hong Kong police.'' About 98% of social network users in Hong Kong, or 4.7 million people, will log into Facebook at least once a month in 2019, according to eMarketer projections, while 9.4% of social network users will use Twitter. Shares of Facebook rose 1.3% and Twitter rose 2.8%.

Twitter, Facebook dismantle social media campaign in China that tried to undermine Hong Kong protests

By Philip Roscoe

Protests in Hong Kong have captured the world’s attention in recent weeks, with demonstrators closing streets and the airport, and Chinese forces amassing near the border with a none too subtle threat of violent reprisal. The protests began in response to a new extradition law, but have spilled over into a general unease about the future of Hong Kong’s special administrative status.

This special status sets Hong Kong apart from mainland China in a number of ways. As well as enjoying various social and political freedoms, it has a free market economy and is one of the world’s biggest financial centres. Global finance has attracted a number of Chinese elites but has not benefited a large chunk of Hong Kong society.

But if Hong Kong’s protesters succeed in pushing back against the oversight of Beijing, it would serve to reinforce the benefits the elites already enjoy from Hong Kong’s economic arrangements. This parallels the situation in the UK, where financial elites could soon embrace a low-tax, low-regulation future following a no-deal Brexit driven by populist concerns about immigration and inequality.

Longstanding financial centres

Hong Kong and London share a common history and since the 1960s have flourished as offshore financial centres, acting in many ways as secrecy jurisdictions or tax havens.

Hong Kong’s financial sector was a creation of the British, who used it as a route into Chinese markets. It boomed following the opening of the Chinese economy. When, in 1997, Hong Kong returned to China, it preserved some of this offshore status as a special administrative zone. The beneficiaries this time were Chinese.

Hong Kong stores great reserves of capital in comparative secrecy, channels global investment into China – also in secrecy – and is a crucial part of China’s long-term plan to establish the Renminbi as a global reserve currency through offshore markets. The local “dim sum bond market”, issuing RMB denominated debt, has been a remarkable success, with the equivalent of more than $100 billion of capital circulating.

Hong Kong has been implicated in shadier dealing. Investigative journalist Nicholas Shaxton puts it bluntly: “Hong Kong is where most of the corruption in China is accomplished.” Other scholars see Hong Kong as an amalgam of onshore and offshore finance, with a strong legal system, tax treaties, and a robust financial market.

London’s success as a global financial centre has also been driven by its status as a hub for offshore financial services, a position greatly supported by its strong connections throughout Britain’s former empire. In the 1960s and 1970s, for example, London became home for the “eurodollar” markets. These were lending markets operating in US dollars, located in London but considered to be beyond the purview of the UK’s legislation.

London-based lenders could charge higher rates than the national currency controls of the time allowed. The United States benefited as the depth and liquidity of eurodollar markets supported the dollar’s reserve currency status; international banks arrived in droves and the City, London’s financial district, thrived. Regulators on both side of the Atlantic turned a blind eye, quietly admitting the economic benefits the markets bestowed. Even the Soviets invested.

Masters of reinvention 
 
Both London and Hong Kong are centres of perpetual reinvention. Following the financial crisis, the City’s innovations have included managing the wealth of the global super-rich and an arrangement with the Chinese government to develop the offshore trading of the RMB.

In the same way that Hong Kong’s protesters fear Chinese control, a number of Brexiters claim the EU comes with too much red tape. Interviewing financiers for research into London-based markets, I found overwhelming support for Brexit, largely driven by a distaste for increasing layers of regulation.

It is certainly the case that Europe has never been comfortable with London’s activities as a conduit for international funds. No one expects the EU to maintain the City’s “passporting rights” which allow firms based in the UK to trade freely across the EU. And the mundane but profitable business of settling euro transactions is likely to be pulled within the bloc.

But there is much more to financial markets than regulation. The City’s remarkable talent for reinvention flows from the nature of financial markets themselves.

History shows they are fluid entities constantly reshaping in response to political happenstance and technological or economic advances. Markets put down roots in the shape of dense social networks shaped by bonds of trust and expertise, and in the material infrastructures – from wires, phones and screens to upscale offices, restaurants and hotels – without which they cannot function. Advantages of status and connection become embedded. When new financial frontiers open up it’s that well-placed who benefit.

