UK Prime Minister Boris Johnson said, that if the CCP insists on the implementation of the National Security Law in Hong Kong area, United Kingdom will modify the immigration rules to allow BN(O) holders to stay for 12 months, and can renew and grant additional immigration rights.
Since Johnson made this proposal, the formed factions have been under siege. Chun-ying Leung, former Chief Executive of Hong Kong, suggested to take away the voting rights of BN(O) holders in Hong Kong. Several pro-Beijing Hongkongers teared BN(O) passport in front of the UK Consulate in Hong Kong.
Regina Ip, member of the Executive Council (ExCo) and Legislative Council of Hong Kong (LegCo), former Secretary of Security of Hong Kong, also said that if Johnson substantially revised The immigration regulations will violate the Sino-British Joint Declaration. Suddenly, a passport without the right of abode successfully triggered the brutal interference of the formed faction in the UK internal affairs.
What they are afraid of is not a BN(O), is the capital outflow faced by Hong Kong, so even if it is a historical document that CCTV from China, said is outdated and invalid, they should also take it out for reference. Because if Hong Kong really breaks out the next wave of immigration and capital investment, it will not only succeed in speculating Hong Kong, but also speculating in China.
Isn’t the proposal made by the UK Prime Minister Boris Johnson actually the intentions of the establishment of a syndicate? Those people who are not patriotic and do not love Hong Kong, will go far away, so that Hong Kong could have more space to accommodate new Hong Kong people. In the future, the establishment faction can also win a big victory in the elections. What proposals of the Legislative Council voted in favor of it? Isn’t their dream result? The reason why they react so much is, not to fear that these Hong Kong people will immigrate, but to fear that the funds related to them will be evacuated, which will hurt Hong Kong‘s economy and implicate China.
Since the promulgation of the National Security Law in the Hong Kong area, the number of inquiries about offshore accounts has increased sharply, and the exchange rate of the Hong Kong dollar has once weakened. Are Hong Kong people not afraid of the coming of one country, one system? However, some Hong Kong people do not have foreign nationality yet, and it is still difficult to immigrate for them.
Therefore, even opening an offshore account to invest money is also very careful. However, as BN(O) rights are getting closer to the British passport with the right of abode, for this group of BN(O) holders, immigration and capital investment become more attractive. BN(O) holders can stay for a longer period in UK, and may even exchange their right of abode in the UK through future immigration policies.
Of course, it is withdrawing funds from Hong Kong. The United Kingdom has considered and providing 3 million Hong Kong people with access to British citizenship. If there are no accidents, these 3 million people are middle-class people with more assets. Imagine that if half of the three million Hong Kong people choose to transfer assets of more than 5 million Hong Kong dollars to the United Kingdom, it would be equivalent to the transfer of 7.50 billion Hong Kong dollars.
However, five million is not a large amount. The minimum entry fee for opening an offshore account is also close to one million Hong Kong dollars. If you want to purchase real estate properties overseas, it will be several million Hong Kong dollars. Moreover, if you want to spread the risk, you are more likely to be more More cash is transferred to overseas accounts.
As a result, every Hong Kong person who wishes to obtain in UK immigration plan will transfer millions, or even tens of millions of yuan of assets to the United Kingdom, with the opportunity to obtain the right of abode at any time. And if you live well in the UK, you will accelerate your capital plan. Hong Kong will lose as much as trillions or more at any time.
Moreover, after leaving these funds, they did not intend to return to Hong Kong, because the funds were transferred to the United Kingdom, hoping to avoid the political risks of Hong Kong. When the rate of Hong Kong‘s reddening is accelerating, more and more funds will be diverted away. Can the economies of Hong Kong and China sustain?
The pro-Beijing camp is not afraid of a wave of immigration in Hong Kong, because the unpatriotic people are gone, Hong Kong will only have more pro-Beijing supporters, and Hong Kong government has more incentives to let more new immigrants enter Hong Kong, but they are more aware of Hong Kong’s Actual status, is one of the important lifeboats supporting economy of china.
When Trump threatened to prevent Chinese stocks from continuing to list in the United States, the first thing about Chinese stocks was not to return to mainland A-shares, but to choose to go public in Hong Kong. Because China’s stock market is nothing but undesirable situation, where people do business only among themselves rather than looking for business outside. Chinese stocks are delisted in the United States and relisted in the mainland, or the spin-off business is listed in Shanghai and Shenzhen, and they cannot attract foreign investment. Only if they are listed in Hong Kong, there is a chance to earn from Hong Kong people and even foreign capital.
Therefore, when a large number of Hong Kong people have the opportunity to easily obtain a way to live in the UK, the establishment faction becomes very nervous. Because immigration not only represents the departure of a person, but also means that the person’s assets will also be transferred to other places. It is believed that people in the financial sector have also made a rough estimate. If a large number of middle-class people in Hong Kong choose immigration to invest, the consequences will be severe. So these pro-Beijing camps immediately rushed out and violently interfered in the internal affairs of Britain, and even moved out historical documents that CCTV claimed to be outdated and invalid as reference. Because they are afraid that once this economic nuclear bomb detonates, not only will Hong Kong be sacked, but China, which has lost its economic growth, will suffer immediately.
Once Hong Kong‘s status as a pumping center is lost, listing in the United States is also difficult. How can mainland companies solve the funding problem? BN(O) and the right of abode in the UK, they are not terrible, and the subsequent flow of funds is the most terrifying. So when Johnson proposed to increase the rights of BN(O) holders, they became very nervous. Because different from the past, once the funds are gone, they will not come back. They also know that today’s Hong Kong is no longer as attractive as it used to be, and these people and their funds cannot be returned. So they are very scared. They continue to make anti-BN(O) remarks, the situation is like the yellow economic circle. The most difficult card to play, is always the economic. Behind the BN(O) is a major economic card that is enough to attract speculation.