【#TheDiplomat🌍】難得The Diplomat讀者對香港有興趣:
The series of iron-fisted moves last month in Hong Kong may seem sudden to international observers: Hong Kong government’s earlier reinterpretation of the China-Hong Kong relationship, the election of a pro-Beijing legislator to be a Legislative Council chair through a controversial mechanism, and Beijing’s recent decision to impose a national security law on Hong Kong. The desire to bring Hong Kong under the banner of “one country, one system” is not impulsive. Quite the contrary, it’s a calculated campaign to initiate a so-called “second reunification with Hong Kong” — since the first reunification after the handover, using a lenient soft-power approach, has supposedly failed.
What are Beijing’s calculations that motivate this bold campaign now? And more important, will the campaign work?
While I remain highly skeptical of solely applying the realist framework to study Hong Kong, Beijing’s mentality is nonetheless entirely realism-driven. It is therefore essential to use this lens to understand more of their thoughts.
COVID-19: A Golden Opportunity on the International Stage?
To start with, the coronavirus pandemic seems to have created an ideal backdrop for Beijing to push forward its iron-fisted policy toward Hong Kong. The West has been devastated by the pandemic, more so than China, and has been slower to recover economically. Instead of decoupling from China, Beijing thinks the West is desperate for an influx of Chinese capital and markets. This notion encourages Beijing to pursue brinkmanship, in the form of confrontative “wolf warrior diplomacy,” its escalation of sharp power, and, most recently, Hong Kong’s national security law. As long as the international community does not put their condemnation into action, Beijing will keep pushing the envelope.
Beijing is convinced that the chambers of commerce representing other countries in Hong Kong will always place profits above all else as long as the national security law does not threaten them. Business deals struck at the crucial moment can entice foreign businesses to use their lobby teams in their home countries in Beijing’s favor.
Although anti-China sentiment has become more mainstream, Beijing, the major beneficiary of globalization in the past two decades, has tied its destiny with various elites internationally. These “friends of China” can be swayed to safeguard Beijing’s interests, but the up-and-coming leaders in many countries look less friendly. Therefore, the window of opportunity for Beijing to act is closing before the new value-driven generation comes to power.
The Lack of Incentive Behind the U.S. and U.K.’s Escalating Rhetoric
While U.S. politicians from left to right are vocal against China, their ultimate goal, Beijing believes, is to win votes in the November election. They would hence avoid hurting the interest groups they represent and go easy on actions aiming to punish China, such as denying Hong Kong’s status as a separate customs territory, sanctioning Chinese companies listed in Hong Kong, or escalating the trade war.
Even though the Trump administration is ramping up the rhetoric to sanction China, protecting Hong Kong’s autonomy is not one of the United States’ core interests. In contrast, having control over Hong Kong is China’s core interest. Beijing would rather make concessions over other disputes with Washington in exchange for claiming victory in Hong Kong for its internal propaganda.
Britain, the co-signer of the Joint Declaration for Hong Kong’s handover, is arguably most entitled to denounce Beijing’s violation, which would give mandates to the United States to act. But Beijing is convinced that Britain, not as powerful as it used to be, will not make such a move. Beijing’s recent plans to withdraw businesses from the United States and list them in the London stock market is a move to place a wedge between the two powers. U.S. President Donald Trump’s unilateralism and his harsh stance against U.S. allies also strengthens Beijing’s conviction that the West will not follow the United States’ lead.
Beijing’s Divide and Conquer Strategy in Hong Kong
Hong Kong’s parliament, the Legislative Council (LegCo), is a major roadblock to Beijing’s control, as demonstrated twice since the handover — in 2003 when the national security law was first introduced and in 2019 with the anti-extradition legislation that sparked city-wide protests. In both setbacks, Beijing lost control when moderate pro-establishment legislators broke away from the party line in the face of public outcry. As the September LegCo election approaches, the last thing Beijing wants is for the election to become a de facto referendum on the single issue of the national security law, which could result in another landslide win for the democratic parties. The law would be untenable to the international community if it’s opposed by both pro-democracy voters, which according to polls account for 60 percent of the votes, and moderate pro-establishment voters.
