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CNI News
17 May 2024
Fuel would be allowed to be carried and sold in the territories only dominated by the National Unity Government within Homalin Township, Homalin Township People's Administration Organization stated on 14th May, 2024.
Fuel that is carried from Monywa, Khun Hla and other townships would be allowed to be sold in the territories only dominated by the NUG, the organization stated.
People would not be allowed to carry fuel to the places out of territory dominated by the NUG and sell it; the terminals where fuel could be sold are Shwe Pyi Aye Town by waterway (Chindwin River) and Aung Pinle Village by road, said in the statement.
Those who carry fuel outside of restricted area and sell would be taken action against severely, said in the statement.
While seeing the statement released by the PDF
“If you study the statement released by the Homalin PDF, you can find out it seems to cut the Tatmadaw and the Shanni Nationalities Army from food, fund, information and recruitment. Gold mining may also be affected. Locals may find it difficult in their transport and agricultural industry." said a politician.
The battles are currently breaking out between the KIA/PDF joint forces and the Myanmar Tatmadaw/the SNA in Homalin Township, Sagaing Region. The KIA/PDF joint forces are carrying out to capture Homalin, said locals.
If the KIA/PDF was able to control Homalin Town, it could control Naga regions and widely conduct military activities. Moreover, arms, ammunition and manpower necessary to increase the speed of military activity could be carried from Kachin State, said a military analyst.
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CNI News
16 May 2024
As many Rakhine farmers had to run away due to battles and there are difficulties to get fertilizers and fuel, the cultivation of the rainfed rice will decline, according to farmers.
Although there were over 11 lakh acres of rainfed rice cultivation in the past, there were only over 8 lakhs last year for many reasons. This year, there are only about 6 lakh acres of rainfed rice, estimated farmers and agricultural entrepreneurs.
Rice can be grown in Mrauk U and Kyawtaw Townships where there are no battles.
Farmers in Sittwe, Ponnagyun, Rathedaung, Buthidaung and Maungdaw Townships have to displace due to battles; artillery shells falling down and explosion in farmlands and due to mine hazards, farmers could not grow rice, U Maung Thein Hla, secretary of the Danyawady Farmers Federation, Mrauk U Township, told CNI News.
" According to the township statistics, there are 110,000 acres of rainfed rice cultivation in the entire Rakhine State. Farmers could grow rice on over 800,000 acres last year, but this year, 600,000 acres at most. The townships where rice is grown most are Mrauk U and Kyauktaw and there are no battles there as well. Rice cannot be grown in Ponnagyun. The situations in Rathedaung, Buthidaung and Maungdaw are getting worse. The people from 50 villages had to displace. They can't think about growing rice. We can do nothing in Sittwe Township. Artillery shells fall down in Pauktaw Township and there are mine hazards as well. No one clears them. Some farmers could not even reap rainfed rice last year." he said.
While seeing the AA force
Rice can be grown on 100,000 acres each in Mrauk U and Kyauktaw Townships and just on a few acres in Minbya, Ponnagyun and Rathedaung Townships reportedly.
Because the flow of goods into Rakhine State has been closed, prices of inputs such as fuel and fertilizer necessary for growing rice are so expensive that it is difficult to buy them.
Some farmers don't have enough capitals and seeds to sow, U Kyaw Hla, a Rakhine farmer, told CNI News.
" Some farmers have rice that they harvested last year, but they can't sell it. Because of difficulties to get fuel and fertilizer, any farmer hasn't made a decision to grow rice again. Some farmers don't even have seeds to sow." he said.
Although the price of gasoline was about 500,000 kyats per barrel last year in Rakhine State, the current price is over 1,800.000 kyats per barrel; the price of fertilizer is 100,000 to 200,000 kyats per bag and it is too difficult to buy them reportedly.
Because input prices are skyrocketing, the cost for growing rice also will be higher. Although it cost a farmer about 500,000 kyats to grow rice on an acre in the past, it would cost about 1,000,000 kyats this year, said farmers.
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CNI News
16 May 2024
Because according to the current Myanmar political situation, meeting and discussion could not produce a correct answer, it had to think about military means, Col. Nawbu, information officer of the Kachin Independence Organization(KIO)/the Kachin Independence Army (KIA), told CNI News.
Politically, the domestic problem must be discussed and according to the current situation, attack must be conducted, he said.
