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Beijing’s top legislative body has unanimously passed a sweeping national security law for Hong Kong prohibiting acts of secession, subversion, terrorism and collusion with foreign forces to endanger national security. The law, approved by the National People’s Congress Standing Committee (NPCSC) on Tuesday, is expected to carry a maximum penalty of life in jail.
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The Digital Yuan And China’s Plan to Topple The U.S. Dollar
There are many qualified candidates for the title of second most consequential event of 2020, right after coronavirus and its associated worldwide economic implosion. The global reach of the George Floyd protests comes to mind, as does the still-unfolding China–India clash in the Himalayas. Perhaps North Korea or Iran will deliver another crisis unto the world. Possibly more deserving than any of these, however, is China’s planned rollout of its digital yuan, through which the Communist Party intends to upend the U.S.-led financial world order.
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EU foreign affairs chief Josep Borrell told a gathering of German ambassadors on Monday that “analysts have long talked about the end of an American-led system and the arrival of an Asian century. This is now happening in front of our eyes,” he said.
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Hong Kong Economy Collapses Under Chinese Communist Political Takeover
The Hong Kong stock market was rocked by a massive sell-off on Friday after the Chinese Communist government in Beijing declared its intention to bypass the Hong Kong legislature and impose a draconian security law to shut down the protest movement. That single act effectively ended the island’s limited autonomy in the eyes of many residents and concerned international observers...
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Former US Ambassador to China Max Baucus has given at least four different interviews to Chinese propaganda outlets in the last two weeks, repeatedly comparing the U.S. rhetoric about China to both the McCarthy era and Nazi Germany.
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“Here, I want to reiterate the words ‘peace, parity, democracy, and dialogue.’ We will not accept the Beijing authorities’ use of ‘one country, two systems’ to downgrade Taiwan and undermine the cross-strait status quo. We stand fast by this principle,” Tsai said in her inaugural speech.
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Since 2013, Chinese companies have been allowed to participate in U.S. stock and bond exchanges without having to fully comply with the same Sarbanes-Oxley Act accounting practices and risk disclosure required of American companies. The agreement was reached in May 2013 after Chinese leaders pleaded for improved access to American capital markets in multiple meetings with then-Vice President Joe Biden, transcripts from the Obama administration’s archives show…
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Any investigation into the coronavirus pandemic should be carried out by the World Health Organization, a Chinese Communist Party newspaper declared on Sunday, on the eve of WHO’s annual assembly where dozens of countries are expected to press for a review…
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Trump Halts All Federal Retirement Investments In Chinese Funds
President Donald Trump will cut the federal government’s retirement fund investments in Chinese equities, according to a Monday letter obtained by Fox Business. The White House does not want federal employee retirement funds to have money invested in Chinese equities, national Security Adviser Robert O’Brien and National Economic Council Chair Larry Kudlow said in a letter to U.S. Labor Secretary Eugene Scalia Monday.
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One of the more apparent consequences of the coronavirus is that it looks likely to become a catalyst for deglobalization. At the centre of this will be the decoupling of the Chinese economy with developed economies and the US in particular. The world’s three largest free economies – the European Union, the United States and Japan – are all drawing up separate plans to lure their companies out of China.
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