Here’s the irony. Hong Kong’s protesters seek political freedom, but whatever happens in politics, it is likely that the economic advantages of the elite will be preserved through the social and material architectures of its markets.

Brexit, meanwhile, has been driven by concerns over immigration and inequality, but the no-deal on the horizon offers something else. If the new prime minister’s rhetoric of “boosterism” and “freeports” is to be believed, the City will be entirely unencumbered by regulation, free to roam the high seas of international currency flows. Here too, only the financial elites will benefit.

(Philip Roscoe is Reader in Management, University of St Andrews) 
 
(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/hong-kong-protests-and-brexit-could-both-end-up-benefiting-financial-elites-121917">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp; 
&nbsp;

By Philip Roscoe Protests in Hong Kong have captured the world’s attention in recent weeks, with demonstrators closing streets and the airport, and Chinese forces amassing near the border with a none too subtle threat of violent reprisal.

By Philip Roscoe Protests in Hong Kong have captured the world’s attention in recent weeks, with demonstrators closing streets and the airport, and Chinese forces amassing near the border with a none too subtle threat of violent reprisal. The protests began in response to a new extradition law, but have spilled over into a general unease about the future of Hong Kong’s special administrative status. This special status sets Hong Kong apart from mainland China in a number of ways. As well as enjoying various social and political freedoms, it has a free market economy and is one of the world’s biggest financial centres. Global finance has attracted a number of Chinese elites but has not benefited a large chunk of Hong Kong society. But if Hong Kong’s protesters succeed in pushing back against the oversight of Beijing, it would serve to reinforce the benefits the elites already enjoy from Hong Kong’s economic arrangements. This parallels the situation in the UK, where financial elites could soon embrace a low-tax, low-regulation future following a no-deal Brexit driven by populist concerns about immigration and inequality. Longstanding financial centres Hong Kong and London share a common history and since the 1960s have flourished as offshore financial centres, acting in many ways as secrecy jurisdictions or tax havens. Hong Kong’s financial sector was a creation of the British, who used it as a route into Chinese markets. It boomed following the opening of the Chinese economy. When, in 1997, Hong Kong returned to China, it preserved some of this offshore status as a special administrative zone. The beneficiaries this time were Chinese. Hong Kong stores great reserves of capital in comparative secrecy, channels global investment into China – also in secrecy – and is a crucial part of China’s long-term plan to establish the Renminbi as a global reserve currency through offshore markets. The local “dim sum bond market”, issuing RMB denominated debt, has been a remarkable success, with the equivalent of more than $100 billion of capital circulating. Hong Kong has been implicated in shadier dealing. Investigative journalist Nicholas Shaxton puts it bluntly: “Hong Kong is where most of the corruption in China is accomplished.” Other scholars see Hong Kong as an amalgam of onshore and offshore finance, with a strong legal system, tax treaties, and a robust financial market. London’s success as a global financial centre has also been driven by its status as a hub for offshore financial services, a position greatly supported by its strong connections throughout Britain’s former empire. In the 1960s and 1970s, for example, London became home for the “eurodollar” markets. These were lending markets operating in US dollars, located in London but considered to be beyond the purview of the UK’s legislation. London-based lenders could charge higher rates than the national currency controls of the time allowed. The United States benefited as the depth and liquidity of eurodollar markets supported the dollar’s reserve currency status; international banks arrived in droves and the City, London’s financial district, thrived. Regulators on both side of the Atlantic turned a blind eye, quietly admitting the economic benefits the markets bestowed. Even the Soviets invested. Masters of reinvention Both London and Hong Kong are centres of perpetual reinvention. Following the financial crisis, the City’s innovations have included managing the wealth of the global super-rich and an arrangement with the Chinese government to develop the offshore trading of the RMB. In the same way that Hong Kong’s protesters fear Chinese control, a number of Brexiters claim the EU comes with too much red tape. Interviewing financiers for research into London-based markets, I found overwhelming support for Brexit, largely driven by a distaste for increasing layers of regulation. It is certainly the case that Europe has never been comfortable with London’s activities as a conduit for international funds. No one expects the EU to maintain the City’s “passporting rights” which allow firms based in the UK to trade freely across the EU. And the mundane but profitable business of settling euro transactions is likely to be pulled within the bloc. But there is much more to financial markets than regulation. The City’s remarkable talent for reinvention flows from the nature of financial markets themselves. History shows they are fluid entities constantly reshaping in response to political happenstance and technological or economic advances. Markets put down roots in the shape of dense social networks shaped by bonds of trust and expertise, and in the material infrastructures – from wires, phones and screens to upscale offices, restaurants and hotels – without which they cannot function. Advantages of status and connection become embedded. When new financial frontiers open up it’s that well-placed who benefit. Here’s the irony. Hong Kong’s protesters seek political freedom, but whatever happens in politics, it is likely that the economic advantages of the elite will be preserved through the social and material architectures of its markets. Brexit, meanwhile, has been driven by concerns over immigration and inequality, but the no-deal on the horizon offers something else. If the new prime minister’s rhetoric of “boosterism” and “freeports” is to be believed, the City will be entirely unencumbered by regulation, free to roam the high seas of international currency flows. Here too, only the financial elites will benefit. (Philip Roscoe is Reader in Management, University of St Andrews) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Hong Kong protests and Brexit could both end up benefiting financial elites