The moderates, despite their reluctance to embrace hardline rule in Hong Kong, differ from the more militant faction within the non-establishment camp in that the former rejects the so-called “mutual destruction” option, which risks Hong Kong’s special trade status — its economic lifeline — as a bargaining tactic to force Beijing to back off. Now that Washington is considering withdrawing Hong Kong’s privileges, the possibility of mutual destruction is becoming real. As Beijing has been promoting a narrative that all supporters of the protest movement’s “Five Demands” are bringing about mutual destruction, Beijing hopes the moderates, in fear of losing their financial assets, might turn toward the establishment.
On the other hand, the pro-democracy camp is at risk of breaking apart. Moderate pro-democracy supporters have been going to rallies to keep up with the political momentum. However, marches with more than a million participants would be impossible under the current oppressive environment. For example, the authorities abuse COVID-19 social distancing measures to suppress rallies, permits for peaceful protests are increasingly difficult to obtain, pro-establishment businesses heavily censored the social media activities of employees, and outspoken individuals are often cyberbullied.
Without support from the moderates, some within the pro-democracy camp may radicalize, as Beijing expects. The radicalization would fit Beijing’s tactic of painting protests as separatism and terrorism, justifying the imposition of the national security law. The trajectory would be similar to Beijing’s handling of the 1959 Tibetan “riots,” during which Mao Zedong’s directive was “the more chaotic the scene, the better.”
The Nationalistic Agenda to Divert Domestic Attention
But after all, to Beijing, Hong Kong is not just Hong Kong. In the wake of the pandemic, Beijing urgently needs to uphold nationalism to divert unwanted attention from its economic crisis. That includes a global propaganda campaign to promote its triumph over COVID-19. Upgrading the Hong Kong protests to a national security issue — as a battle against foreign interference to complete the “reunification with Hong Kong” — best suits the nationalist atmosphere. The all-time low sense of belonging with China among the new generation in Hong Kong further justifies a strong-arm approach. The success of the strategy would offer a way to reunite with Taiwan, which would consolidate Xi’s leadership within the Communist Party.
Also, including the Hong Kong issue as part of the national agenda means that the Hong Kong government, which has already lost its will to govern, will dance to Beijing’s tunes.
This comprehensive crackdown on Hong Kong’s civil society is unprecedented. Beijing believes that the heavy-handed approach would pervade Hong Kong with a sense of powerlessness and bring it to its knees. As long as the international response is limited, the execution of the national security law, according to Chairman Mao’s “theory of contradiction,” will follow a script of “a soft hand” and “a firm hand.” That is, after its imposition, the law will initially apply restraint and be used only on individuals to set a stern example, so that the general public would feel as if the law does not impact them at all and property and stock prices would not fall. Gradually and subtly, if the realist formula of Beijing works, the “second reunification” could become a self-proclaimed success story for Beijing’s propaganda.
However, Beijing’s evaluations are not foolproof. Any single miscalculation could lead to a contradictory outcome for the People’s Republic of China. Is it really prepared?
▶️ 國安法:中國的現實主義框架
https://www.youtube.com/watch?v=HjhRbV8qTgo
⏺ 中美夏威夷峰會
https://www.patreon.com/posts/38378214
five major financial markets 在 元毓 Facebook 的精選貼文
I would like to talk about three events that have been in progress for couple years.
1. The dark cloud on the immediate horizon is the Exchange-trade funds, which have grown exponentially in size in the past five years, but never been crucially examined by panicked selling. If the market turns around and the ETF investors decide to abandon their shares out of fear, ETFs would be forced to dump stocks and such behaviors could begin a vicious circle and drag the stock prices into a deeper valley.And I believe the algorithmic or AI trading could deteriorate such situation.
2. The S&P 500 has reached 19 times of P/E ratio, higher than the historical average of about 15.Readers might read my article on P/E ratio first— “談本益比觀念的對與錯 http://wp.me/p9ffS3-qh”
I think the 19 times of P/E ratio is not the problem itself. It simply reflects the reality of extremely low interest rates for almost a decade. The artificial manipulation of interest rates can mislead the prices of time of the markets, distort the anticipates of incomes, and increase the information costs. Therefore, the interest rates are the causes and the high P/E ratio is nothing but the unavoidable effect. “Action and reaction,” as they said. You shall not explain facts by facts.
3. The low interest rates also have encouraged a lot of corporate-share-buyback plans by borrowing, which has been one of the factors boosted the stock prices in the past five years. And I wouldn’t say it is a healthy phenomenon, despite Warren Buffett’s preference.
All these factors imply that the intrinsic economic progress might be left behind the raising prices of the capital markets. The diversion of these two, the reality and the artificial finance system, is the major cause of most financial crises.