" Politically, domestic problem must be discussed to find a correct answer. Sr-Gen Min Aung Hlaing and the Tatmadaw are always creating problems. I don't think the discussion can produce a correct answer for the time being. We have to fight a bit, I think. This is just my opinion, but not the attitude of the KIO. They also didn't thoroughly discuss political rights what we, ethnic people, want. So, we have to think about military means, I think." he said to CNI News.
While seeing former Chinese Special Envoy to Myanmar and vice chairman of the KIA Lt-Gen Gun Maw
After Myanmar gained her independence in 1948, because ethnic people launched armed resistances to demand equal rights and self-determination, domestic armed conflicts took place. Because of political landscapes that changed after 1st February, 2021, armed conflicts tool place not only in border areas but also in the mainland.
Currently, the KIO/KIA is putting pressure on the Myanmar Tatmadaw by giving military training to the People's Defense Forces (PDFs) arising from the Spring Revolution, providing arms and ammunition, and waging joint operations.
The only way that could resolve in order to make armed conflicts end, rights must be imposed in the constitution, and it was necessary to have an assembly that could negotiate constitutional principles, Dr.Aye Maung, chairman of the Arakan Front Party (AFP) told CNI News.
While seeing General N Ban La, former Chinese Special Envoy and former UN diplomat
" The only way that can end armed conflicts is to impose rights and responsibilities in the constitution. We have to rely on the constitution to organize the Myanmar Tatmadaw in a less conflict manner. We need a place where all dissident armed groups can negotiate. It is an assembly where constitutional principles can be negotiated. I wonder the State Administration Council will open the assembly and neighboring countries will encourage it. We'll review it at present." he said.
Although domestic armed conflicts have been taking place for over 70 years, it cannot resolved up to now. Armed organizations involving in the current conflict are making efforts to decisively beat each other while some EAOs and political parties are trying to resole the problem by political means.
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CNI News
15 May 2024
Although the Ta'ang National Liberation Army (TNLA) has opened the Namkham-Naung Taung border gate, a China-Myanmar border gate, businessmen and politicians are asking a question how the TNLA is opening the border trade gate on which agreement.
Although the Namkham-Naung Taung border gate has been opened since 29th April, it was not officially opened with the permission from the Chinese government. However, it was opened for the regional public livelihood only, Lwei Yay Oo, spokesperson of the TNLA, told CNI News.
" We didn't open the gate with the permission from China but for the regional public livelihood. But not much trading yet. It's necessary to negotiate with the Chinese government to officially open." she said.
While seeing Namkham Town
Basic foodstuffs and construction materials are being imported from China through the Namkham border gate and regionally produced sugarcane, corn, charcoal and metal are being exported to China from Namkham reportedly.
Although that border gate has been opened, it is not easy for the people from other regions; bridges that were damaged by the battles along the border trade route have not been repaired as yet; so it is not easy to carry goods from the mainland, according to traders.
Opening the Namkham border gate was beneficial to the Namkham locals only and it was necessary to open Sinphyu Gate, Man Wein Gate and Nandaw Gate for other locals, Ko Thitsar, a trader, told CNI News.
While seeing the SSPP force
" It's not easy for the people from Muse to pass the Namkham gate. Namkham has been controlled by the TNLA. It's unlikely to go there safely. The people from Muse don't go to Namkham. In fact, if they open border gates, Sinphyu, Man Wein and Nandaw Gates also should be opened." he said.
The Shan State Progressive Party (SSPP) was collecting tac at the Namkham-Naung Taung border gate last month and it is unclear how the two EAOs have negotiated. Moreover, there have been territorial disputes and administrational struggles between the two EAOs.
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CNI News
15 May 2024
In response to the evolving economic environment, the Ministry of Labor is planning to put forward a bill to protect workers, reported in the Thai media. Basic social security benefits and strong legal protection are more beneficial to the migrant workers in Thailand.
However, they were working only to increase wages, U Min Oo, In charge of Labor Affairs from the Foundation for Education and Development (FED), told CNI News.
" They mainly discuss about not asking workers to work for more than eight hours and about giving pregnant workers maternity leave. And they are also discussing about increasing wages. It must be approved in October. 40 percent of the employers agree to give workers 400 bahts a day. But 17 percent doesn't agree with it. The rest percent agree to give wages, depending on qualification." he said.