Britain's Foreign Office said Tuesday it was "extremely concerned" by reports that a Hong Kong consulate employee had been detained by mainland Chinese authorities on his way back to the city.

Britain's Foreign Office said Tuesday it was "extremely concerned" by reports that a Hong Kong consulate employee had been detained by mainland Chinese authorities on his way back to the city. The Hong Kong consulate refused to confirm the man's name or further details of the apparent incident and a Chinese official said he was "not aware" of the situation. But a report in local news outlet HK01 said the consulate employee had failed to return after travelling to Shenzhen in Guangdong province, an hour outside Hong Kong, for a one-day business meeting on August 8. "We are extremely concerned by reports that a member of our team has been detained returning to Hong Kong from Shenzhen," a Foreign and Commonwealth Office spokesperson said in a statement. "We are providing support to his family and seeking further information from authorities in Guangdong Province and Hong Kong," it added. Hong Kong police confirmed they had opened a missing person's case on August 9. "So far we have not received any notification from mainland authorities," of his possible detention in China, spokesman senior superintendent Kong Wing-Cheung told reporters. Chinese foreign ministry spokesman Geng Shuang said: "I am not aware of the relevant situation." Weeks of rallies The incident comes as the financial hub faces its worst political crisis in decades. Pro-democracy protesters have staged weeks of rallies that have often descended into violent clashes with police. Beijing has taken an increasingly hard line against the protests, which it sees as a direct challenge to its rule. It has also repeatedly warned Britain the former colonial ruler of Hong Kong against "interference" in the protests, and relations between the two countries have been increasingly strained over the issue. The demonstrations were triggered by a controversial extradition law but have broadened into a call for wider democratic reforms. China had promised to respect the freedoms in the semi-autonomous territory after its handover from Britain in 1997. Hong Kong enjoys liberties unseen on the mainland, including freedom of speech, unfettered access to the internet and an independent judiciary. But the ongoing protests have raised fears of a Chinese crackdown. Known for its high-tech market, the metropolis of Shenzhen sits behind China's "Great Firewall", which restricts access to news and information. With Beijing attempting to shape the narrative of the unrest in Hong Kong, Chinese authorities have increased their inspections at the border, including checking the phones and devices of some passengers for photos of the protests.

Britain 'concerned' by reports Hong Kong consulate employee detained in China

Hong Kong City's chief executive Carrie Lam offers talks with peaceful protesters. Watch this video to know more.

Hong Kong Protests: City's chief executive offers talks with peaceful protesters

China&nbsp;said on Tuesday it had a right to put out its own views after&nbsp;Twitter&nbsp;and&nbsp;Facebook&nbsp;said they had dismantled a state-backed social media campaign originating in mainland&nbsp;China&nbsp;that sought to undermine <a href="https://www.wionews.com/world/clashes-erupt-between-riot-police-protesters-outside-hong-kong-airport-242832">protests in Hong Kong</a>.

Twitter&nbsp;Inc said on Monday it suspended 936&nbsp;accounts&nbsp;and the operations appeared to be a coordinated state-backed effort originating in&nbsp;China.

Facebook&nbsp;Inc said it had removed&nbsp;accounts&nbsp;and pages from a small network after a tip from&nbsp;Twitter.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-rally-organisers-say-weekend-demonstration-was-last-chance-for-government-to-address-demands-244371/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Facebook&nbsp;said its investigation found links to individuals associated with the Chinese government.&nbsp;

"These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the accounts it shut down.