As I said in the last article, “榮景或低成長的十字路口 (We are at the crossroads of prosperity or low progress) http://wp.me/p9ffS3-qB,” the monetary policy of Fed and the uncertain success of the economic reforms by President Donald Trump are two key factors in my prediction of the US economy and the performance of its stock markets. Once either one went wrong, the bear could show up all of a sudden.
文章連結:
http://wp.me/p9ffS3-rW
five major financial markets 在 Eric's English Lounge Facebook 的精選貼文
[時事英文] 同學們,讓我們來關注總統候選人的政見同時學習時事英文。 我們就從宋楚瑜先生的政策開始吧!蔡英文跟朱立倫的粉絲不用擔心 ,老師會在接下來這幾天也把他們的政見摘要編寫成時事英文。
宋主席的政見:
★★★★★★★★★★★★
1. 我們要15年內超越韓國,追上新加坡,並且鼓勵創業,保護創意,提高薪資,抑制房地炒作,縮短貧富差距,達成「均富」的目標。
We will surpass South Korea in 15 years and catch up with Singapore. We will also encourage entrepreneurship, protect creativity, increase salaries, suppress real estate speculation, and reduce the wealth gap to achieve equal distribution of wealth.
campaign promises 政見允諾
encourage entrepreneurship 鼓勵創業
suppress real estate speculation 抑制房地炒作
reduce the wealth gap 縮短貧富差距
equal distribution of wealth 均富
★★★★★★★★★★★★
2. 我將規劃具體的五大策略:產業轉型、人才培訓、財政改革、政府的再造、重新找回我們現代政府的夥伴智能和服務來達成我的目標。
I will plan out five major strategies: industrial restructuring, human resource development, financial reform, government reconstruction, and the re-employment of intelligent government partners and services to achieve my goals.
industrial restructuring 產業轉型
human resource development 人才培訓
financial reform 財政改革
the reconstruction of the government / government reconstruction 政府的再造
★★★★★★★★★★★★
3. 我在922世界無車日就提出低碳經濟的計畫和構想,未來會全力來推動低碳經濟。
On the 22 of September, World Car Free Day, I’ve already proposed a plan and vision for a low-carbon economy, and will do my utmost in promoting it.
propose a plan and vision 提出計畫和構想
low-carbon economy 低碳經濟
★★★★★★★★★★★★
4. 我要推動南進計劃,命名為鄭和再下西洋,基本精神為創新我們產業和市場以台灣試點佈局亞洲來行銷世界。
I plan to promote the South Entrance Plan, which will be named Zheng He's Return to the Western Pacific, with the main goals being the innovation of our industries and markets and using Taiwan as a springboard to Asia and the rest of the world.
Zheng He's Return to the Western Pacific 鄭和再下西洋
test point 試點*
*I used "springboard" instead of "test point," because you should never “test” a policy on a country. I think he meant using Taiwan as a starting point, so the word "springboard (跳板)" was more more appropriate considering overall context. 「佈局亞洲來行銷世界」 is also a rather vague phrase, I can only imagine he means "to set up in Asia and market our industries to the rest of the world.”
★★★★★★★★★★★★
5. 兩岸一家親,才會真正保衛台灣的安全。讓我們永保自由和平等,台灣人絕對不會放棄我們自由民主制度,不會放棄我們繼續成為自主而有人權的地方。
“Two sides of the Strait are one family.” This is what truly protects Taiwan’s safety, guaranteeing our freedom and equality. The Taiwanese people will never give up democracy, and will not give up our independence and human rights.
Two sides of the Strait are one family 兩岸一家親
(human) rights 人權
★★★★★★★★★★★★
6. 所有今天台灣面臨的問題包括最重要的財政問題向政府赤字、債務、低薪、社會福利的問題,都不能依靠講的社會的正義來化解。
All the problems faced by Taiwan today, including the most important issues of budget deficit, government debt, low wages, and social welfare cannot be resolved by the rhetoric of social justice.
fiscal deficit 政府赤字
(government) debt 債務*
*Deficit differs from debt, which is an accumulation of yearly deficits.
social welfare 社會福利
rhetoric 【貶】花言巧語,浮誇之詞
social justice 社會的正義
★★★★★★★★★★★★
Sources:
http://www.soong.tw/policy/
https://theinitium.com/article/20151227-taiwan-presidentdebate/
Image source: http://imgapi.nownews.com/