A workplace in a garment factory
Although the Thai government is planning to increase until 400 bahts, some employers don't agree to increase wages and it should be reconsidered, they argued. However, according to a research, because the percentage that agree is more, wages could be increased until 400 bahts, said U Min Oo.
In the bill proposed, not only to promote the workers' skill, development and recognition, funds also would be built to protect workers, said the Minister for Labor.
He hoped that restriction regarding jobs on migrant workers would be relaxed in the bill, Ko Naing Naing Aung, director of the Arakan workers Organization, told CNI News.
Migrant workers who are coming back from a construction site
" The Thai authorities reviewed the laws regarding workers and they formed a committee which cooperates with regional non-government organizations to collect figures and lists. Depending on the facts and information the committee submit, they will make a decision whether the laws should be amended or not. Mainly, what we demanded is to relax the restriction on migrant workers regarding kinds of jobs. For example, migrant workers are not allowed to open a barber shop or to sell goods." he said.
A working committee was formed to find job opportunities for workers and 20 million people are illegally working as farmers, roadside vendors, sub-contract workers, taxi drivers and those who serve in the transportation, reported the Thai media quoted by the minister.
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CNI Article
15 May 2024
Myanmar, a land of immense natural wealth, has fallen prey to the insatiable appetite of its formidable neighbor, China. With the country mired in internal conflicts and governed by a military regime, China has seized this opportune moment to cement its economic dominance, extracting Myanmar's precious resources with scant regard for the nation's sovereignty or the well-being of its people.[1] This brazen exploitation has rendered Myanmar increasingly subservient to China's whims, threatening to reduce the once-proud nation to a mere vassal state.
At the heart of this exploitation lies China's relentless pursuit of Myanmar's jade, hydropower, and other natural riches.[2] The sole objective is to harvest these resources for China's own benefit, perpetuating an imbalanced and parasitic relationship. The divide between Myanmar's ethnic groups and the Bamar majority has been deftly exploited by Chinese companies, who have effectively turned northern Myanmar into a virtual extension of China's territory.
Chinese companies including Wanbao Mining copper Limited and Yang Tse Copper Limited are trying to protect the Letpadaung project site by bribing the local armed ethnic groups (PDFs), local pressure group in Letpadaung in SagaingRegion amid the conflict between the Military Government and ethnic armed groups.[3] Chinese companies gave 50 crores of MMK each to the local armed groups (PDFs) operating in the area for protecting the Letpadaung project site and its machinery in the areas. Chinese companies also bribe some top brass Officers of North West Command to protect the project site. The Chinese entrepreneurs are focused to invest in mining particularly in Yinmabin, Salingyi and Kani townships in the South Sagaing Region.
China's rapacity extends far beyond copper and jade. The nation is preparing to conduct surveys to assess the presence and potential mining of rare earth materials on the Angumaw Island and in the Rathedaung Township of Rakhine State. Experts from the Kyaukphyu Special Economic Zone (KPSEZ) projects, many of whom arrived in Myanmar with the permission of the State Administration Council (SAC), could be deployed for this purpose, further entrenching China's grip on Myanmar's natural resources.[4]
The exploitation of Myanmar's natural resources is accompanied by a severely skewed trade imbalance that has persisted for years, inexorably tilting the balance of power in China's favor. Since 2018, the trade deficit has consistently favored China, reaching staggering levels that highlight Myanmar's utter dependence on its powerful neighbor. In the fiscal year 2023-24 alone, the trade deficit stood at a whopping USD 1,696.455 million, with Myanmar exporting primarily basic materials such as natural gas, rubber, and agricultural products, while importing finished goods like cotton fabrics, fertilizers, industrial goods, vehicles, and chemicals from China.[5]
Alarmingly, these official figures do not account for the illicit and unregulated export of Myanmar's most precious natural wealth to China, including gold, jade, and rare earth minerals. Myanmar possesses 9% of the world's rare earth mineral reserves, yet this invaluable resource is being smuggled across the border, further enriching China while depriving Myanmar of the economic benefits it desperately needs to uplift its struggling economy and improve the lives of its citizens.
In a feeble attempt to address the trade imbalance, Myanmar signed a "Memorandum of Understanding on the Establishment of the Working Group for the Promotion of Smooth Trade" with China in 2020, which was subsequently renewed in 2024. However, Myanmar's requests for a meeting of this working group, sent via an official letter to the Chinese Embassy on May 11, 2023, have fallen on deaf ears, underscoring China's indifference to Myanmar's concerns and its unwavering pursuit of self-interest.