"We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said.

Foreign ministry spokesman Geng Shuang declined direct comment on the&nbsp;Twitter&nbsp;and&nbsp;Facebook&nbsp;actions but defended the right of Chinese people and media to make their voices heard&nbsp;over&nbsp;the Hong Kong protests.

"Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said.

Twitter&nbsp;and&nbsp;Facebook&nbsp;have come under fire from users&nbsp;over&nbsp;showing ads from state-controlled media that criticised the Hong Kong protesters.&nbsp;

Twitter&nbsp;said Monday it would no longer accept advertising from state-controlled news media, and told Reuters the change was not related to the suspended&nbsp;accounts.

Twitter&nbsp;and&nbsp;Facebook&nbsp;are&nbsp;blocked by the Chinese government from being used in the mainland but are freely accessible in Hong Kong, where protests since June have plunged the Chinese-ruled territory into its most serious crisis in decades.

Chinese media use foreign social media to communicate with people around the world to introduce them to Chinese policies and "tell&nbsp;China's story", Geng said.

"I don't know why certain companies or peoples' reaction is so strong," he added.

China said on Tuesday it had a right to put out its own views after Twitter and Facebook said they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong.

China said on Tuesday it had a right to put out its own views after Twitter and Facebook said they had dismantled a state-backed social media campaign originating in mainland China that sought to undermine protests in Hong Kong. Twitter Inc said on Monday it suspended 936 accounts and the operations appeared to be a coordinated state-backed effort originating in China. Facebook Inc said it had removed accounts and pages from a small network after a tip from Twitter. Watch Video: Facebook said its investigation found links to individuals associated with the Chinese government. "These accounts were deliberately and specifically attempting to sow political discord in Hong Kong, including undermining the legitimacy and political positions of the protest movement on the ground," Twitter said, referring to the accounts it shut down. "We are disclosing a significant state-backed information operation focused on the situation in Hong Kong, specifically the protest movement and their calls for political change," Twitter said. Foreign ministry spokesman Geng Shuang declined direct comment on the Twitter and Facebook actions but defended the right of Chinese people and media to make their voices heard over the Hong Kong protests. "Although the people behind this activity attempted to conceal their identities, our investigation found links to individuals associated with the Chinese government," Facebook said. Twitter and Facebook have come under fire from users over showing ads from state-controlled media that criticised the Hong Kong protesters. Twitter said Monday it would no longer accept advertising from state-controlled news media, and told Reuters the change was not related to the suspended accounts. Twitter and Facebook are blocked by the Chinese government from being used in the mainland but are freely accessible in Hong Kong, where protests since June have plunged the Chinese-ruled territory into its most serious crisis in decades. Chinese media use foreign social media to communicate with people around the world to introduce them to Chinese policies and "tell China's story", Geng said. "I don't know why certain companies or peoples' reaction is so strong," he added.

China cries foul after Facebook, Twitter block fake accounts linked to Hong Kong protests

Members of Hong Kong's Civil Human Rights Front on Tuesday admonished chief executive Carrie Lam's comments earlier in the day, saying the weekend rally where hundreds of thousands of protesters rallied peacefully was one of the last chances for the leader.

Hong Kong rally organisers say weekend demonstration was 'last chance' for government to address demands

Hong Kong leader Carrie Lam said on Tuesday (August 20) that the government would talk to peaceful protesters and tackle complaints against police. Hundreds of thousands of protesters rallied peacefully in the Chinese-ruled city in torrential rain on Sunday (August 18) in the eleventh week of what have been often violent demonstrations.

Carrie Lam: Government will speak to peaceful protesters

More than 1,00,000 participated in today's protests. Protesters march from Victoria Park to Chater Garden. Over 47,000 people in Hong Kong say ''No'' to violence. Watch this video to know more.

Hong Kong Protests: Protesters attempt to restore peace

Overseas Chinese in Canada on Saturday rallied and staged a demonstration in Toronto against recent spates of violent acts in Hong Kong. Watch this video to know more.

Against violent acts in Hong Kong, overseas Chinese rally in Canada

11 Weeks Of Protests In Hong Kong, this week protests remain peaceful

US President Donald Trump warns Xi Jinping against violence in Hong Kong. Watch this video to know more.

