Forget the mask ban. Beijing can solve Hong Kong’s protests by letting a governor run the city
- Taking a hard line won’t work, yet doing nothing is not an option. Why not amend the Basic Law, perhaps jointly with the UK, to bring in a tried-and-tested fix? A governor can rebalance the local vested interests and focus on improving people’s welfare
I think I may have committed a crime at the weekend. I found myself a willing participant at an illegal gathering, with the prospect of arrest. It is no excuse that the crowd were in fancy dress and the masks were pink and sparkly – the law is the law, and it is blind.
More importantly, China needs Hong Kong’s six freedoms (labour, capital, goods, services, law and the press) somewhere within the country to act as a gateway to the world.
Beijing wants a Hong Kong as it was before former chief executive Leung Chun-ying mindlessly poked his big stick into the hornet’s nest. He should have sympathised with the Occupy Central students, saying “I feel your pain”. Instead the government’s continued hard line has stirred passions unthinkable five months ago.
Taking a hard line has proven to be weak and vacuous. The stick has consistently failed and the policy of “Keep Calm and Carrie On” means that Hong Kong has burned. The carrot remains largely untried.
My draft speech to the chief executive was carefully designed to solve the current issues in a politically acceptable manner but recent events mean that we now need to look past the immediate to permanent solutions.
The shocking core revelation about these Hong Kong disturbances is that the economy needs clarity on its future status, not by 2047, but today. It is this unknown that has caused the Hang Seng Index to underperform compared to both the S&P 500 and the Shanghai Composite Index by around 15 per cent; most of it since the beginning of May.
Some unthinkingly argue for the internet to be cut; many argue for tough police action, even bloodshed. It may cause a temporary calm but the passions of the people will remain unrequited, only to bubble up in further extremism.
There is a case for the mainland to install a governor, paid by Beijing and responsible for the stability, growth and prosperity of Hong Kong – which incorporates the welfare of the people. It would maintain the strikingly successful “one country, two systems” model. Relatively little would change, except to rebalance the local vested interests. A few clauses can be amended in the Basic Law and the rest remains as Hong Kong’s constitution. The existing Hong Kong administrative structure, using local people, the Legislative and Executive Councils stays, and the self-aggrandisement and patronage of the ministerial system goes. Hey, it worked pretty well for 155 years!
Richard Harris is Chief Executive of Port Shelter Investment and is a veteran investment manager, banker, writer and broadcaster and financial expert witness