To gain access to Chinese markets, Myanmar has resorted to participating in trade expos, seminars, and fairs organized by China, such as the China-ASEAN Expo, the Lashio-Lancang Border Trade Fair, the China-South Asia Expo, and the China Kunming Export-Import Expo. However, these efforts have done little to rectify the fundamental imbalance in trade relations, as China maintains a firm grip on the terms of engagement, dictating the flow of goods and capital to serve its own interests.
China's influence over Myanmar's economy has become so profound that all major actors, including the SAC, ethnic armed organizations (EAOs), and the National League for Democracy (NLD), find themselves beholden to China's wishes. Myanmar, once a proud nation endowed with natural bounties, now finds itself helpless, unable to counter China's predatory trade practices and the relentless plundering of its resources. This subjugation has far-reaching consequences, as it erodes Myanmar's ability to chart its own economic course and undermines the sovereignty that should be the birthright of every nation.
As China's stranglehold on Myanmar's economy tightens, the nation's future hangs in the balance. Unless decisive action is taken to curb China's exploitative practices and establish a more equitable trade relationship, Myanmar risks becoming a mere appendage of its powerful neighbor, its natural wealth perpetually drained to fuel China's insatiable ambitions. The time has come for Myanmar to reclaim its sovereignty and assert its right to benefit from its own resources, lest it be relegated to a permanent state of subjugation and deprivation.
The international community must take heed of this alarming situation and lend its voice to Myanmar's plight. Sanctions and diplomatic pressure must be brought to bear on China, compelling it to respect Myanmar's territorial integrity and engage in fair trade practices that foster mutual benefit and sustainable development. Only through concerted efforts can Myanmar be liberated from the shackles of exploitation and allowed to chart a path towards true economic independence and prosperity.
In the annals of history, nations that have succumbed to the insidious forces of imperialism and resource plundering have often found themselves mired in cycles of poverty and subjugation. Myanmar stands at a crossroads, faced with the choice of either surrendering its natural wealth to the rapacious appetite of its neighbor or mustering the courage to reclaim its rightful place as a sovereign nation. The fate of Myanmar's people and their future generations hangs in the balance, and the time to act is now, before the last vestiges of independence are eroded by China's relentless pursuit of dominance.
#Myanmar #China #PDF #EAO #CNIArticle #CNImyanmar
[1] https://www.usip.org/publications/2023/12/chinas-influence-increases-amid-myanmars-instability
[2] https://www.aljazeera.com/news/2021/4/22/myanmar-militarys-lucrative-jade-industry
[3] https://www.rfa.org/english/news/myanmar/chinese-workers-return-copper-mines-myanmar-05132024160209.html
[4] https://www.rfa.org/english/news/myanmar/chinese-workers-return-copper-mines-myanmar-05132024160209.html
[5] https://www.ispmyanmar.com/wp-content/uploads/2023/08/Data-matters-49-eng.pdf
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CNI News
15 May 2024
Because the Haigen Agreement meeting will soon resume, those involved in the peace process are reviewing if there could be a ceasefire between the Myanmar Tatmadaw and the Arakan Army (AA).
the Haigen Agreement Meeting that arose because of the Chinese mediation between the State Administration Council (SAC) and the three northern allies (TNLA, AA, MNDAA) will resume in a few days to come.
After that meeting, there could be a ceasefire between the AA and the Myanmar Tatmadaw that are fighting against each other in Rakhine State, according to those close to the meeting. She thought that the border trade would be mainly discussed and was not sure that the ceasefire would be included, Dr. Hla Kyaw Zaw, a Myanmar political commentator, told CNI News.
While seeing the leaders of the AA, the TNLA and the MNDAA
" To the best of my knowledge, they seemingly will discuss the border trade. I'm not sure whether they will discuss to cease fire with the AA. If necessary, they'll cease fire. The AA has been fighting against the Tatmadaw for a bit long. And it's worrying that another conflict would take place between the region where Rohingyas live and the region where Rakhine people live. So, they might cease fire. The territory that the AA has captured is very spacious. The AA doesn't seem to give it back to the Tatmadaw." she said.
At present, the AA had succeeded in its military objective to an extent and it needed to stabilize its territory that it had captured, she pointed out.