WION Dispatch: Donald Trump warns Xi Jinping against violence in Hong Kong

Ten weeks of confrontations between police and protesters have plunged Hong Kong into turmoil, and present the biggest popular challenge to Chinese President Xi Jinping since he came to power in 2012. The protests began as opposition to a now-suspended bill that would have allowed suspects to be extradited to mainland China and have swelled into wider calls for democracy.

Timeline of Hong Kong political movements

<a href="https://www.wionews.com/world/united-kingdom-economy-shrinks-as-brexit-global-worries-mount-purchasing-managers-index-232725">Bank of England governor Mark Carney</a> has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong.

Carney had been due to speak at the dinner, aimed at boosting Chinese business links, which is scheduled for September 3 at the Guildhall, the administrative centre of the City of London financial district.

However he will not now attend because of "diary issues", a source close to the matter told AFP.

Some local politicians are reportedly unhappy at the timing of the event, as <a href="https://www.wionews.com/world/hong-kong-police-fire-tear-gas-during-another-weekend-of-protests-242034">Hong Kong police continue to clash with democracy activists</a>.

"The City must use this event to remind China of its responsibilities on human rights, democracy and free speech in Hong Kong," City Councillor Richard Crossan told Monday's edition of London's free daily financial newspaper City AM.

"As the situation in Hong Kong develops, the City must also remember that it is not just a financial services lobbying group.

"It has moral responsibilities, whether it wants them or not."

Another source suggested that a BoE representative could be sent in Carney's place.

Carney had been due to attend alongside China's ambassador to London, Liu Xiaoming, and Catherine McGuinness, who is policy chief for the City of London Corporation.

Both the Bank of England and the City of London Corporation declined to comment.

Bank of England governor Mark Carney has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong.

Bank of England governor Mark Carney has withdrawn from a high-profile business event with China's ambassador to London, sources said Monday, as pro-democracy protests continue in Hong Kong. Carney had been due to speak at the dinner, aimed at boosting Chinese business links, which is scheduled for September 3 at the Guildhall, the administrative centre of the City of London financial district. However he will not now attend because of "diary issues", a source close to the matter told AFP. Some local politicians are reportedly unhappy at the timing of the event, as Hong Kong police continue to clash with democracy activists. "The City must use this event to remind China of its responsibilities on human rights, democracy and free speech in Hong Kong," City Councillor Richard Crossan told Monday's edition of London's free daily financial newspaper City AM. "As the situation in Hong Kong develops, the City must also remember that it is not just a financial services lobbying group. "It has moral responsibilities, whether it wants them or not." Another source suggested that a BoE representative could be sent in Carney's place. Carney had been due to attend alongside China's ambassador to London, Liu Xiaoming, and Catherine McGuinness, who is policy chief for the City of London Corporation. Both the Bank of England and the City of London Corporation declined to comment.

Bank of England chief pulls out of Chinese event

US President Donald Trump on Sunday warned China that carrying out a Tiananmen Square-style crackdown on Hong Kong <a href="https://www.wionews.com/world/amid-mounting-violence-and-warnings-from-china-hong-kong-protesters-flood-streets-in-peaceful-march-243848">pro-democracy protesters</a> would harm <a href="https://www.wionews.com/world/us-and-china-seeking-to-revive-trade-talks-trump-advisor-243936">trade talks</a> between the two countries.

"I think it'd be very hard to deal if they do violence, I mean, if it's another Tiananmen Square," Trump told reporters in New Jersey. "I think it's a very hard thing to do if there's violence."

The months-long trade dispute between the US and China has been blamed for setting world financial markets on edge amid signs of a possible global economic slowdown.

Trump's comments came as Washington and Beijing look to revive pivotal talks aimed at ending their trade war.

Phone calls between both countries' deputies are planned for the next 10 days, and if those are successful, negotiations could resume, Trump's chief economic advisor Larry Kudlow said on Sunday.

Hong Kong has meanwhile been dealing with more than two months of protests and on Sunday saw a crowd that organizers said numbered some 1.7 million people march peacefully in the city despite rising unrest and stark warnings from Beijing.

Chinese state media has run images of military personnel and armoured personnel carriers in Shenzhen, across the border from the semi-autonomous city.