The fourth Haigen Meeting between the Myanmar Tatmadaw and the three northern allies was held in Kunming City, China from 1st to 3rd March and a ceasefire agreement was reached.
However, the ceasefire didn't contain Rakhine State, said Dr. Nyo Tun Aung, Deputy Commander in Chief of the AA, at the press conference held on 4th March. The Haigen Meeting would be started during this month and the ceasefire agreement between the Tatmadaw and the AA would be reached, according to those close to the meeting.
While seeing the ruins caused by the war in Rakhine State
The AA has seized control of Pauktaw, Kyauktaw, Myebon, Mrauk U, Taung Pyo Letwe, Minbya, Ponnagyun and Ranbye in Rakhine State as well as Paletwa and Samee in Chin State.
Fighting had stopped in their township, but due to previous battles, their houses were damaged, so they found it difficult to go home, an IDP from Mrauk U, told CNI News.
" The fighting has stopped in our township. But it's very difficult for those who want to go home because their houses were damaged. The IDPs are expecting grant money. But it doesn't come. It's better if the battles don't break out. The people can't do business in the battle area." he said.
At present, the battles are breaking out between the Myanmar Tatmadaw and the AA in Sittwe, Ann and Kyauk Phyu Townships. The AA has said that it would try to get a confederation status, its political objective and it could implement administration, legislation and judiciary in the territories where it has captured, pointed out some people.
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CNI News
15 May 2024
The Thai government's collecting biodata regarding eye and face from Myanmar migrant workers in Thailand by reason of health matter was nothing short of violating human rights, those who are helping migrant workers told CNI News.
The Thai government is carrying out a preliminary program that collects biographic from Myanmar migrant workers and those who left Myanmar in the five districts, Thailand, where most of Myanmar migrant workers have arrived for the public health issues, reported in the Thai news media quoted by the Thai government officials.
In collecting biodata by reason of health matter, data of only Myanmar citizens were being separately collected, excluding other foreigners and the Thai government should fully guarantee so as not to make the data and information, U Min Oo, in charge of labor affairs from the Foundation for Education and Development, told CNI News.
" The Thai government obviously discriminates. There are three million official migrant workers in Thailand. There are over 2 million Myanmar migrant workers there. If they want to collect the data, they should collect all the foreigners in Thailand. Why are they collecting the data from Myanmar citizens only. These are personal data. Collecting the data like this are related to human dignity and human rights. It goes against human rights. How will they protect the data so as not to leak out? There should be responsibility and accountability." he said.
Myanmar migrant workers
The organizations which are carrying out for the affairs of migrant workers in Thailand would discuss about the natter in question and negotiate with authorities concerned, he added.
Because collecting personal data contained computerized eye and face recognition, they were worried about personal data security of migrant workers, said those who helping migrant workers. At present, although personal data of Myanmar migrants are being collected, later personal data might be collected at the border gates and airports, they reviewed.
Collecting the personal data of Myanmar citizens only might be related to politics, U Tun Win Naing, chairman of the Migrant Workers Rights Network (MWRN), told CNI News.
" The workers from our country feel their eights are violated. Their security are also hurt. This is because of political situation in Myanmar, I think. Later Myanmar workers in foreign countries will be strictly checked." he said.
The biodata of about 10,000 Myanmar citizens have been collected already at present and Myanmar citizens are being discriminated by Thailand because of volatile Myanmar politics, commented the people who are helping migrant workers.
Collecting personal data probably would be convenient for legal workers but not for illegal workers, pointed out some people.
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CNI Article
14 May 2024
On April 29, 2024, the Hong Kong-based South China Morning Post wrote: “Chinese consumers are increasing their appetite for gold, seeking to protect their assets amid a volatile stock market, a depreciating yuan and, property doldrums.”
China is the world’s largest gold producer. But the demand has far outstripped supply leading to imports. Clearly, the common Chinese are losing faith in their economy. And, that takes us to question what’s wrong with China. The answer may be found in the dramatic meltdown of Hong Kong’s status as a global financial and commercial hub.
The former British colony was handed over to China in 1997. Under British rule, the islanders enjoyed a high degree of civil liberties which were crucial for its prosperity. During its inclusion with China, the Chinese Communist Party (CCP) promised to ensure the political freedom of the islanders for fifty years under a framework known as “one country, two systems.” Not to mention that mainland China does not enjoy such freedoms.
The situation started changing dramatically after President Xi Jinping became general secretary of CCP in 2012 and President of the country in 2013. A severe clampdown on free speech was ordered in Hong Kong. Initially, media and educational institutes went under heavy censorship. Then Beijing went for changing the electoral system inviting huge protests. The island was rocked by a wave of sit-in demonstrations, and marches beginning September 2014. Students were at the forefront of the peaceful “Occupy movement” that finally ended in December in the face of the ruthless use of force by Beijing.
Since then, Hong Kong has been living under the iron rule of China. Many newspapers were closed. Editors landed up in jail or were silenced. In 2020, Beijing imposed a draconian national security law in Hong Kong that gave authorities sweeping powers to arrest pro-democracy activists, advocates, media persons, social influencers etc. Most critically, the new law curbed the voting rights of the islanders. The press freedom was reduced to near zero. Before the Xi era, the South China Morning Post was one of the most respected dailies in Asia. Today, it merely toes the line set by CCP.
But that did not stop Beijing from increasing the stranglehold. In March this year, the CCP brought more lethal provisions over and above the National Security Act to virtually reduce Hong Kong into an open jail. The new act, known as Article 23, empowers Beijing to crack down on all forms of dissent - on the grounds of treason, espionage, sedition and external interference in Hong Kong’s internal affairs - with sentences ranging up to life imprisonment.
It is anybody’s guess how a totalitarian state can use draconian legal provisions. China loved Hong Kong for its money. But it hated the freedom the islanders enjoyed. Beijing will not stop until it crushes the liberal spirit of the islanders. On the flip side, the oppression of civil liberties played a significant role in China’s recent economic decline. At a time when emerging markets in Asia are booming, the Chinese share market is struggling. China’s CSI300 index is ruling 31% lower than the February 2021 high. On the contrary, India’s NIFTY50 index is at a historic high.
World history suggests some countries made progress under dictatorship, monarchy or one-party rule when they were abysmally poor. It is no justification for autocratic rules nor did all dictators make their country richer. China was abysmally poor under Mao Zedong’s authoritarian rule. However, Deng Xiaoping used the same single-party rule to pursue Barbie doll economics to alleviate poverty and catapult the country towards a growth path. From barely $347 in 1990, the per-capita income of the Chinese has reached nearly $13000, above the world average.
And, that puts them face to face with another piece of lesson from history. As people get richer, they demand personal and political freedom. This is why, the democratic West adopted more democratic means of governance once they crossed a per-capita of $2500 in the last century. The relationship between growth and personal liberty at a higher per-capita level is non-negotiable. That is why Deng proposed a political reform as a follow-up action to economic reforms. Deng was Chairman of the Central Advisory Commission till 1987. He died in 1997. CCP allowed discussion on political reforms for another decade and, then Xi turned the wheel back. China started pursuing Mao’s total control doctrine.
This is the source of China’s recent instability. Look at Hong Kong. In 2020, the US imposed sanctions on the top leadership of the city, for violating the freedom of expression of the islanders. After China brought in Article 23 in March 2024, US Secretary of State Antony Blinken announced a plan to impose “new visa restrictions on multiple Hong Kong officials for the intensifying crackdown on rights and freedoms.”
The sanction is a smaller part of the problem. The bigger issue is: Can a global financial hub operate under such a restrictive environment? Can you expect investment bankers at Wall Street in New York to keep silent on the American government and its policies? The answer is an emphatic ‘NO.’ They study government policies and make decisions on keeping investments in America or taking them to any other destination. A totalitarian regime that suppresses dissent can put bans on taking investments out or raising money from abroad. Didn’t Beijing force Jack Ma’s Ant Group to cancel its $37 billion IPO in 2020?
The realisation has dawned on the global corporate and financial circle. In December 2023, Moody's downgraded the outlook on both China and Hong Kong's credit ratings from stable to negative. Before that, in October 2023, The Wall Street Journal wrote: “International companies began trickling out of Hong Kong a few years back, uneasy about the financial hub’s tightening ties to mainland China. That first smattering of departures is now turning into a broad retreat involving banks, investment firms and technology companies. The number of U.S. companies operating in the city has fallen for four years in a row, by Hong Kong’s count, hitting 1,258 in June 2022, the fewest since 2004.” Chinese companies now outnumber the foreign entities in Hong Kong.