In the bloody 1989 crackdown in Beijing's Tiananmen Square, China deployed tanks to end student-led protests, resulting in an estimated death toll of hundreds if not thousands.

If such a situation was repeated in Hong Kong, "I think there'd be... tremendous political sentiment not to do something," Trump said, referring to the trade negotiations with China.

Creeping authoritarianism

Under a deal signed with Britain, China agreed to allow Hong Kong to keep its unique freedoms when the former crown colony was handed back in 1997.

But many Hong Kongers feel those freedoms are being chipped away, especially since China's hardline president Xi Jinping came to power.

Trump stopped short of endorsing the protesters, saying, "I'd love to see it worked out in a humane fashion," and calling on Xi to negotiate with the dissidents.

Last week, China's state-run daily The Global Times said there "won't be a repeat" of Tiananmen Square in a rare reference to the crackdown.

Analysts say any intervention in Hong Kong by Chinese security forces would be a disaster for China's reputation and economy.

The weeks of demonstrations have plunged the financial hub into crisis, with images of masked, black-clad protesters engulfed by tear gas during street battles against riot police stunning a city once renowned for its stability.

The unrest was sparked by widespread opposition to a plan for allowing extraditions to the Chinese mainland but has since morphed into a broader call for democratic rights in the semi-autonomous city.

Sunday's march billed as a return to the peaceful origins of the leaderless protest movement, was one of the largest rallies since the protests began about three months ago, according to organizers the Civil Human Rights Front.

US President Donald Trump on Sunday warned China that carrying out a Tiananmen Square-style crackdown on Hong Kong pro-democracy protesters would harm trade talks between the two countries.

US President Donald Trump on Sunday warned China that carrying out a Tiananmen Square-style crackdown on Hong Kong pro-democracy protesters would harm trade talks between the two countries. "I think it'd be very hard to deal if they do violence, I mean, if it's another Tiananmen Square," Trump told reporters in New Jersey. "I think it's a very hard thing to do if there's violence." The months-long trade dispute between the US and China has been blamed for setting world financial markets on edge amid signs of a possible global economic slowdown. Trump's comments came as Washington and Beijing look to revive pivotal talks aimed at ending their trade war. Phone calls between both countries' deputies are planned for the next 10 days, and if those are successful, negotiations could resume, Trump's chief economic advisor Larry Kudlow said on Sunday. Hong Kong has meanwhile been dealing with more than two months of protests and on Sunday saw a crowd that organizers said numbered some 1.7 million people march peacefully in the city despite rising unrest and stark warnings from Beijing. Chinese state media has run images of military personnel and armoured personnel carriers in Shenzhen, across the border from the semi-autonomous city. In the bloody 1989 crackdown in Beijing's Tiananmen Square, China deployed tanks to end student-led protests, resulting in an estimated death toll of hundreds if not thousands. If such a situation was repeated in Hong Kong, "I think there'd be... tremendous political sentiment not to do something," Trump said, referring to the trade negotiations with China. Creeping authoritarianism Under a deal signed with Britain, China agreed to allow Hong Kong to keep its unique freedoms when the former crown colony was handed back in 1997. But many Hong Kongers feel those freedoms are being chipped away, especially since China's hardline president Xi Jinping came to power. Trump stopped short of endorsing the protesters, saying, "I'd love to see it worked out in a humane fashion," and calling on Xi to negotiate with the dissidents. Last week, China's state-run daily The Global Times said there "won't be a repeat" of Tiananmen Square in a rare reference to the crackdown. Analysts say any intervention in Hong Kong by Chinese security forces would be a disaster for China's reputation and economy. The weeks of demonstrations have plunged the financial hub into crisis, with images of masked, black-clad protesters engulfed by tear gas during street battles against riot police stunning a city once renowned for its stability. The unrest was sparked by widespread opposition to a plan for allowing extraditions to the Chinese mainland but has since morphed into a broader call for democratic rights in the semi-autonomous city. Sunday's march billed as a return to the peaceful origins of the leaderless protest movement, was one of the largest rallies since the protests began about three months ago, according to organizers the Civil Human Rights Front.

Tiananmen Square-style crackdown in Hong Kong would harm trade deal with China: Donald Trump

hong-kong

Hong Kong, News on Hong Kong, stories on Hong Kong, articles on Hong Kong, Hong Kong stories at Wion, Hong Kong news, Hong Kong latest news

hong kong